________________________________________________________________________________


                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549


                                    FORM 10-K

(Mark One)
 [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

                  For The Fiscal Year Ended: September 30, 2003

                                       OR

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
 ACT OF 1934
        For the Transition Period From _______________to ________________

                        Commission File Number 333-63348

                      CHOCTAW RESORT DEVELOPMENT ENTERPRISE
             (Exact name of registrant as specified in its charter)

   Mississippi Band of Choctaw Indians                   64-0345731
     (State or other jurisdiction of                  (I.R.S. employer
     incorporation or organization)                 identification number)


                 PO Box 6260, Choctaw Branch, Choctaw, MS 39350
               (Address of principal executive offices) (Zip code)

                                 (601) 663-0226
              (Registrant's telephone number, including area code)

           Securities Registered Pursuant to Section 12(b) of the Act:
                                      None

           Securities Registered Pursuant to Section 12(g) of the Act:
                                      None

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days: Yes X No __

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K [ X]

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Exchange Act Rule 126-2): Yes__ No X

Documents Incorporated by Reference: The information required by Part IV of this
Report, to the extent not set forth herein, is incorporated by reference from
the Registration Statement on Form S-4/A filed on September 26, 2001, and Annual
Reports filed on Form 10K for the fiscal years ended September 30, 2002 and 2001
with the Securities and Exchange Commission.
________________________________________________________________________________


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<PAGE>




                      CHOCTAW RESORT DEVELOPMENT ENTERPRISE

                  SEPTEMBER 30, 2003 ANNUAL REPORT ON FORM 10-K

                                TABLE OF CONTENTS



                                                                PART I

Item 1.    Business
Item 2.    Properties
Item 3.    Legal Proceedings
Item 4.    Submission of Matters to a Vote of Security Holders


                                                                PART II

Item 5.    Market for the Registrant's Common Stock and Related Stockholder
           Matters
Item 6.    Selected Financial Data
Item 7.    Management's Discussion and Analysis of Financial Condition and
           Results of Operations
Item 7A.   Quantitative and Qualitative Disclosures About Market Risk
Item 8.    Financial Statements and Supplementary Data
Item 9.    Changes in and Disagreements With Accountants on Accounting and
           Financial Disclosure
Item 9A.   Controls and Procedures


                                                               PART III

Item 10.   Directors and Executive Officers of the Registrant
Item 11.   Executive Compensation
Item 12.   Security Ownership of Certain Beneficial Owners and Management
Item 13.   Certain Relationships and Related Transactions
Item 14.   Principal Accounting Fees and Services


                                                                PART IV

Item 15.   Exhibits, Financial Statement Schedules, and Reports of Form 8-K


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<PAGE>


Disclosure Regarding Forward-Looking Statements

Some information included in this Form 10-K and other materials filed or to be
filed by the Choctaw Resort Development Enterprise with the Securities and
Exchange Commission contain forward-looking statements, within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Such statements include information relating to plans for
future expansion and other business development activities, as well as other
capital spending, financing sources and the effects of regulation (including
gaming and tax regulation) and competition. In addition, words such as
"anticipates," "expects," "plans," "intends" and similar expressions have been
used to identify these forward looking statements, but are not the exclusive
means of identifying these statements. These statements reflect our current
beliefs and expectations and are based on information currently available to us.
Accordingly, such forward-looking information involves important risks and
uncertainties that could significantly affect anticipated results in the future
and, accordingly, such results may differ from those expressed in any
forward-looking statements made by or on behalf of the Enterprise. These risks
and uncertainties include, but are not limited to, those relating to development
and construction activities, dependence on existing management, leverage and
debt service, domestic or global economic condition, pending litigation, changes
in federal tax laws or the administration of such laws and changes in gaming
laws or regulations (including the legalization of gaming in certain
jurisdictions). Except to the extent required by the federal securities laws and
rules and regulations of the Securities and Exchange Commission, the Enterprise
has no intention or obligations to update or revise these forward looking
statements to reflect new events, information or circumstances.

                                     PART I

Item 1.  Business

General

     The Mississippi Band of Choctaw Indians established the Choctaw Resort
Development Enterprise to operate the Silver Star Hotel and Casino (the "Silver
Star"), and to develop and operate the Golden Moon Hotel and Casino (the "Golden
Moon"), and related businesses. References in this annual report to (1) the
"Tribe" refer to the Mississippi Band of Choctaw Indians, and (2) the
"Enterprise," "we," "our," "ours" and "us" refer to the Choctaw Resort
Development Enterprise, a business enterprise of the Tribe.

     The Tribe is a federally recognized, self governing Indian tribe with
approximately 9,100 enrolled members, most of whom live on or near the Tribe's
approximately 31,000-acre reservation in east-central Mississippi. The Indian
Gaming Regulatory Act of 1988 permits federally recognized Indian tribes to
conduct full-scale casino gaming operations on certain Indian lands, subject to,
among other things, the negotiation of a compact with the affected state. The
Tribe and the State of Mississippi entered into a compact in 1992, which was
approved by the U.S. Secretary of the Interior. The compact authorizes full
Class III gaming to the same extent as non-Indian casinos in the State of
Mississippi. The compact is not subject to a term of years and will continue
unless mutually terminated, imposes no required payments to the State of
Mississippi other than for certain agreed upon reimbursement of expenses and
limits distributions from gaming revenues to each Tribal member to $1,000 per
year. The Tribe is currently the only entity legally authorized to operate
land-based casinos in the State of Mississippi.

Description of Business

     The Enterprise is a business enterprise of the Tribe that was created on
October 12, 1999 to operate the Silver Star and to develop and operate the
Golden Moon and related businesses. Effective July 1, 2001, the Tribe
contributed the Dancing Rabbit Golf Club (the "Dancing Rabbit"), to the
Enterprise and effective July 8, 2002, the Tribe contributed the Geyser Falls
Water Theme Park (the "Geyser Falls"), to the Enterprise. No consideration was
or is intended to be given to the Tribe for such contributions.

The Silver Star Hotel and Casino

     The Silver Star is a full service gaming and entertainment complex located
on a 32-acre site on the Tribe's reservation on Highway 16 West approximately 70
miles northeast of Jackson, Mississippi. The Silver Star, along with the Golden
Moon, are currently the only land-based casinos in the state and the casinos
closest to Birmingham and Tuscaloosa, Alabama. Also, currently there are no
legally authorized casinos in Alabama or Georgia.


                                       3
<PAGE>

     The Silver Star opened in July 1994 at a total cost of approximately $32
million. The Silver Star originally opened with 100 hotel rooms and has
increased its size through three major expansions, increasing the number of
rooms to 496 and adding additional gaming space and conference facilities.

     The Silver Star is an approximately 518,000 square foot facility that, as
of September 30, 2003, featured: a 12-story hotel with 496 rooms, including 89
suites; approximately 82,500 square feet of gaming space with 2,933 slot
machines, 70 table games and 11 poker tables; approximately 30,000 square feet
of meeting and convention space, which also serves as a 2,000 seat live
entertainment and sports venue with sky boxes; 2,308 parking spaces, including
an approximately 1,100 space parking garage; seven restaurants with a total of
925 seats; three lounges; three retail outlets; an arcade; an outdoor swimming
pool; a full-service spa; fitness facilities; and guest access to the adjacent
Dancing Rabbit Golf Club and Geyser Falls.

The Golden Moon Hotel & Casino

     The Golden Moon is a full service gaming and entertainment complex located
on a 15 acre site that opened on August 26, 2002 at a cost of $259.2 million
incurred through September 30, 2003. The Golden Moon, located directly across
from the Silver Star, is connected to the Silver Star via an enclosed walkway
bridge that spans the highway separating the two casinos. The bridge is enclosed
and climate controlled and features moving ramps to ease movement from one
casino to the other.

     The Golden Moon is an approximately 843,000 square foot facility that, as
of September 30, 2003, featured: a 28-story hotel with 571 rooms, including 112
suites and 32 VIP luxury suites; approximately 90,000 square feet of gaming and
related circulation area space with 1,726 slot machines and 63 table games;
approximately 11,600 square feet of meeting space; 2,581 parking spaces; seven
restaurants with a total of 905 seats; five lounges; approximately 8,000 square
feet of retail space; a 315-foot tower topped by an 80-foot geodesic sphere
housing a restaurant and lounge; an aqua-scape, including fountains and other
water effects; an indoor/outdoor swimming pool; fitness facilities; and guest
access to the nearby Dancing Rabbit Golf Club and Geyser Falls.

The Dancing Rabbit Golf Club

     Adjoining the Silver Star is Dancing Rabbit, a 750-acre property containing
two 18-hole championship golf courses designed by golf course designer Tom Fazio
and PGA veteran Jerry Pate. Each 18-hole golf course spans over 7,000 yards and
offers five tee locations on each hole. The golf club also contains a
full-service golf shop, a teaching and practice facility, eight guestrooms,
event coordinators and a restaurant and bar. Dancing Rabbit was recently rated
among the "25 Best Celebrity Designed U.S. Golf Courses" according to the July
2003 Zagat Survey. Additionally, in May 2003, Dancing Rabbit was rated by Golf
Digest as one of "America's 100 Greatest Public Courses" and was ranked 25th in
Golf Week's "America's Top 40 Resort Courses" in November 2002. Effective July
1, 2001, the Tribe contributed the Dancing Rabbit to the Enterprise. No
consideration was or is intended to be given to the Tribe for such contribution.

The Geyser Falls Water Theme Park

     Geyser Falls opened July 8, 2002 at a cost of $32.5 million incurred
through September 30, 2003. This modern water park spans 23 acres and is capable
of accommodating 7,000 guests per day. The park consists of 12 water slides, a
wave pool and a lazy river. There is approximately 1,000 square feet of retail
outlet space and numerous food and beverage carts located throughout the park.
On May 24, 2003, Clearwater Key, a sand beach and beach club attraction located
adjacent to and operated by Geyser Falls began operations. The addition of
Clearwater Key added significantly to the amenities offered by Geyser Falls. The
nearest competitor is Rapids on the Reservoir, located approximately 70 miles
away in Jackson, MS, a 15-year old park that is similar in size to Geyser Falls.
The park was contributed to the Enterprise by the Tribe effective July 8, 2002.
No consideration was or is intended to be given to the Tribe for such
contribution. On June 6, 2003, Hard Rock Beach Club, an independently owned and
operated beach- themed restaurant and lounge, opened. The Hard Rock Beach Club
is located adjacent to Geyser Falls on the Tribe's Reservation and leases it's
operating facility from the Enterprise. The Enterprise and the Hard Rock Beach
Club have entered into cooperative marketing arrangements to promote both Geyser
Falls and the Hard Rock Beach Club to guests.


                                       4
<PAGE>

The Choctaw Hospitality Institute

     The primary purpose of the Choctaw Hospitality Institute ("CHI") is to
provide training and education for current and new employees of the Enterprise.
CHI and its staff provide classroom and hands-on training for gaming,
hospitality and professional employees of the Enterprise. CHI operates from an
approximately 27,000 square foot facility located near the Golden Moon and
includes classroom space, computer laboratories, slot and table games training
areas, a culinary training laboratory and a gift shop. CHI has contracts with
various public agencies that provide for reimbursement of certain costs incurred
in connection with its training activities and these reimbursements are
recognized as revenue when received. CHI officially opened November 9, 2001 at a
cost of approximately $2,250,000.

Pearl River Resort

     The Tribe markets the Silver Star, Golden Moon, Dancing Rabbit and Geyser
Falls under the Pearl River Resort trade name and intends to continue to promote
these collective properties as a premier regional entertainment and destination
resort.

Market

     According to the Mississippi Gaming Commission, the Mississippi gaming
market, excluding the Silver Star and Golden Moon, generated $2.7 billion of
annual gaming revenues in 2002. Including the Silver Star and Golden Moon, there
are currently 31 casinos operating in Mississippi, covering 1.66 million square
feet of gaming space and offering approximately 40,000 slot machines and 1,100
table games. Of the 31 casinos, the Silver Star and Golden Moon are the only
land-based casinos in the state. Other casinos in the state must operate as
dockside casinos and are moored on either the Mississippi River or the
Mississippi Gulf Coast. The Silver Star and Golden Moon are separated by an
approximately two and one-half hour drive from its nearest significant
competitor.

Competition

     The Tribe is currently the only legally authorized operator of land-based
casinos in Mississippi. The primary competitors of the Silver Star and Golden
Moon are the 29 casinos concentrated in Mississippi's three regional gaming
markets: the North River Region, the South River Region and the Coastal Region.
The Silver Star and Golden Moon currently draw most of their customers from
within a 150-mile radius, including Jackson, Mississippi, and also have
established customer bases in Birmingham, Montgomery and Tuscaloosa, Alabama.

     The North River Region is located in Tunica County, approximately 180 miles
northwest of the Silver Star and Golden Moon, and currently has ten dockside
casinos along the Mississippi River. Major operators in this market include Boyd
Gaming Corporation, Harrah's Entertainment, Inc., Hollywood Casino Corporation,
Horseshoe Gaming, LLC, Mandalay Resort Group and Park Place Entertainment, Inc.
Casinos in the North River Region attract a significant number of their
customers from nearby Memphis, Tennessee and Little Rock, Arkansas.

     The South River Region is located along the southern portion of the
Mississippi River, approximately 125 miles west of the Silver Star and Golden
Moon, and currently has seven dockside casinos in the cities of Vicksburg,
Greenville and Natchez. Major operators in this market include Ameristar
Casinos, Inc., Harrah's Entertainment, Inc. and Isle of Capri Casinos, Inc. The
South River market customer base is primarily regional.

     The Coastal Region is located approximately 200 miles south of the Silver
Star and Golden Moon along the Mississippi Gulf Coast and is the largest gaming
market in Mississippi with dockside and riverboat casinos in Biloxi, Gulfport
and Bay St. Louis. Major operators in this market include Park Place
Entertainment Inc., Pinnacle Entertainment, Inc., Penn National Gaming, Inc.,
Isle of Capri Casinos, Inc. and MGM Mirage. In addition to attracting gaming
customers from the local area, Gulf Coast casinos, particularly the Beau Rivage
operated by MGM Mirage, which is located in a traditional regional beach resort
area, tend to draw a significant number of customers from greater Mississippi
and from outside the state.


                                       5
<PAGE>

Description of Material Agreements

Tribal-State Compact

     The Tribe entered into the Tribal-State Compact for Regulation of Class III
Gaming on the Mississippi Band of Choctaw Indians Reservation (the "Compact") in
Mississippi on December 4, 1992, which became effective on January 4, 1993 and
was subsequently amended on August 26, 1994 and May 24, 1996. The Compact by its
terms remains in effect until terminated by mutual consent of the parties or by
Act of Congress. The Compact does not require the Tribe to make any contribution
to the State of Mississippi except for reimbursement of expenses incurred by the
State.

     Under the Compact, the Tribe is permitted to operate all Class III gaming
allowed by Mississippi law and under the IGRA. This allows the Tribe to conduct
most forms of Class III gaming, including slot machines. The Tribe currently has
no Class II gaming operations.

     The Tribe is authorized to own and operate one or more casinos on its
reservation. Reservation lands are land which are held in trust by the United
States for the benefit of the Tribe as of October 17, 1988. The Tribe may not
conduct Class III gaming on lands acquired by the United States in trust for the
benefit of the Tribe after October 17, 1988, unless such lands are located
within or contiguous to the boundaries of the Tribe's reservation as of October
17, 1988 and the Secretary of the Interior and the Governor of the State of
Mississippi determine that gaming on such lands would be in the Tribe's best
interest and not be detrimental to the surrounding community. The Silver Star
and Golden Moon are wholly located on the Tribe's reservation.

     Other provisions of the Compact provide as follows:

     (1)  The Tribe, the United States and the State of Mississippi exercise
          concurrent civil jurisdiction over Class III gaming activities at the
          Tribe's casinos. The Tribe exercises exclusive criminal and civil
          jurisdiction over Tribal members and all other Indians to the extent
          allowed by federal law, the United States retains its criminal
          jurisdiction over all of the Class III gaming on the reservation, and
          the State of Mississippi exercises exclusive or concurrent criminal
          jurisdiction over non-Indians as to some crimes to the extent allowed
          by federal law.

     (2)  No person under the age of 21 is permitted to play any Class III game.

     (3)  Net revenues to the Tribe from Class III gaming will be used only in
          accordance with budgets adopted by resolution of the Tribal Council
          and to fund tribal government operations and programs, to provide for
          the general welfare of the members of the Tribe, to promote economic
          development, to donate to charitable organizations or to help fund the
          operations of local government agencies. Per capita payments to tribal
          members from gaming revenues are limited to $1,000 per year.

     (4)  The Choctaw Gaming Commission, as established by the tribal
          government, has primary regulatory authority over the gaming
          activities of the Tribe. The Mississippi Gaming Commission cooperates
          with the Choctaw Gaming Commission and its agents have the right to
          inspect the operations of Class III gaming on reservation lands upon
          the presentation of appropriate identification to the on-site Choctaw
          Gaming Commission official without any further notice to the Choctaw
          Gaming Commission during normal business hours.

     (5)  The Tribe and the State of Mississippi shall mutually agree upon a
          budget for necessary and actual expenses that may be reasonably
          incurred by the State during the calendar year in connection with the
          gaming activities for regulation, enforcement and state-funded capital
          improvements that benefit the Tribe's casinos. The Tribe shall
          reimburse actual expenses specified in such budget incurred by the
          State within 30 days after the State submits a quarterly payment
          request. The Tribe and the State shall separately provide $250,000
          each year in matching funds to be used for the advertising and
          promotion of tourism. The Tribe's contribution shall be paid in
          quarterly installments, conditioned on the Tribe receiving profits of
          at least $62,500 for the preceding quarter.


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<PAGE>

     (6)  The sale of alcoholic beverages on reservation lands designated by the
          Tribal Council as a resort area is permitted by the State of
          Mississippi. The Tribe is required to purchase alcoholic beverages
          exclusively from the state warehouse.

     (7)  All management officials and key employees and any other person who
          enters into a management contract with the Tribe is required to have a
          Class III gaming license or work permit issued by the Choctaw Gaming
          Commission.

Government Regulation

General

     The Enterprise is subject to special federal, state and tribal laws
applicable to both commercial relationships with Indians generally and to Indian
gaming and the management and financing of casinos owned by an Indian tribe
specifically. In addition, the Enterprise is regulated by federal and state laws
applicable to the gaming industry generally and to the distribution of gaming
equipment. The following description of the regulatory environment in which
Indian gaming takes place and in which the Enterprise operates is only a summary
and not a complete recitation of all applicable law. Moreover, this particular
regulatory environment is very susceptible to changes in public policy. It is
impossible to predict how particular provisions will be interpreted from time to
time or whether they will remain intact. Changes in such laws could have a
material adverse effect on the Enterprise's business, results of operations and
financial position.

Possible Changes in Federal Law

     Several bills have been introduced in Congress which would amend IGRA.
While there have been a number of technical amendments to the law, to date there
have been no material changes to IGRA. Any amendment of IGRA could change the
governmental structure and requirements within which the Tribe could conduct
gaming, and may have a material adverse effect on our results of operations or
impose additional regulatory or operational burdens.

Tribal Law and Legal Systems

Applicability of Federal Law. Federally recognized Indian tribes are independent
governments, subordinate to the United States, with sovereign powers, except as
those powers may have been limited by treaty or by the United States Congress.
The power of Indian tribes to enact their own laws to regulate gaming, subject
to federal laws, derives from the exercise of tribal sovereignty. Indian tribes
maintain their own governmental systems and often their own judicial systems.
Indian tribes have the right to tax persons and businesses conducting business
on Indian lands, and also have the right to require licenses and to impose other
forms of regulations and regulatory fees on persons and businesses operating on
their lands.

Waiver of Sovereign Immunity; Jurisdiction; Exhaustion of Tribal Remedies.
Indian tribes enjoy sovereign immunity from unconsented suit similar to that of
the states and the United States. In order to sue an Indian tribe (or an agency
or instrumentality of an Indian tribe such as the Enterprise), the tribe must
have effectively waived its sovereign immunity with respect to the matter in
dispute. Further, in most commercial disputes with Indian tribes, the
jurisdiction of the federal courts, which are courts of limited jurisdiction,
may be difficult or impossible to obtain. A commercial dispute is unlikely to
present a federal question, and some courts have ruled that an Indian tribe as a
party is not a citizen of any state for purposes of establishing diversity
jurisdiction in the federal courts. The remedies available against an Indian
tribe also depend, at least in part, upon the rules of comity requiring initial
exhaustion of remedies of tribal tribunals and, as to some judicial remedies,
the tribe's consent to jurisdictional provisions contained in the disputed
agreements. The United States Supreme Court has held that where a tribal court
exists, the jurisdiction in that forum must first be exhausted before any
dispute arising on or involving the affected tribe's reservation and to which
the tribe, a tribal entity such as the Enterprise or a tribal member is a party,
can be properly heard by federal courts which would otherwise have jurisdiction.
Generally, where a dispute as to the existence of jurisdiction in the tribal
forum exists, the tribal court must first rule as to the limits of its own
jurisdiction, subject to specific limited exceptions enumerated by the United
States Supreme Court.


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The Indian Gaming Regulatory Act of 1988

Regulatory Authority. The operation of casinos and of all gaming on Indian land
are subject to the Indian Gaming Regulatory Act of 1988. IGRA is administered by
the National Indian Gaming Commission, or NIGC, an independent agency within the
U.S. Department of Interior, which exercises primary federal regulatory
responsibility over Indian gaming. The NIGC has exclusive authority to issue
regulations governing tribal gaming activities, approve tribal ordinances for
regulating Class II and Class III Gaming (as described below), approve
management agreements for gaming facilities, conduct investigations and
generally monitor tribal gaming. Certain responsibilities under IGRA (such as
the approval of per capita distribution plans to tribal members and the approval
of transfer of lands into trust status for gaming) are retained by the Bureau of
Indian Affairs, or BIA, which is a bureau of the United States Department of the
Interior. The BIA also has responsibility to review and approve land leases and
other agreements relating to Indian lands. Criminal enforcement is a shared
responsibility of the United States Department of Justice, the state in which
the tribe is located and the tribe, in accordance with federal law.

     The NIGC is empowered to inspect and audit all Indian gaming facilities, to
conduct background checks on all persons associated with Indian gaming, to hold
hearings, issue subpoenas, take depositions, adopt regulations and assess fees
and impose civil penalties for violations of IGRA. IGRA also provides for
federal criminal penalties for illegal gaming on Indian land and for theft from
Indian gaming facilities. The NIGC has adopted rules implementing specific
provisions of IGRA. These rules govern, among other things, the submission and
approval of tribal gaming ordinances or resolutions and require an Indian tribe
to have the sole proprietary interest in and responsibility for the conduct of
any gaming. Tribes are required to issue gaming licenses only under articulated
standards, to conduct or commission financial audits of their gaming
enterprises, to perform or commission background investigations for primary
management officials and key employees and to maintain facilities in a manner
that adequately protects the environment and the public health and safety. These
rules also set out review and reporting procedures for tribal licensing of
gaming operation employees.

Classes of Gaming. IGRA classifies games that may be conducted on Indian lands
into three categories. "Class I Gaming" includes social games solely for prizes
of minimal value or traditional forms of Indian gaming engaged in by individuals
as part of, or in connection with, tribal ceremonies or celebrations. "Class II
Gaming" includes bingo, pulltabs, lotto, punch boards, non-banked card games,
tip jars, instant bingo and other games similar to bingo, if those games are
played at the same location as bingo is played. "Class III Gaming" includes all
other forms of gaming, such as slot machines, video casino games, table games
and other commercial gaming, such as sports betting and pari-mutuel wagering.

     Class I Gaming on Indian lands is within the exclusive jurisdiction of the
Indian tribes and is not subject to IGRA. Class II Gaming is permitted on Indian
lands if: the state in which the Indian lands lie permits such gaming for any
purpose by any person, organization or entity; the gaming is not otherwise
specifically prohibited on Indian lands by federal law; the gaming is conducted
in accordance with a tribal ordinance or resolution which has been approved by
the NIGC; an Indian tribe has sole proprietary interest and responsibility for
the conduct of gaming; the primary management officials and key employees are
tribally licensed; and several other requirements are met.

     Class III Gaming is permitted on Indian lands if the conditions applicable
to Class II Gaming are met and, in addition, the gaming is conducted in
conformity with the terms of a tribal-state compact, which is a written
agreement between the tribal government and the government of the state within
whose boundaries the tribe's lands lie.

Tribal-State Compacts. IGRA requires Indian tribes to enter into tribal-state
compacts in order to conduct Class III Gaming. Such tribal-state compacts may
include provisions for the allocation of criminal and civil jurisdiction between
the state and the Indian tribe necessary for the enforcement of such laws and
regulations, taxation by the Indian tribe of such activity in amounts comparable
to those amounts assessed by the state for comparable activities, remedies for
breach, standards for the operation of such activity and maintenance of the
gaming facility, including licensing and any other subjects that are directly
related to the operation of gaming activities. While the terms of tribal-state
compacts vary from state to state, compacts within one state tend to be
substantially similar. Tribal-state compacts usually specify the types of
permitted games, establish technical standards for video gaming machines, set
maximum and minimum machine payout percentages, entitle the state to inspect
casinos, require background investigations and licensing of casino employees and
may require the tribe to pay a portion of the state's expenses for establishing
and maintaining regulatory agencies. Some tribal-state compacts are for set
terms, while others are for indefinite duration. The Tribe's Compact has no
fixed termination date and will continue in force until terminated by mutual
agreement of the State of Mississippi and the Tribe or by Act of Congress.


                                       8
<PAGE>

     There has been litigation challenging the authority of governors, under
state law, to enter into tribal-state compacts. Federal courts have upheld the
authority of the governors of Louisiana and Mississippi to enter into compacts,
while the highest state courts of New Mexico and Kansas have held that the
governors of those states did not have authority to enter into such compacts
without the consent or authorization of the legislatures of those states. In the
New Mexico and Kansas cases, the courts held that compacting is a legislative
function under the respective state constitutions. The court in the New Mexico
case also held that then existing state law did not permit casino-style gaming.

     The Enterprise's operation of gaming is subject to the requirements and
restrictions contained in the Compact. The Compact authorizes the Tribe to
conduct most forms of Class III gaming. For additional information, see
"Description of Material Agreements-The Compact".

Tribal Ordinances. Under IGRA, except to the extent otherwise provided in a
tribal-state compact as described below, Indian tribal governments have primary
regulatory authority over Class III Gaming on land within a tribe's
jurisdiction. Therefore, the Enterprise's gaming operations, and persons engaged
in gaming activities, are guided by and subject to the provisions of the Tribe's
ordinances and regulations regarding gaming.

     IGRA requires that the NIGC review tribal gaming ordinances and authorizes
the NIGC to approve such ordinances only if they meet specific requirements
relating to (1) the ownership, security, personnel background, recordkeeping and
auditing of a tribe's gaming enterprises; (2) the use of the revenues from such
gaming; and (3) the protection of the environment and the public health and
safety.

Employee and Labor Relations

     As of September 30, 2003, the Enterprise had 3,153 full-time employees. The
number of employees has decreased from September 30, 2002 due to management's
continuing efforts to consolidate certain casino and administrative
responsibilities and to improve operational efficiency. Pursuant to the
ordinance establishing the Enterprise, we are required to extend preferential
treatment to qualified members of the Tribe in recruitment, employment and
promotion. Our employees are not covered by any collective bargaining
agreements. The Enterprise believes that our labor relations with our employees
are good.

Item 2.  Properties

     The Enterprise currently operates the Silver Star, the Golden Moon, the
Dancing Rabbit, Geyser Falls and Choctaw Hospitality Institute. Effective July
1, 2001 and July 8, 2002, the Tribe contributed the Dancing Rabbit and Geyser
Falls, respectively, to the Enterprise. No consideration was or is intended to
be given to the Tribe for such contributions. The Enterprise, however, does not
and will not own the real property comprising the Silver Star, Golden Moon,
Dancing Rabbit and Geyser Falls. Instead, the United States government holds and
will continue to hold all of the Enterprise's real property in trust for the
benefit of the Tribe.

Item 3.  Legal Proceedings

     The Enterprise is subject to various claims and litigation in the normal
course of business. In the opinion of management, all pending legal matters are
either adequately covered by insurance or, if not insured, will not have a
material adverse effect on the Enterprise's financial condition, results of
operations or cash flows.

Item 4.  Submission of Matters to a Vote of Security Holders

None


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<PAGE>


                                     PART II

Item 5. Market for the Registrant's Common Stock and Related Stockholder Matters

The Enterprise has not issued or sold any equity securities.


Item 6.  Selected Financial Data

Selected Historical Financial and Other Data

     Prior to the establishment of the Enterprise, the Silver Star operated as a
separate operating business entity of the Tribe. On October 12, 1999, the Tribe
contributed the Silver Star to the Enterprise in a reorganization. This
reorganization was accounted for as a reorganization of entities under common
control. Effective July 1, 2001, the Tribe contributed the Dancing Rabbit to the
Enterprise. Prior to its contribution to the Enterprise, the Dancing Rabbit
operated as a separate, wholly-owned business enterprise of the Tribe. This
reorganization has also been accounted for as a reorganization of entities under
common control. Accordingly, the financial statements of the Enterprise for all
periods are presented as if the reorganizations occurred at the beginning of the
earliest period presented and include the accounts of the Enterprise, the Silver
Star, and the Dancing Rabbit on a historical cost basis, in a manner similar to
the treatment found in a pooling of interests transaction. On July 8, 2002 and
August 26, 2002, the Enterprise began operating Geyser Falls and Golden Moon,
respectively. All intercompany balances and transactions have been eliminated.
You should read the following financial data in conjunction with the section
entitled "Management's Discussion and Analysis of Financial Condition and
Results of Operations" and our financial statements and the related notes
included in this Form 10-K.
<TABLE>
<CAPTION>




                                                   Fiscal Year Ended September 30,
                                      -------------------------------------------------------------
                                         2003        2002         2001        2000        1999
                                                             (in thousands)

<S>                                        <C>      <C>         <C>         <C>        <C>
 Statement of Income Data:
 Net Revenues........................   298,277    $248,248     $237,619    $248,227    $244,224
 Operating Income (a)................    77,908      97,014      109,315      40,050      87,310
 Net Income (a)......................    53,811      90,262       98,042      36,894      87,629

 Balance Sheet Data:
 Cash and cash equivalents...........    49,712    $ 72,783     $ 81,823    $ 34,780    $ 21,286
 Restricted cash.....................         -       2,618        2,568       2,443       2,295
 Total assets........................   489,969     502,028      386,847     195,698     175,704
 Total debt (b)......................   295,000     275,300      200,300      62,800       1,633
 Total owner's equity................   154,468     170,216      145,226     114,775     153,027

</TABLE>

(a)  In December 1993, the Enterprise entered into a management agreement with
     Boyd Mississippi, Inc. ("Boyd"), a wholly owned subsidiary of Boyd Gaming
     Corporation, to finance the construction and operate the Silver Star. The
     term of the management agreement was seven years, commencing upon the
     opening of the Silver Star on July 1, 1994. The Enterprise effected an
     early termination of the management agreement on January 31, 2000. Pursuant
     to the provisions of the termination agreement, the Enterprise made a
     termination payment to Boyd in the amount of $72.0 million on February 1,
     2000. The termination payment is reflected in the second quarter for the
     fiscal year ended September 30, 2000. No further management fee payments
     are required to be made to Boyd under the management agreement.

(b)  Proceeds from a $75 million term loan were used to make the termination
     payment referred to above on January 31, 2000. To finance the construction
     of the Golden Moon, the Enterprise issued $200 million in unsecured senior
     notes in March 2001 and entered into a $125 million revolving credit
     facility. At September 30, 2003, $95,000,000 was outstanding under the
     revolving credit facility.


                                       10
<PAGE>



Item 7. Management's Discussion and Analysis of Financial Condition and Results
of Operations

Overview

     The Enterprise is a business enterprise of the Tribe. The Tribe established
the Enterprise on October 12, 1999 for the purpose of operating the Silver Star
and developing and operating the Golden Moon and related businesses. Effective
July 1, 2001, the Tribe contributed the Dancing Rabbit to the Enterprise in a
reorganization. On October 12, 1999, the Tribe contributed the Silver Star to
the Enterprise in a reorganization. No consideration was or is intended to be
given to the Tribe for such contribution. Prior to the establishment of the
Enterprise, the Silver Star operated as a separate, wholly-owned business entity
of the Tribe. Both reorganizations were accounted for as reorganizations of
entities under common control. Accordingly, the financial statements of the
Enterprise for all periods are presented as if the reorganizations occurred at
the beginning of the earliest period presented and include the accounts of the
Enterprise, the Silver Star and the Dancing Rabbit on a historical cost basis,
in a manner similar to the treatment found in a pooling of interests
transaction.

     -    On July 1, 1994, the Silver Star commenced operations as a hotel and
          casino on the Tribe's reservation in east-central Mississippi. At its
          opening, the Silver Star had approximately 1,300 gaming positions, 100
          hotel rooms and three restaurants.

     -    Hotel, convention and casino expansions and other major renovations
          were undertaken at the Silver Star in fiscal years 1995, 1996 and
          1997.

     -    At the beginning of fiscal 1998, the Silver Star had approximately
          2,800 slot machines, 84 table games, 473 hotel rooms, five restaurants
          and a spa and fitness facility.

     -    In November 2000, a 1,100 space parking garage was completed adjacent
          to the Silver Star.

     -    On November 9, 2001, CHI commenced operations from an approximately
          27,000 square foot facility located near the Golden Moon. The CHI
          facility includes classroom space, computer laboratories, slot and
          table game training areas, a culinary training laboratory and a gift
          shop.

     -    On July 8, 2002, Geyser Falls commenced operations. This modern water
          park spans 23 acres and is capable of accommodating 7,000 guests per
          day. The park consists of 12 water slides, a wave pool and a lazy
          river. There is approximately 1,000 square feet of retail outlet space
          and numerous food and beverage carts located throughout the park.

     -    On August 26, 2002, the Golden Moon commenced operations. This 28
          floor full-service hotel and casino has approximately 90,000 square
          feet of gaming and related circulation space, 1,726 slot machines, 63
          table games, 571 hotel rooms and seven restaurants as of September 30,
          2003.

     -    As of September 30, 2003, the Silver Star had approximately 82,500
          square feet of gaming space, 2,933 slot machines, 70 table games, 11
          poker tables, 496 hotel rooms, 30,000 square feet of meeting and
          convention space and seven restaurants.


                                       11
<PAGE>


Fiscal Year Ended September 30, 2003 Compared to Fiscal Year September 30, 2002

Net Revenues. Net revenues for the fiscal year ended September 30, 2003 were
$298.3 million compared to $248.2 million for the fiscal year ended September
30, 2002. The $50.1 million, or 20.2%, increase in net revenues was primarily
due to an increase in gaming revenues attributable to the opening of the Golden
Moon on August 26, 2002. Complimentary revenues are included in gross revenues
but are deducted as a promotional allowance to arrive at net revenues.

Casino. Casino revenues were $265.5 million for fiscal 2003 compared to $227.7
million for fiscal 2002, an increase of $37.8 million, or 16.6%. The increase in
casino revenue for the fiscal year is discussed below.

     Table game drop was $213.4 million for fiscal 2003 compared to table game
drop of $167.4 million for fiscal 2002, an increase of $46.0 million, or 27.5%.
Table game revenue was $36.8 million for fiscal 2003 compared to $31.3 million
for fiscal 2002, an increase of $5.6 million, or 18.0%. The increase in revenue
is the result of higher table drop that is attributable to the opening of the
Golden Moon, offset somewhat by a lower hold percentage. Table game hold
percentage was 17.2% for fiscal 2003 compared to 18.7% for fiscal 2002. Table
game hold percentage is reasonably predictable over the long-term, but can
fluctuate significantly from quarter to quarter, affecting table games revenue.

     Slot revenues were $227.0 million for fiscal 2003, compared to $195.0
million for fiscal 2002, an increase of $32.0 million, or 16.4%. This increase
is primarily due to an increase in coin-in for fiscal 2003, compared to fiscal
2002. The increase in coin-in is due primarily to the opening of the Golden Moon
in late 2002.

Food and beverage. Food and beverage revenues increased $9.6 million, or 42.5%,
from $22.6 million in fiscal 2002 to $32.2 million in fiscal 2003. Complimentary
food and beverage revenues totaled $22.4 million for fiscal 2003 compared to
$16.0 million for fiscal 2002, an increase of 40.0%. During fiscal 2003, the
resort turned 2,085,000 restaurant covers with an average revenue per cover of
$11.49 compared to 1,402,000 restaurant covers with an average revenue per cover
of $12.75 for fiscal 2002.

Rooms. Room revenues were $16.9 million for fiscal 2003 compared to $9.4 million
for fiscal 2002, an increase of $7.5 million, or 79.8%. This reflects an
increase in average daily room rate to $57.37 for fiscal 2003 from $56.25 for
fiscal 2002. Our occupancy rate decreased to 77.6% for fiscal 2003 compared to
87.9% for fiscal 2002. With the opening of the Golden Moon in August 2002, the
Enterprise had a total of 1,067 rooms for fiscal 2003 compared to 496 rooms for
the majority of fiscal 2002. During fiscal 2003, 59.1% of our hotel revenue was
attributable to rooms occupied by resort customers on a complimentary basis.
These complimentary revenues totaled $10.0 million for fiscal 2003 compared to
$5.2 million for fiscal 2002, an increase of 92.3%.

Other. Other revenues were $19.2 million and $11.3 million for fiscal 2003 and
2002, respectively, representing a $7.9 million, or 69.9% increase. Other
revenues are comprised of revenue from the casino's various retail outlets, the
convention center, fees earned from cash advances to customers, other
miscellaneous items, the Dancing Rabbit, Geyser Falls and the Choctaw
Hospitality Institute. The increase in other revenue is primarily attributable
to an increase in retail, golf revenue, water park revenues and revenues
generated by Choctaw Hospitality Institute. Retail revenues were $5.0 million
for fiscal 2003 compared to $2.0 million for fiscal 2002, an increase of $3.0
million or 150.0%. Convention center revenues were $2.1 million for fiscal 2003
compared to $2.2 million for fiscal 2002, a decrease of $0.1 million or 4.6%.
Golf revenues were $4.3 million for fiscal 2003 compared to $3.8 million for
fiscal 2002, an increase of $0.5 million or 13.2%. The increase in golf revenue
is attributable to increased golf rounds due to the combined marketing efforts
of the Dancing Rabbit, Silver Star and Golden Moon. Fiscal 2003 revenues from
Geyser Falls, which opened on July 8, 2002, were $4.4 million compared to $1.2
million for fiscal 2002, while revenue generated by Choctaw Hospitality
Institute totaled $1.4 million compared to $0.4 million in fiscal 2002. For
fiscal 2003, other revenue including telephone, spa charges and miscellaneous
items was $2.0 million compared to $1.7 million for fiscal 2002, a $0.3 million
or 17.6% increase.

Promotional Allowances. Promotional allowances were $35.6 million for fiscal
2003 compared to $22.8 million for fiscal 2002, an increase of $12.8 million, or
56.1%. During fiscal 2003, promotional allowances increased to 13.4% of casino
revenues from 10.0% during fiscal 2002. The increase in promotional allowances
is the result of management's efforts to reward existing guests and generate
visits from new customers in our outer markets in an effort to increase revenues
and market share.


                                       12
<PAGE>

Costs and Expenses. Total costs and expenses were $220.4 million for fiscal 2003
compared to $151.2 million for fiscal 2002, an increase of $69.2 million, or
45.8%. The increase is primarily attributable to additional operating costs
associated with operations of the Golden Moon. Included in total costs and
expenses for fiscal 2002 are $9.7 million and $0.8 million of preopening costs
related to Golden Moon and Geyser Falls, respectively.

Casino. Casino costs and expenses were $83.1 million for fiscal 2003, compared
to $61.0 million for fiscal 2002, an increase of $22.1 million, or 36.2%. This
increase is primarily attributable to the additional operating costs incurred in
connection with the operation of Golden Moon.

Food and Beverage. Food and beverage costs were $13.7 million for fiscal 2003,
compared to $8.3 million for fiscal 2002, an increase of $5.4 million, or 65.1%.
This increase is primarily attributable to the increase in the number of
restaurant covers and the additional operating costs incurred in connection with
the operation of Golden Moon.

Other. Other costs and expenses were $12.5 million and $9.2 million for fiscal
2003 and 2002, respectively, representing a $3.3 million, or 35.8% increase.
Other expenses are comprised of the costs related to the operation of retail
outlets and the convention center and the operating expenses of the Dancing
Rabbit, Geyser Falls and the Choctaw Hospitality Institute. Golf operating
expenses were $5.3 million for fiscal 2003 compared to $5.1 million for fiscal
2002, an increase of $0.2 million or 3.9%. The increase in golf operating
expenses is attributable to increased golf rounds. Water park operating expenses
were $3.7 million for fiscal 2003 compared to $0.7 million for fiscal 2002, an
increase of $3.0 million or 428.6%.

Selling, General and Administrative. Selling, general and administrative costs
and expenses were $66.4 million for fiscal 2003 compared to $40.2 million for
fiscal 2002, an increase of $26.2 million, or 65.2%. The increase in selling,
general and administrative for fiscal 2003 versus that of fiscal 2002 is
primarily due to additional administrative and marketing costs associated with
the operation of Golden Moon.

Preopening Expense. Preopening expense was $ -0- and $10.5 million for the
fiscal years ended September 30, 2003 and 2002, respectively. Preopening expense
is comprised primarily of salaries and wages, materials and supplies and other
costs incurred in connection with the opening of the Golden Moon and Geyser
Falls. During fiscal 2002, the Enterprise incurred preopening expense of $9.7
million and $0.8 million related to Golden Moon and Geyser Falls respectively.

Depreciation Expense. Depreciation expense was $30.8 million for fiscal 2003
compared to $14.2 million for fiscal 2002, an increase of $16.6 million or 117%.
The increase in depreciation expense is primarily attributable to the opening of
Golden Moon and Geyser Falls, both of which occurred during summer 2002.

Operating Income (loss). Operating income was $77.9 million for fiscal 2003
compared to operating income of $97.0 million for fiscal 2002, a decrease of
$19.1 million. The decrease is primarily attributable to additional operating
costs incurred related to operation of Golden Moon, and to a lesser extent, the
revenue and expense variations previously discussed.

Other Income (Expense). Other expense was $24.1 million for fiscal 2003 compared
to other expense of $6.8 million for fiscal 2002, representing an increase of
$17.3 million, which is primarily attributable to an increase in interest
expense of $12.6 million, a decrease in interest income of $1.5 million, the
recognition of $3.0 million other income during fiscal 2002 due to the insurance
settlement described below and a $0.2 million decrease in other income related
to the effect of interest rate changes on the interest swap agreement. Other
income (expense) is comprised of interest income minus interest expense (net of
capitalized interest) and other expense. Interest capitalized during the year
ended September 30, 2003 was $ -0- compared to $10.0 million for the year ended
September 30, 2002. The decrease in interest income is due to decreased cash and
investment balances that were used to fund Golden Moon construction. On January
10, 2002 a $3.0 million settlement agreement for the insurance claim related to
the April 2001 flood was entered into between the Enterprise and the insurance
carriers. The Enterprise received the entire amount of the settlement during the
quarter ended March 31, 2002 and recognized $2.5 million of other income and
$0.5 million as a gain on disposal of assets.


                                       13
<PAGE>

     Effective October 1, 2000, the Enterprise adopted Statement of Financial
Accounting Standards No. 133 ("SFAS 133") "Accounting for Derivative Instruments
and Hedging Activities", as amended by Statement of Financial Accounting
Standards No. 138. The interest rate swap agreement referred to above is defined
as a derivative instrument under SFAS 133. Although the Enterprise had
designated this interest rate swap agreement as a hedge since its inception on
February 1, 2000, the Enterprise did not elect to seek hedge accounting for this
agreement upon adoption of SFAS 133. Accordingly, the Enterprise recognized
other income of $0.8 million and other income of $1.0 million for 2003 and 2002,
respectively, due to the effect of interest rate changes on the interest rate
swap agreement.

Fiscal Year Ended September 30, 2002 Compared to Fiscal Year Ended September 30,
2001

Net Revenues. Net revenues for the fiscal year ended September 30, 2002 were
$248.2 million compared to $237.6 million for the fiscal year ended September
30, 2001. The $10.6 million, or 4.5%, increase in net revenues was primarily due
to an increase in gaming revenues attributable to the opening of the Golden Moon
on August 26, 2002. Complimentary revenues are included in gross revenues but
are deducted as a promotional allowance to arrive at net revenues.

Casino. Casino revenues were $227.7 million for fiscal 2002 compared to $221.3
million for fiscal 2001, an increase of $6.4 million, or 2.9%. The increase in
casino revenue for the fiscal year is discussed below.

     Table game drop was $167.4 million for fiscal 2002 compared to table game
drop of $171.4 million for fiscal 2001, a decrease of $4.0 million, or 2.3%.
Table game revenue was $31.3 million for fiscal 2002 compared to $33.4 million
for fiscal 2001, a decrease of $2.1 million, or 6.3%. The decrease in revenue is
the result of lower table drop and a lower hold percentage. Table game hold
percentage was 18.7% for fiscal 2002 compared to 19.5% for fiscal 2001. Table
game hold percentage is reasonably predictable over the long-term, but can
fluctuate significantly from quarter to quarter, affecting table games revenue.

     Slot revenues were $195.0 million for fiscal 2002, compared to $186.6
million for fiscal 2001, an increase of $8.4 million, or 4.5%. This increase is
primarily due to the increase in coin-in for fiscal 2002, compared to fiscal
2001. The increase in coin-in is due primarily to the opening of the Golden Moon
in 2002.

Food and beverage. Food and beverage revenues increased $1.6 million, or 7.6%,
from $21.0 million in fiscal 2001 to $22.6 million in fiscal 2002. Complimentary
food and beverage revenues totaled $16.0 million for fiscal 2002 compared to
$14.9 million for fiscal 2001, an increase of 7.4%. During fiscal 2002, the
resort turned 1,401,900 restaurant covers with an average revenue per cover of
$12.75 compared to 1,357,700 restaurant covers with an average revenue per cover
of $11.72 for fiscal 2001.

Rooms. Room revenues were $9.4 million for fiscal 2002 compared to $8.5 million
for fiscal 2001, an increase of $0.9 million, or 10.6%. This reflects an
increase in average daily room rate to $56.25 for fiscal 2002 from $52.67 for
fiscal 2001. Our occupancy rate decreased to 87.9% for fiscal 2002 compared to
89.6% for fiscal 2001. During fiscal 2002, 55.3% of our hotel revenue was
attributable to rooms occupied by resort customers on a complimentary basis.
These complimentary revenues totaled $5.2 million for fiscal 2002 compared to
$5.1 million for fiscal 2001, an increase of 2.0%.

Other. Other revenues were $11.3 million and $9.5 million for fiscal 2002 and
2001, respectively, representing an $1.8 million, or 19.0% increase. Other
revenues are comprised of revenue from the casino's various retail outlets, the
convention center, fees earned from cash advances to customers, other
miscellaneous items, the Dancing Rabbit, Geyser Falls and the Choctaw
Hospitality Institute. The increase in other revenue is directly attributable to
an increase in golf revenue, water park revenues and revenues generated by
Choctaw Hospitality Institute. Convention center revenues were $2.2 million for
fiscal 2002 compared to $2.3 million for fiscal 2001, a decrease of $0.1 million
or 4.3%. Golf revenues were $3.8 million for fiscal 2002 compared to $3.6
million for fiscal 2001, an increase of $0.2 million or 5.6%. The increase in
golf revenue is attributable to increased golf rounds due to the combined
marketing efforts of the Dancing Rabbit, Silver Star and Golden Moon. Fiscal
2002 revenues from Geyser Falls, which opened on July 8, 2002, were $1.2
million, while revenue generated by Choctaw Hospitality Institute totaled $0.4
million compared to none for both facilities in fiscal 2001.


                                       14
<PAGE>

Promotional Allowances. Promotional allowances were $22.8 million for fiscal
2002 compared to $22.6 million for fiscal 2001, an increase of $0.2 million, or
0.9%. During fiscal 2002, promotional allowances decreased to 10.0% of casino
revenues from 10.2% during fiscal 2001.

Costs and Expenses. Total costs and expenses were $151.2 million for fiscal 2002
compared to $128.4 million for fiscal 2001, an increase of $22.8 million, or
17.8%. The increase is primarily attributable to preopening costs incurred
related to the opening of the Golden Moon and Geyser Falls as well as additional
operating costs associated with operations of the Golden Moon and Geyser Falls.
Included in total costs and expenses for fiscal 2002 are $9.7 million and $0.8
million of preopening costs related to Golden Moon and Geyser Falls,
respectively.

Casino. Casino costs and expenses were $61.0 million for fiscal 2002, compared
to $60.1 million for fiscal 2001, an increase of $0.9 million, or 1.5%. This
increase is primarily attributable to the additional operating costs incurred in
connection with operation of Golden Moon.

Food and Beverage. Food and beverage costs were $8.3 million for fiscal 2002,
compared to $7.7 million for fiscal 2001, an increase of $0.6 million, or 7.8%.
This increase is primarily attributable to the increase in the number of
restaurant covers and the additional operating costs incurred in connection with
operation of Golden Moon.

Other. Other costs and expenses were $9.2 million and $7.4 million for fiscal
2002 and 2001, respectively, representing a $1.8 million, or 24.3% increase.
Other expenses are comprised of the costs related to the operation of retail
outlets and the convention center and the operating expenses of the Dancing
Rabbit and Geyser Falls. Golf operating expenses were $5.1 million for fiscal
2002 compared to $4.2 million for fiscal 2001, an increase of $0.9 million or
21.4%. The increase in golf operating expenses is attributable to increased golf
rounds. Water park operating expenses were $0.7 million for fiscal 2002.

Selling, General and Administrative. Selling, general and administrative costs
and expenses were $40.2 million for fiscal 2002 compared to $33.6 million for
fiscal 2001, an increase of $6.6 million, or 19.6%. Approximately $1.0 million
of this increase is due to the payment during the year ended September 30, 2002,
as required by the "Settlement and General Release Agreement" with the former
Chief Executive Officer of the Silver Star. The balance of the increase is due
to additional administrative costs incurred related to the opening of the Golden
Moon.

Preopening Expense. Preopening expense was $10.5 million and $0.4 million for
the fiscal years ended September 30, 2002 and 2001, respectively. Preopening
expense is comprised primarily of salaries and wages, materials and supplies and
other costs incurred in connection with the opening of the Golden Moon and
Geyser Falls. During fiscal 2002, the Enterprise incurred preopening expense of
$9.7 million and $0.8 million related to Golden Moon and Geyser Falls
respectively. During fiscal 2001, all preopening expense incurred was related to
the Golden Moon.

Operating Income (loss). Operating income was $97.0 million for fiscal 2002
compared to operating income of $109.3 million for fiscal 2001, a decrease of
$12.3 million. The decrease was due primarily to preopening costs incurred
related to Golden Moon, and to a lesser extent, the revenue and expense
variations previously discussed.

Other Income (Expense). Other expense was $6.8 million for fiscal 2002 compared
to other expense of $11.3 million for fiscal 2001, representing a decrease of
$4.5 million, which is primarily attributable to a decrease in interest expense
of $0.7 million, a decrease in interest income of $2.0 million, the recognition
of $3.0 million other income due to the insurance settlement described below and
a $1.0 million increase in other income related to the effect of interest rate
changes on the interest swap agreement. Other income (expense) is comprised of
interest income minus interest expense (net of capitalized interest) and other
expense. Interest capitalized during the year ended September 30, 2002 was $10.0
million compared to $1.2 million for the year ended September 30, 2001. The
decrease in interest income is due to decreased cash and investment balances
that were used to fund Golden Moon construction. On January 10, 2002 a $3.0
million settlement agreement for the insurance claim related to the April 2001
flood was entered into between the Enterprise and the insurance carriers. The
Enterprise received the entire amount of the settlement during the quarter ended
March 31, 2002 and recognized $2.5 million of other income and $0.5 million as a
gain on disposal of assets.


                                       15
<PAGE>

     Effective October 1, 2000, the Enterprise adopted Statement of Financial
Accounting Standards No. 133 ("SFAS 133") "Accounting for Derivative Instruments
and Hedging Activities", as amended by Statement of Financial Accounting
Standards No. 138. The interest rate swap agreement referred to above is defined
as a derivative instrument under SFAS 133. Although the Enterprise had
designated this interest rate swap agreement as a hedge since its inception on
February 1, 2000, the Enterprise did not elect to seek hedge accounting for this
agreement upon adoption of SFAS 133. Accordingly, the Enterprise recognized
other income of $1.0 million and other expense of $1.8 million for 2002 and
2001, respectively, due to the effect of interest rate changes on the interest
rate swap agreement.

Critical Accounting Policies

     The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management to make
estimates and assumptions that affect the recorded amount of assets and
liabilities at the date of the financial statements and revenues and expenses
during the period. Significant accounting policies employed by the Enterprise,
including the use of estimates and assumptions are presented in the Notes to the
Consolidated Financial Statements. Management bases its estimates on it
historical experience, together with other relevant factors, in order to form
the basis for making judgments that will affect the carrying value of assets and
liabilities. On an ongoing basis, management evaluates its estimates and makes
changes to carrying values as deemed necessary and appropriate. The Enterprise
believes that estimates related to the following areas involve a high degree of
judgment and/or complexity: the allowance for doubtful accounts receivable,
estimated accruals for jackpots and slot club bonus points, self insurance
related to employee health plans and contingencies related to customer claims in
the ordinary course of business.

     The Enterprise maintains an allowance for doubtful accounts for estimated
losses resulting from the inability of our customers to make required payments,
which results in bad debt expense. The Enterprise determines the adequacy of
this allowance by periodically evaluating individual customer receivables and
considering the customer's financial condition, credit history and current
economic conditions. If the financial condition of customers were to
deteriorate, resulting in an impairment of their ability to make payments, the
Enterprise may increase the allowance.

     The Enterprise maintains accruals for health and workers compensation
self-insurance and slot club point redemption, which are classified as accrued
liabilities in the balance sheets. The Enterprise determines the adequacy of
these accruals by periodically evaluating the historical experience and
projected trends related to these accruals. If such information indicates that
these accruals are overstated or understated, the Enterprise will adjust the
assumptions utilized in the methodologies and reduce or provide for additional
accruals as appropriate.

     The Enterprise is subject to various claims and legal actions in the
ordinary course of business. Some of these matters include personal injuries to
customers and damage to customers' personal assets. The Enterprise estimates
guest claims and accrues for such liability based on historical experience in
accrued liabilities in the balance sheets.

Liquidity and Capital Resources

     As of September 30, 2003, 2002, and 2001, the Enterprise held cash and cash
equivalents of $49.7 million, $72.8 million, and $81.8 million, respectively.
Our principal sources of liquidity have consisted of cash provided by operating
activities and debt financing. Cash provided by operating activities was $77.8
million in fiscal 2003 compared to $111.5 million in fiscal 2002. The decrease
of $33.7 million was due primarily to the decrease in net income to $53.8
million in fiscal 2003 from $90.3 million in fiscal 2002. Cash provided by
operating activities was $117.2 million in fiscal 2001. The $5.7 million
decrease in cash provided by operating activities in 2002 over 2001 was due
primarily to the decrease in net income to $90.3 million in fiscal 2002 from net
income of $98.0 million in fiscal 2001.

     Cash used in investing activities in the fiscal year ended September 30,
2003 totaled $39.6 million of which $42.2 million was used for capital
expenditures. During fiscal 2003, cash provided by investing activities totaled
$2.6 million and was the result of changes in restricted cash. Cash used in
investing activities in the fiscal year ended September 30, 2002 totaled $118.6
million of which $201.8 million was used for capital expenditures. The
Enterprise also received $82.5 million from the sale of short-term investments
in the fiscal year ended September 30, 2002. Cash used in investing activities
in the fiscal year ended September 30, 2001 for capital expenditures totaled
$47.6 million. The Enterprise also purchased $103.3 million in short term
investments and received $21.4 million from the sale of short term investments
in the fiscal year ended September 30, 2001. The source of cash for the majority
of investing activities noted above was from the proceeds of debt financing
activities related to construction of Golden Moon.


                                       16
<PAGE>

     The Enterprise's outstanding revolving credit facility restricts our
ability to make capital expenditures. The Enterprise may not spend more than $10
million on maintenance capital expenditures and improvements in any fiscal year
for each of the Silver Star and Golden Moon. In addition, the Enterprise is
limited to a maximum construction expenditure, exclusive of the Golden Moon
project, which includes the parking garage adjacent to the Silver Star, of $25
million during the term of this revolving credit facility. In the ordinary
course of business, the Enterprise will continue to maintain and improve the
Silver Star and Golden Moon as necessary to continue to provide a competitive
and attractive facility to our customers. The Enterprise intends to make capital
expenditures up to the amounts permitted under our credit facilities to maintain
the property.

     During the years ended September 30, 2003, 2002, and 2001, the Tribe made
contributions of property and equipment to the Enterprise of $11.1 million,
$11.4 million, and $3.2 million, respectively. Contributions of property and
equipment to the Enterprise are made at the Tribe's discretion and the Tribe is
not legally obligated to continue making any such contributions in the future.
The revolving credit facility does not limit the Tribe's ability to make
contributions of property and equipment to the Enterprise, and any such
contribution would not impact the Enterprise's $10 million capital expenditure
limitation described above.

     The Enterprise had $-0- and $2.6 million of restricted cash at September
30, 2003 and 2002 respectively. The balances were required by the Boyd
management agreement for employment, workers compensation and other third party
claims not otherwise covered by insurance proceeds that may be filed or become
due after the date the management agreement was terminated. The claims reserve
survived until January 31, 2003, and the unused portion of the claims reserve
became unrestricted at that time.

     Cash used in financing activities was $61.3 million in the fiscal year
ended September 30, 2003 compared to cash used in financing activities of $1.9
million in the fiscal year ended September 30, 2002. The primary use of cash in
each period was distributions to the Tribe of $83.5 million and $83.8 million in
the fiscal years ended September 30, 2003 and 2002, respectively. Additionally
during fiscal 2003, the Enterprise made repayments of long term debt totaling
$5.3 million, which included $5.0 million on the revolving credit facility and
$0.3 million to the Tribe. The primary source of funds provided by financing
activities was $25.0 million and $75.0 million drawn on the revolving credit
facility in 2003 and 2002, respectively, and cash contributions of $2.7 million
and $6.9 million from the Tribe in 2003 and 2002, respectively. Cash provided by
financing activities was $59.5 million in fiscal 2001. The primary use of cash
for fiscal 2001 was distributions to the Tribe of $96.9 million and payments of
$62.5 million on the term loan. The primary sources of cash during fiscal 2001
was the issuance of $200.0 million in notes and cash contributions from the
Tribe totaling $24.7 million.

     Pursuant to the indenture dated March 30, 2001, the Enterprise used a
portion of the proceeds from the offering of the notes to repay the remaining
outstanding balance under the term loan and has used the remaining proceeds to
finance the construction of the Golden Moon.

     On December 19, 2000, the Enterprise entered into a $125.0 million reducing
senior secured revolving credit facility. The Facility has a maturity date of
December 28, 2005. Borrowings available under the Facility reduce quarterly
beginning on December 31, 2002 in the amount of $6.25 million per quarter, until
the amount of the facility has been reduced to $40 million. Accordingly,
borrowing capacity under the Facility has been reduced to $100.0 million of
which $95.0 million was outstanding at September 30, 2003. The interest rate on
the Facility varies based on the Enterprise's total recourse debt to gaming
EBITDA ratio, as defined. The Facility contains certain affirmative and negative
covenants, including limiting the Enterprise's Total Leverage Ratio and Fixed
Charge Coverage Ratio, as defined, during the term of the agreement.

     The terms of the notes and the revolving credit facility restrict the
Enterprise's ability to sell or dispose of assets, incur additional debt or
contingent obligations, extend credit, make investments, commingle our assets
with the assets of other Tribal business enterprises, require us to maintain
certain financial ratios, limit our ability to make distributions to the Tribe
and limit the amount of capital expenditures we may incur related to the Silver
Star and Golden Moon.


                                       17
<PAGE>

     The notes contain specific covenants that restrict our ability to borrow
additional money, pay dividends or make other distributions, make investments,
create liens, enter into specific transactions with affiliates, and sell
specific assets or merge with or into another person. Under limited
circumstances, the covenant limiting our ability to make specific payments,
distributions and investments will be suspended. The indenture prescribes that
the Enterprise may make an annual distribution to the Tribe (the "Annual Service
Payment") in the amount of $55 million per year (payable in equal monthly
installments), which amount is increased annually on each September 30,
commencing with September 30, 2001, by 5% per annum. Any distributions to the
Tribe are made at the Tribe's discretion, but distributions other than the
Annual Service Payment (referred to as "Restricted Payments") are limited by the
covenants of the indenture. The most significant of such covenants limit
Restricted Payments such that the cumulative Restricted Payments from inception
of the indenture shall not exceed 50% of the Enterprise's cumulative net income
(with measurement commencing on January 1, 2001) plus $75 million. Restricted
Payments are further limited by the Indenture's requirement for the Enterprise
to maintain a minimum Fixed Charge Coverage Ratio (as defined) of 2.5 to 1
(increasing to 3.0 to 1 after December 31, 2001), and thus limiting the
Enterprise's ability to incur additional debt to make Restricted Payments.

     During the three months ended December 31, 2002, the Enterprise violated
covenants related to the Fixed Charge Coverage Ratio and the Total Leverage
Ratio under the Facility. The Enterprise received a waiver for such covenant
violations from the Facility lender. The Enterprise is required to meet these
covenants each quarter. Accordingly the Enterprise entered negotiations relating
to modification of these covenants with the Facility lender in order to ensure
future compliance. On March 25, 2003 the Enterprise successfully completed these
negotiations, which resulted in modification of terms of the credit facility.
Based on the amended terms of the credit facility, the Enterprise is in
compliance with the Fixed Charge Coverage Ratio and the Total Leverage Ratio at
September 30, 2003 and management believes the Enterprise will achieve
compliance with both the Fixed Charge Coverage Ratio and the Total Leverage
Ratio going forward. As of September 30, 2003, the Enterprise was in compliance
with all other debt covenants under the Notes and the Facility.

     As of September 30, 2003 the Tribe had outstanding liabilities of $1.9
million under credit facilities with $2.4 million available in borrowings, which
did not preclude recourse to assets held by the Enterprise.

     The Enterprise believes that existing cash balances, short-term
investments, operating cash flow and anticipated borrowings under the credit
facility and the proceeds from the notes will provide sufficient resources to
fund operations and to meet our debt payment obligations and expected
distributions to the Tribe and foreseeable capital expenditure requirements at
the Silver Star and Golden Moon.

The following table presents the long-term debt maturities, future minimum lease
payments under non-cancellable leases, and the Annual Service Payment to the
Tribe under the indenture governing the Notes as of September 30, 2003:
<TABLE>
<CAPTION>


                                                  Fiscal Year Ending September 30,
                  ---------------------------------------------------------------------------------------------------------------
                      2004            2005           2006             2007            2008         Thereafter         Total
                  --------------  -------------- --------------  ---------------  -------------- ---------------- ---------------
<S>               <C>               <C>           <C>                   <C>           <C>        <C>                <C>
Long-term debt     $ 20,000,000    $ 25,000,000   $ 50,000,000              $ -             $ -    $ 200,000,000   $ 295,000,000
Operating leases        528,113         141,590              -                -               -                -         669,703
Annual
 Service Payment     63,669,375      66,852,844     70,195,486       73,705,260      77,390,523                -     351,813,488
                  --------------  -------------- --------------  ---------------  -------------- ---------------- ---------------

                    $84,197,488     $91,994,434  $ 120,195,486     $ 73,705,260    $ 77,390,523    $ 200,000,000   $ 647,483,191
                  ==============  ============== ==============  ===============  ============== ================ ===============
</TABLE>


Additionally and in accordance with Tribal law, the Enterprise is required to
remit to the Choctaw Gaming Commission a monthly fee equal to 1% of gaming
revenues. Also, and in accordance with the Compact the Enterprise is required to
provide $250,000 annually to the Tribal/State Tourism fund to be used for
advertising and tourism promotional activities.


                                       18
<PAGE>

Insurance Proceeds

     On January 10, 2002 a settlement agreement for the insurance claim related
to the April 2001 flood was entered into between the Enterprise and the
insurance carriers. The Enterprise received $3,023,322, which represents the
entire amount of the settlement, during the quarter ended March 31, 2002. During
the quarter ended March 31, 2002 the Enterprise recognized $2,473,293 of other
income and $550,029 as a gain on disposal of assets related to the insurance
settlement.

Recently Issued Accounting Pronouncements

     On April 30, 2002 the FASB issued SFAS No. 145 (SFAS 145), Rescission of
FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and
Technical Corrections. In rescinding FASB Statement No. 4 (SFAS 4), Reporting
Gains and Losses from Extinguishment of Debt, and FASB Statement 64 (SFAS 64),
Extinguishments of Debt Made to Satisfy Sinking-Fund Requirements, SFAS 145
eliminates the requirement that gains and losses from the extinguishment of debt
be aggregated and, if material, classified as an extraordinary item, net of the
related income tax effect. However, pursuant to SFAS 145, an entity would not be
prohibited for classifying such gains and losses as extraordinary items so long
as they meet the criteria in paragraph 20 of Accounting Principles Board Opinion
No. 30 (APB 30), Reporting the Results of Operations, Reporting the Effects of
Disposal of a Segment of a Business, and Extraordinary, Unusual and Infrequently
Occurring Events and Transactions. SFAS 145 is effective for transactions
occurring after May 15, 2002 and is effective for financial statements issued on
or after May 15, 2002. The Enterprise has adopted the provisions of SFAS 145
which have had no effect on the financial statements.

     In November 2002, the Financial Accounting Standards Board issued FASB
Interpretation No. 45 ("FIN 45"), "Guarantor's Accounting and Disclosure
Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of
Others." This interpretation elaborates on the disclosures to be made by a
guarantor in its interim and annual financial statements about its obligations
under certain guarantees that it has issued. It also clarifies (for guarantees
issued after January 1, 2003) that a guarantor is required to recognize, at the
inception of a guarantee, a liability for the fair value of the obligations
undertaken in issuing the guarantee. At September 30, 2003, we do not have any
outstanding guarantees and accordingly the adoption of FIN 45 did not have a
material impact on our financial statements.

     In January 2003, the Financial Accounting Standards Board issued FASB
Interpretation No. 46 ("FIN 46"), "Consolidation of Variable Interest Entities."
This interpretation addresses the requirements for business enterprises to
consolidate related entities in which they are determined to be the primary
economic beneficiary as a result of their variable economic interests. The
interpretation is intended to provide guidance in judging multiple economic
interests in an entity and in determining the primary beneficiary. The
interpretation outlines disclosure requirements for VIEs created after January
31, 2003. The Enterprise has reviewed its major relationships and its overall
economic interests with other companies consisting of related parties and other
suppliers to determine the extent of its variable economic interest in theses
parties. The Enterprise will adopt FIN 46 effective December 31, 2003. Adoption
of FIN 46 will not have any impact on the financial statements of the
Enterprise.

     On April 30, 2003, the FASB issued FASB Statement No. 149 (SFAS 149),
Amendment of Statement 133 on Derivative Instruments and Hedging Activities.
SFAS 149 Amends and clarifies the accounting guidance on derivative instruments
(including certain derivative instruments embedded in other contracts) and
hedging activities that fall within the scope of FASB Statement No. 133 (SFAS
133), Accounting for Derivative Instruments and Hedging Activities. SFAS 149 Is
effective for contracts entered into or modified after June 30, 2003, with
certain exceptions, and for hedging relationships designated after June 30, 2003
and is to be applied prospectively. The Enterprise has adopted the provisions of
SFAS 149 which have had no effect on the financial statements.

     In May 2003, the Financial Accounting Standards Board issued Statement No.
150, Accounting for Certain Financial Instruments with Characteristics of Both
Liabilities and Equity (SFAS 150). SFAS 150 establishes standards for how an
issuer classifies and measures certain financial instruments with
characteristics of both liabilities and equity. It requires that an issuer
classify a financial instrument that is within its scope as a liability (or an
asset in some circumstances). As the Enterprise's equity securities are not
publicly traded, the Enterprise is a nonpublic entity as defined by SFAS 150,
this pronouncement will be effective at the beginning of the first interim
period beginning after December 15, 2003. The adoption of SFAS 150 will not have
a material impact on our financial position, results of operations or cash flows
as the Enterprise does not have any such financial instruments.


                                       19
<PAGE>

Regulation and Taxes

     The Silver Star and Golden Moon are subject to extensive regulation by the
Choctaw Gaming Commission. Changes in applicable laws or regulations could have
a significant impact on our operations.

     The Enterprise is owned by the Tribe, a federally recognized Indian tribe
located on reservation land held in trust by the United States of America;
therefore, the Enterprise was not subject to federal or state income taxes for
the years ended September 30, 2003, 2002, or 2001. Various efforts have been
made in Congress over the past several years to enact legislation that would
subject the income of tribal business entities, such as the Enterprise, to
federal income tax. Although no such legislation has been enacted, similar
legislation could be passed in the future. A change in our non-taxable status
could have a material adverse affect on our business, cash flows from operations
and financial condition.

Item 7A.  Quantitative and Qualitative Disclosures About Market Risk

Impact of Inflation

     Absent changes in competitive and economic conditions or in specific prices
affecting the hotel and casino industry, the Enterprise does not expect that
inflation will have a significant impact on our operations. Changes in specific
prices, such as fuel and transportation prices, relative to the general rate of
inflation may have a material adverse effect on the hotel and casino industry in
general.

Market Risk

     Market risk is the risk of loss arising from adverse changes in market
rates and prices, such as interest rates, foreign currency exchange rates and
commodity prices. The Enterprise's primary exposure to market risk is interest
rate risk, which was initially associated with our long-term debt. The
Enterprise had previously entered into an interest rate swap agreement to fix
the interest rate on our term loan at 8.25%. Pursuant to the indenture, the
Enterprise used a portion of the proceeds from the offering of the notes to
repay the remaining outstanding balance under our term loan. Upon the prepayment
of the term loan, the Enterprise did not settle the existing interest rate swap
agreement, which will terminate on January 31, 2004. At September 30, 2003, the
interest rate swap agreement had a notional amount of $7.8 million. The notional
amount does not represent amounts exchanged by the parties, and thus is not a
measure of exposure to the Enterprise. The amount exchanged is based on the
notional amount. The fair value liability of our interest rate swap is based on
the cash termination value of the agreement using quotes from our counter-party
and was approximately $0.1 million at September 30, 2003. If the floating rate
increased 25 basis points, interest expense under the swap agreement for the
year ended September 30, 2003 would have been lower by $41,667. Additionally,
current borrowings under the revolving credit facility bear interest at the
LIBOR base rate plus a margin rate of 2.5%. If the LIBOR base rate had increased
25 basis points, interest expense under the revolving credit facility would been
higher by $246,631 during the year ended September 30, 2003.

     Management has and will continue to limit our exposure to interest rate
risk by maintaining a conservative ratio of fixed rate, long-term debt to total
debt such that variable rate exposure is kept at an acceptable level and fixing
long-term variable rate debt through the use of interest rate swaps or interest
rate caps with appropriately matching maturities.



                                       20
<PAGE>

Item 8.  Financial Statements and Supplementary Data


                         Report of Independent Auditors




Mr. Phillip Martin, Chief
Mississippi Band of Choctaw Indians

Board of Directors
Choctaw Resort Development Enterprise

In our opinion, the accompanying balance sheets and the related statements of
operations, owner's equity, and cash flows present fairly, in all material
respects, the financial position of the Choctaw Resort Development Enterprise
(the "Enterprise"), an unincorporated business enterprise of the Mississippi
Band of Choctaw Indians, at September 30, 2003 and 2002, and the results of its
operations and its cash flows for each of the three years in the period ended
September 30, 2003 in conformity with accounting principles generally accepted
in the United States of America. These financial statements are the
responsibility of the Enterprise's management; our responsibility is to express
an opinion on these financial statements based on our audits. We conducted our
audits of these statements in accordance with auditing standards generally
accepted in the United States of America, which require that we plan and perform
the audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.


/s/ PricewaterhouseCoopers LLP




Las Vegas, Nevada
November 14, 2003, except for Note 11, as to which the date is December 4, 2003




                                       21
<PAGE>
<TABLE>
<CAPTION>

Choctaw Resort Development Enterprise
Balance Sheets
September 30, 2003 and 2002


                                                                             September 30,        September 30,
  Assets                                                                          2003                 2002
                                                                           -------------------  -------------------
<S>                                                                               <C>                  <C>
Current assets:
    Cash and cash equivalents                                                    $ 49,712,096         $ 72,783,499
    Accounts receivable (net of allowance of $3,092,390
      and $2,411,237)                                                               4,811,952            3,961,599
    Inventories                                                                     2,251,395            2,120,422
    Prepaid expenses and other                                                      1,804,452            1,403,550
                                                                           -------------------  -------------------
        Total current assets                                                       58,579,895           80,269,070

    Property and equipment, net                                                   423,192,331          410,892,145
    Restricted cash                                                                         -            2,617,915
    Deferred loan costs, net                                                        4,782,154            5,617,005
    Other assets                                                                    3,414,389            2,631,964
                                                                           -------------------  -------------------

        Total assets                                                            $ 489,968,769        $ 502,028,099
                                                                           -------------------  -------------------

                      Liabilities and Owner's Equity

Current liabilities:
    Current maturities of long-term debt                                         $ 20,000,000            $ 300,000
    Accounts payable                                                                6,094,984            8,209,279
    Construction accounts payable                                                   7,167,306           17,375,937
    Due to Tribe                                                                           86            3,875,465
Accrued liabilities:
    Accrued payroll and related                                                     8,866,960            8,195,759
    Accrued expenses and other liabilities                                          8,647,980            9,047,224
    Accrued interest expense                                                        9,723,473            9,808,719
                                                                           -------------------  -------------------
        Total current liabilities                                                  60,500,789           56,812,383

Long-term debt, less current maturities                                           275,000,000          275,000,000

Commitments and contingencies                                                               -                    -

Owner's equity:
    Contributed capital                                                           154,528,735          162,820,084
    Retained earnings                                                                       -            7,629,693
    Accumulated other comprehensive loss                                              (60,755)            (234,061)
                                                                           -------------------  -------------------
        Total owner's equity                                                      154,467,980          170,215,716
                                                                           -------------------  -------------------

        Total liabilities and owner's equity                                    $ 489,968,769        $ 502,028,099
                                                                           -------------------  -------------------

                     The accompanying notes are an integral part of these financial statements

</TABLE>



                                       22
<PAGE>
<TABLE>
<CAPTION>


Choctaw Resort Development Enterprise
Statements of Operations
For the years ended September 30, 2003, 2002 and 2001


                                                       Year Ended            Year Ended          Year Ended
                                                      September 30,         September 30,       September 30,
                                                          2003                  2002                2001
                                                   --------------------  --------------------  ----------------
<S>                                                      <C>                     <C>              <C>
Revenue:
    Casino                                             $   265,518,213       $   227,725,191     $ 221,262,983
    Food and beverage                                       32,233,997            22,622,518        20,983,807
    Rooms                                                   16,895,108             9,435,982         8,463,478
    Other                                                   19,221,168            11,253,652         9,521,734
                                                   --------------------  --------------------  ----------------
Gross revenue                                              333,868,486           271,037,343       260,232,002
Less promotional allowances                                (35,591,389)          (22,789,333)      (22,612,559)
                                                   --------------------  --------------------  ----------------
        Net revenue                                        298,277,097           248,248,010       237,619,443
                                                   --------------------  --------------------  ----------------

Costs and expenses:
    Casino                                                  83,068,413            61,000,541        60,086,718
    Food and beverage                                       13,734,323             8,289,854         7,680,105
    Rooms                                                    4,548,335             1,769,729         1,500,193
    Other                                                   12,500,568             9,156,762         7,363,497
    Selling, general and administrative                     66,444,788            40,192,773        33,559,800
    Maintenance and utilities                                9,302,365             6,089,228         5,370,512
    Preopening expense                                               -            10,498,580           375,206
    Depreciation                                            30,770,617            14,236,527        12,368,395
                                                   --------------------  --------------------  ----------------
        Total                                              220,369,409           151,233,994       128,304,426
                                                   --------------------  --------------------  ----------------

Operating income                                            77,907,688            97,014,016       109,315,017
                                                   --------------------  --------------------  ----------------

Other income (expense):
    Interest income                                            156,296             1,718,595         3,682,974
    Interest expense                                       (25,040,291)          (12,387,369)      (13,117,655)
    Other income (expense)                                     786,871             3,916,425        (1,838,801)
                                                   --------------------  --------------------  ----------------
        Total                                              (24,097,124)           (6,752,349)      (11,273,482)
                                                   --------------------  --------------------  ----------------

Net income                                                  53,810,564            90,261,667        98,041,535
Other comprehensive income (loss)                              173,306               159,984          (394,045)
                                                   --------------------  --------------------  ----------------

Comprehensive income                                    $   53,983,870        $   90,421,651      $ 97,647,490
                                                   --------------------  --------------------  ----------------

                     The accompanying notes are an integral part of these financial statements
</TABLE>


                                       23
<PAGE>

<TABLE>
<CAPTION>


Choctaw Resort Development Enterprise
Statements of Owner's Equity
For the years ended September 30, 2003, 2002 and 2001
-------------------------------------------------------------------------------------------------------------------

                                                                                    Accumulated
                                    Contributed            Retained                    Other                      Total
                                      Capital              Earnings              Comprehensive Less           Owner's Equity
                                --------------------  --------------------   ---------------------------   ---------------------
                                      As Revised (2000, 2001 and 2002)
                                ------------------------------------------

<S>                                    <C>                       <C>                            <C>             <C>
Balances, September 30, 2000          $ 114,775,252                   $ -                           $ -           $ 114,775,252

    Net income                                    -            98,041,535                             -              98,041,535
    Contributed capital                  29,708,042                                                   -              29,708,042
    Distributions                                 -           (96,905,012)                            -             (96,905,012)
    Cumulative transition effect
      of adopting SFAS 133                                                                     (541,847)               (541,847)
    Reclassification adjustment
      under SFAS 133                                                                            147,802                 147,802
                                --------------------  --------------------   ---------------------------   ---------------------

Balances, September 30, 2001            144,483,294             1,136,523                      (394,045)            145,225,772

    Net income                                                 90,261,667                                            90,261,667
    Contributed capital                  18,336,790                                                                  18,336,790
    Distributions                                             (83,768,497)                                          (83,768,497)
    Reclassification adjustment
      under SFAS 133                                                                            159,984                 159,984
                                --------------------  --------------------   ---------------------------   ---------------------
                                                                                                           ---------------------

Balances, September 30, 2002            162,820,084             7,629,693                      (234,061)            170,215,716

    Net income                                                 53,810,564                                            53,810,564
    Contributed capital                  13,786,683                                                                  13,786,683
    Distributions                       (22,078,032)          (61,440,257)                                          (83,518,289)
    Reclassification adjustment
      under SFAS 133                                                                            173,306                 173,306
                                --------------------  --------------------   ---------------------------   ---------------------

Balances, September 30, 2003          $ 154,528,735                   $ -  #                  $ (60,755) #        $ 154,467,980
                                --------------------  --------------------   ---------------------------   ---------------------

                     The accompanying notes are an integral part of these financial statements
</TABLE>


                                       24
<PAGE>

<TABLE>
<CAPTION>


Choctaw Resort Development Enterprise
Statements of Cash Flows
For the years ended September 30, 2003, 2002 and 2001



                                                              Year Ended        Year Ended        Year Ended
                                                            September 30,     September 30,      September 30,
                                                                 2003              2002              2001
                                                           ----------------- -----------------  ----------------
<S>                                                              <C>              <C>              <C>
Cash flows from operating activities:
    Net income                                                 $ 53,810,564      $ 90,261,667      $ 98,041,535
    Adjustments to reconcile net income to net cash
      provided by operating activities:
    Cumulative effect of accounting change                                -                 -          (541,847)
    Depreciation and amortization                                32,003,774        14,850,104        13,806,760
    (Gain) loss on disposal of property and equipment                15,942          (425,778)          102,454
    Change in operating assets and liabilities:
      Accounts receivable, net                                     (850,353)         (876,493)          177,415
      Inventories                                                  (130,973)         (603,370)          (99,731)
      Prepaid expenses and other                                   (400,902)          380,659          (869,535)
      Other assets                                                 (802,425)       (1,329,833)         (656,790)
      Accounts payable and due to Tribe                          (5,989,674)        4,982,361        (5,229,254)
      Accrued liabilities                                           186,711         4,215,259        12,462,857
                                                           ----------------- -----------------  ----------------
Net cash provided by operating activities                        77,842,664       111,454,576       117,193,864
                                                           ----------------- -----------------  ----------------

Cash flows from investing activities:
    Acquisitions of property and equipment, net of amounts in
      construction accounts payable                             (42,178,268)     (201,770,447)      (47,610,281)
    Proceeds from disposal of property and equipment                      -           689,915                 -
    Proceeds from sale of short term investments                          -        82,513,481        21,392,039
    Purchase of short term investments                                    -                 -      (103,391,616)
    Restricted cash                                               2,617,915           (49,659)         (124,912)
                                                           ----------------- -----------------  ----------------
Net cash used in investing activities                           (39,560,353)     (118,616,710)     (129,734,770)
                                                           ----------------- -----------------  ----------------

Cash flows from financing activities:
    Borrowings on credit facility                                25,000,000        75,000,000                 -
    Proceeds from issuance of long-term debt                              -                 -       200,000,000
    Repayment of long-term debt                                  (5,300,000)                -       (62,500,000)
    Contribution of cash from Tribe                               2,689,575         6,931,380        24,707,375
    Distributions to the Tribe                                  (83,518,289)      (83,768,497)      (96,905,012)
    Loan fees paid                                                 (225,000)          (39,793)       (5,718,834)
                                                           ----------------- -----------------  ----------------
Net cash provided by (used in) financing activities             (61,353,714)       (1,876,910)       59,583,529
                                                           ----------------- -----------------  ----------------

Net increase (decrease) in cash and cash equivalents            (23,071,403)       (9,039,044)       47,042,623

Cash and cash equivalents at beginning of period                 72,783,499        81,822,543        34,779,920
                                                           ----------------- -----------------  ----------------

Cash and cash equivalents at end of period                    $  49,712,096      $ 72,783,499      $ 81,822,543
                                                           ----------------- -----------------  ----------------

Supplemental disclosure of cash flow information:
    Cash paid for interest                                    $  24,065,197      $ 21,176,781      $  3,596,449
                                                           ----------------- -----------------  ----------------

    Cash received for interest                                  $   156,296      $  2,414,678      $  2,986,891
                                                           ----------------- -----------------  ----------------

Supplemental disclosure of non-cash investing and
    financing activities:
      Contributions of property and equipment from
        the Tribe                                              $ 11,097,108      $ 11,405,410      $  3,156,740
                                                           ----------------- -----------------  ----------------
      Write-off of fully depreciated property and equipment             $ -               $ -       $    78,983
                                                           ----------------- -----------------  ----------------
      Disposals of equipment                                            $ -               $ -       $   312,553
                                                           ----------------- -----------------  ----------------
      Due to Tribe for property and equipment                           $ -               $ -       $    81,401
                                                           ----------------- -----------------  ----------------
      Contributions of other assets from the Tribe                      $ -               $ -      $  1,843,927
                                                           ----------------- -----------------  ----------------
      Accounts payable for construction                         $ 7,167,306      $ 17,375,937      $ 15,883,132
                                                           ----------------- -----------------  ----------------
      Exchange of property and equipment for a
        a note due to the tribe                                         $ -       $ 4,501,215               $ -
                                                           ----------------- -----------------  ----------------

                     The accompanying notes are an integral part of these financial statements


</TABLE>


                                       25
<PAGE>



Note 1 - Summary of Significant Accounting Policies

Description of Operations

The Choctaw Resort Development Enterprise (the "Enterprise") is an enterprise of
the Mississippi Band of Choctaw Indians (the "Tribe"). The Enterprise was
established on October 12, 1999 by the Tribe for the purpose of managing the
existing and future Tribal gaming and other resort operations at the Tribe's
Pearl River Community. The operations of the Enterprise are collectively
referred to as the Pearl River Resort. Prior to July 1, 2001, the Silver Star
Hotel and Casino (the "Silver Star") was the sole operating entity of the
Enterprise. The Silver Star commenced operations of a gaming, hotel, conference
center and restaurant complex near Philadelphia, Mississippi on trust lands of
the Tribe on July 1, 1994. In addition, the Enterprise has opened the Golden
Moon Hotel and Casino (the "Golden Moon") which commenced operations on August
26, 2002. The Golden Moon operates a gaming, hotel and restaurant complex
directly across the highway from Silver Star. The Enterprise also operates
Dancing Rabbit Golf Club ("Dancing Rabbit"), which opened April 1, 1997, Geyser
Falls Water Theme Park ("Geyser Falls"), which opened July 8, 2002, and the
Choctaw Hospitality Institute, which opened November 9, 2001, for the training
of Pearl River Resort employees. The Dancing Rabbit, Geyser Falls and the
Choctaw Hospitality Institute were contributed to the Enterprise at the Tribe's
historical cost.

In connection with the development of the Silver Star, the Tribe entered into a
seven-year management agreement (the "Management Agreement") with Boyd
Mississippi, Inc., a subsidiary of Boyd Gaming Corporation ("Boyd"), to
construct and operate the Silver Star. The Tribe entered into a termination
agreement (the "Termination Agreement") with Boyd to terminate the Management
Agreement on January 31, 2000.

Basis of Presentation

The consolidated financial statements include the accounts of the Enterprise,
the Silver Star, the Golden Moon, Geyser Falls, the Dancing Rabbit and the
Choctaw Hospitality Institute. All necessary eliminating entries have been
recorded.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and on deposit with banks and
other financial institutions. The Enterprise considers all highly liquid
investments purchased with a maturity of three months or less to be cash
equivalents.

Allowance for Doubtful Accounts

The Enterprise maintains an allowance for doubtful accounts for estimated losses
resulting from the inability of our customers to make required payments, which
results in bad debt expense. The Enterprise determines the adequacy of this
allowance by periodically evaluating individual customer receivables and
considering the customer's financial condition, credit history and current
economic conditions. If the financial condition of customers were to
deteriorate, resulting in an impairment of their ability to make payments, the
Enterprise may increase the allowance.

The allowance for doubtful accounts and bad debt expense is as follows:


                                       26
<PAGE>

<TABLE>
<CAPTION>


                                                      September 30,         September 30,         September 30,
                                                          2003                  2002                  2001
                                                   --------------------  --------------------  --------------------
<S>                                                           <C>                 <C>                    <C>
Allowance, beginning of year                            $    2,411,237        $    1,685,009         $     845,259

Bad debt expense                                               803,318               889,025             1,266,516

Write-offs                                                    (122,165)             (162,797)             (426,766)
                                                   --------------------  --------------------  --------------------

Allowance, end of year                                  $    3,092,390        $    2,411,237        $    1,685,009
                                                   --------------------  --------------------  --------------------


</TABLE>

Inventories

Inventories, consisting primarily of food, beverage and gift shop merchandise,
are stated at the lower of cost or market. Cost is determined using the
first-in, first-out inventory method.

Property and Equipment

Property and equipment is stated at cost. Depreciation is computed using the
straight-line method over the estimated useful lives of the assets. Costs of
major construction, including interest incurred during construction of new
facilities, are capitalized; costs of normal repairs and maintenance are charged
to expense as incurred. Gains or losses on disposals of assets are recognized as
incurred. The Enterprise periodically reviews the carrying value of property and
equipment to determine if circumstances exist indicating impairment in carrying
value of the property and equipment. If impairment is indicated, an adjustment
will be made to the carrying value of the property and equipment.

Deferred Loan Costs

Deferred loan costs consist of costs incurred in the issuance of long-term debt.
Amortization of deferred loan costs is computed using the interest method over
the stated maturity of long-term debt. Accumulated amortization of the deferred
loan costs is $2,643,829 and $1,583,978 at September 30, 2003 and 2002,
respectively.

Accounting for Derivative Instruments and Hedging Activities

On October 1, 2000, the Enterprise adopted Statement of Financial Accounting
Standards No. 133 ("SFAS 133") "Accounting for Derivative Instruments and
Hedging Activities", as amended by Statements of Financial Standards No. 138.
See Note 4.

Contributed Capital

Contributed capital consists of (i) equipment and facilities related primarily
to various construction and expansion projects since the Silver Star opened
which have been funded by the Tribe and contributed upon their completion at the
Tribe's cost, (ii) certain development costs for the Golden Moon, also funded by
the Tribe and contributed at the Tribe's cost, (iii) cash to fund Golden Moon
construction and development and (iv) cash to fund construction and development
of Geyser Falls. Contributed capital is presented net of distributions.

Casino and Other Revenue

Casino revenue is net win from gaming activities, which is the difference
between gaming wins and losses. Gross revenues include the estimated retail
value of rooms, food and beverage, and other goods and services provided to
customers on a complimentary basis. Such amounts are then deducted as
promotional allowances. The estimated cost of providing these promotional
allowances is charged to the casino department in the following amounts:


                                       27
<PAGE>

<TABLE>
<CAPTION>

                                                       Year Ended            Year Ended            Year Ended
                                                      September 30,         September 30,         September 30,
                                                          2003                  2002                  2001
                                                   --------------------  --------------------  --------------------
<S>                                                         <C>                    <C>                 <C>
Food and beverage                                         $ 20,897,212          $ 16,116,466         $  15,329,781
Rooms                                                        3,315,369             3,284,313             3,465,643
Other                                                        2,626,749             2,254,116             2,815,409
                                                   --------------------  --------------------  --------------------

Total                                                    $  26,839,330         $  21,654,895         $  21,610,833
                                                   --------------------  --------------------  --------------------



Complimentary revenues have been earned in the following casino departments as follows:



                                                       Year Ended            Year Ended            Year Ended
                                                      September 30,         September 30,         September 30,
                                                          2003                  2002                  2001
                                                   --------------------  --------------------  --------------------

Food and beverage                                        $  22,369,937         $  15,441,434         $  14,930,850
Rooms                                                        9,985,194             5,234,296             5,078,394
Other                                                        3,236,258             2,113,603             2,603,315
                                                   --------------------  --------------------  --------------------

Total                                                    $  35,591,389         $  22,789,333         $  22,612,559
                                                   --------------------  --------------------  --------------------

</TABLE>


Income Taxes

The Enterprise is an unincorporated business enterprise owned by the Tribe, a
federally recognized Indian tribe located on reservation land held in trust by
the United States of America; therefore, the Enterprise was not subject to
Federal or state income taxes for the years ended September 30, 2003, 2002 and
2001.

Advertising Expense

Advertising is expensed as incurred and is included in selling, general, and
administrative expense and casino costs and expenses. Advertising expense was
$9,116,713, $4,812,520, and $5,285,965 for the years ended September 30, 2003,
2002 and 2001, respectively.

Use of Estimates

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Significant estimates used by the Enterprise include the estimated useful lives
of depreciable assets and the estimated allowance for doubtful accounts
receivable. Actual results could differ from those estimates.

Preopening Expenses

Preopening costs are expensed as incurred. Preopening costs incurred during the
years ended September 30, 2003, 2002 and 2001, were $-0-, $10,498,580 and
$375,206, respectively. Preopening expense is comprised primarily of salaries
and wages, materials and supplies and other costs incurred in connection with
the opening of the Golden Moon and Geyser Falls. During Fiscal 2002, the
Enterprise incurred preopening expense of $9,664,211and $834,369 related to
Golden Moon and Geyser Falls respectively. During fiscal 2001, all preopening
expense incurred was related to the Golden Moon.


                                       28
<PAGE>

Change in Classification of Amounts Previously Reported

Distributions to the Tribe had previously been reported as reductions to
retained earnings (or increases to accumulated deficit) regardless of whether
CRDE was in a retained earnings or accumulated deficit position. CRDE has
revised the previously reported amounts of contributed capital and accumulated
deficit to present distributions in excess of retained earnings as reductions of
contributed capital. The impact of this revision was to reduce the accumulated
deficit and contributed capital as of September 30, 2002, 2001 and 2000 by
$37,068,832. Such revision had no impact on total owner's equity, results of
operations or cash flows.

Note 2 - Property and Equipment

Property and equipment consists of the following:
<TABLE>
<CAPTION>

                                                         Useful Lives         September 30,         September 30,
                                                            (Years)                2003                 2002
                                                       ------------------   -------------------  --------------------
<S>                                                           <C>                  <C>                   <C>
Land improvements                                                                $  16,819,796         $  16,799,809
Buildings and improvements                                   20-40                 381,317,031           346,831,079
Golf course improvements                                     5-15                    2,733,973             2,740,271
Furniture and equipment                                      5-10                  123,720,006           115,798,611
Aircraft                                                      10                     4,551,215             4,551,215
Vehicles                                                       3                     1,139,677             1,293,396
                                                                            -------------------  --------------------
                                                                                   530,281,698           488,014,381
Less accumulated depreciation                                                      107,089,367            77,122,236
                                                                            -------------------  --------------------

                                                                                 $ 423,192,331         $ 410,892,145
                                                                            -------------------  --------------------
</TABLE>


During the years ended September 30, 2002 and 2001 and in connection with
development of the Golden Moon, the Enterprise capitalized interest totaling
$10,018,536 and $1,225,772, respectively. No amounts of interest were
capitalized during fiscal 2003.

Note 3 - Restricted Cash

The Enterprise had $ -0- and $2,617,915 of restricted cash classified as a
non-current asset as of September 30, 2003 and 2002, respectively. The balances
were required by the Management Agreement for employment, workers compensation,
and other third party claims not otherwise covered by insurance proceeds (the
"Claims Reserve") that may be filed or become due after the Management Agreement
termination date. The claims reserve survived until January 31, 2003, and the
unused portion of the claims reserve became unrestricted at that time.


Note 4 - Long-Term Debt

In March 2001, the Enterprise issued unsecured senior notes (the "Notes") in the
amount of $200,000,000. The proceeds of the offering were used to retire a $75
million term loan (the "Loan") and to finance the construction of the Golden
Moon. The Notes bear interest at 9.25% and require semiannual payments of
interest beginning with the first payment on October 1, 2001 with the Notes
maturing on April 1, 2009. The indenture governing the Notes (the "Indenture")
contains certain financial covenants which restrict the Enterprise's ability to
borrow money, pay dividends or make distributions, make investments, create
liens, enter into certain transactions with affiliates and sell specific assets
or merge with or into another entity. Under specific circumstances, the covenant
limiting the Enterprise's ability to make certain payments, distributions and
investments will be suspended.


                                       29
<PAGE>

After April 1, 2005, the Enterprise may redeem all or part of the Notes at
specified redemption prices plus accrued and unpaid interest on the redemption
date. The Notes are subject to redemption requirements imposed by certain gaming
laws and regulations.

On December 29, 2000, the Enterprise entered into a $125 million reducing
revolving credit facility (the "Facility"). The Facility will be used by the
Enterprise to (i) finance the construction of the Golden Moon, (ii) provide
working capital, (iii) finance permitted capital expenditures, and (iv) for
general purposes of the Enterprise. As of September 30, 2003, a total of
$95,000,000 is drawn and outstanding on the Facility. The Enterprise pays
commitment fees based on 0.5% of the available balance of the Facility. For the
years ended September 30, 2003 and 2002, the Enterprise paid commitment fees
totaling$$271,208 and $559,124 respectively, on the Facility. Outstanding
advances on the Facility at September 30, 2003 bear interest at LIBOR plus a
margin rate of 3.125%. At September 30, 2003, outstanding advances on the
Facility bore LIBOR interest at rates ranging from 1.17% to 1.31%. During the
years ended September 30, 2003 and 2002 the Enterprise recorded interest expense
totaling $4,528,398 and $509,358 respectively, on the outstanding balance of the
Facility. On September 8, 2003, the Enterprise made a voluntary principal
reduction in the amount of $5,000,000 on the Facility.

The Facility is collateralized by the personal property of and the revenue
generated by the Silver Star and the Golden Moon. The Facility has a maturity
date of December 28, 2005. Borrowings available under the Facility began
reducing quarterly effective December 31, 2002 in the amount of $6.25 million
per quarter, until the amount of the facility is reduced to $40 million.
Accordingly, borrowing capacity available under the Facility has been reduced to
$100,000,000, of which $95,000,000 was outstanding at September 30, 2003. The
Facility contains certain affirmative and negative covenants, including limiting
the Enterprise's Total Leverage Ratio and Fixed Charge Coverage Ratio, as
defined, during the term of the agreement.

During the three months ended December 31, 2002, the Enterprise violated
covenants related to the Fixed Charge Coverage Ratio and the Total Leverage
Ratio under the Facility. The Enterprise received a waiver for such covenant
violations from the Facility lender. The Enterprise is required to meet these
covenants each quarter. Accordingly the Enterprise entered negotiations relating
to modification of these covenants with the Facility lender in order to ensure
future compliance. On March 25, 2003 the Enterprise successfully completed these
negotiations, which resulted in modification of terms of the credit facility.
Based on the amended terms of the credit facility, the Enterprise is in
compliance with the Fixed Charge Coverage Ratio and the Total Leverage Ratio at
September 30, 2003 and management believes the Enterprise will achieve
compliance with both the Fixed Charge Coverage Ratio and the Total Leverage
Ratio going forward. As of September 30, 2003, management believes that the
Enterprise is in compliance with all other debt covenants under the Notes and
the Facility.

On October 26, 1999, the Enterprise entered into a note agreement with MBCI
Resort and Capital Fund, a related party, in the amount of $300,000 that is
payable on demand with annual interest of 6% due monthly. On August 6, 2003, the
Enterprise paid off in its entirety the balance of the note payable to MBCI
Resort and Capital Fund plus accrued interest of $85,500.

Maturities of long-term debt at September 30, 2003 are as follows:



             2004                                    $  20,000,000
             2005                                       25,000,000
             2006                                       50,000,000
             2007                                                -
             2008                                                -
          Thereafter                                   200,000,000
                                                  -----------------

            Total                                    $ 295,000,000
                                                  -----------------


                                       30
<PAGE>

The Enterprise entered into an interest rate swap agreement with a major
financial institution for the purpose of fixing interest rates on a term loan,
thus reducing exposures to interest rate fluctuations. At September 30, 2003,
the Enterprise's interest rate swap had a notional amount of $7,812,500. This
agreement effectively fixed the interest rate on the term loan at 8.25%. The
notional amount does not represent amounts exchanged by the parties, and thus is
not a measure of exposure to the Enterprise. The amount exchanged is based on
the notional amount. The term of the interest rate swap agreement is through
January 31, 2004. The term loan was repaid on April 24, 2001, however, the
Enterprise did not concurrently settle the interest rate swap agreement. The
differences to be paid or received by the Enterprise under the interest swap
agreement are recognized as an adjustment to interest expense.

Effective October 1, 2000, the Enterprise adopted SFAS 133. The interest rate
swap agreement described above is defined as a derivative instrument under SFAS
133. In accordance with the transition provisions of SFAS 133, the Enterprise
recorded a cumulative-effect-type transition adjustment of $541,847 in other
comprehensive loss and in accrued expenses and other liabilities to recognize
the fair value of the Enterprise's liability under this swap agreement on
October 1, 2000. Although the Enterprise had designated this swap agreement as a
hedge since its inception on February 1, 2000, the Enterprise did not elect to
seek hedge accounting for this agreement upon adoption of SFAS 133. Accordingly,
during the period from October 1, 2002 through September 30, 2003, the
Enterprise recognized other income of $786,871 and a related decrease in accrued
expenses and other liabilities representing the effect during this period of
interest rate changes. Reclassifications to other comprehensive income during
the period from October 1, 2002 through September 30, 2003 are $173,306. During
the period from October 1, 2001 through September 30, 2002, the Enterprise
recognized other income of $995,515 and a related decrease in accrued expenses
and other liabilities. Reclassifications from other comprehensive income during
the period October 1, 2001 through September 30, 2002 were $159,984. During the
period from October 1, 2000 through September 30, 2001, the Enterprise
recognized other expense of $1,838,801 and a related increase in accrued
expenses and other liabilities. Reclassifications from other comprehensive
income during the period October 1, 2000 through September 30, 2001 are
$147,802.


Note 5 - Fair Value of Financial Instruments

The carrying values of the Enterprise's cash and cash equivalents, short-term
investments, accounts receivable, note payable, and accounts payable approximate
fair value because of the short maturity of those instruments. Estimated fair
value of the Notes is $215,500,000 and $209,000,000 at September 30, 2003 and
2002, respectively, based on quoted market prices on or about September 30, 2003
and 2002, respectively.

Fair value of the Enterprise's interest rate swap agreement is based on the
termination value of the agreement using quotes from the Enterprise's counter
party. The fair value liability of the Enterprise's interest rate swap at
September 30, 2003 and 2002 was $117,170 and $1,077,347, respectively, and is
included in accrued expenses and other liabilities.

The carrying value of the Facility approximates fair value because of its
variable interest rate.


Note 6 - Leases

The Enterprise leases various equipment and advertising billboards under
operating leases. The initial terms of these leases range from one to five
years. Future minimum lease payments required under the operating leases as of
September 30, 2003 are as follows:

             2004                                        $  528,113
             2005                                           141,590
          Thereafter                                              -
                                                    ---------------

            Total                                        $  669,703
                                                    ---------------

Rent expense incurred under operating leases was $542,063, $599,088 and $652,006
for the years ended September 30, 2003, 2002 and 2001, respectively.


                                       31
<PAGE>

Note 7 - Enterprise Licensing and Regulation

The Tribe, by vote of the Tribal members, authorized casino gaming on Tribal
lands located in Mississippi. In accordance with the Indian Gaming Regulatory
Act, the Tribe signed a Tribal-State Compact with the State of Mississippi on
December 4, 1992 and enacted ordinances authorizing bingo (Class II) and
casino-type (Class III) gaming. The Tribal Council created the Choctaw Gaming
Commission and authorized it as the regulatory agency responsible for the
licensing of the Casino and the on-site regulation of the gaming operations. The
Choctaw Gaming Commission has promulgated regulations that govern the gaming
operations.

Note 8 - Related Party Transactions

Distributions to the Tribe were $83,518,289, $83,768,497 and $96,905,012 for the
years ended September 30, 2003, 2002 and 2001, respectively. Subsequent to
January 31, 2000, the Enterprise makes distributions to the Tribe at the Tribe's
discretion, subject to certain distribution restrictions.

The Indenture prescribes that the Enterprise may make an annual distribution to
the Tribe (the "Annual Service Payment") in the amount of $55 million per year
(payable in equal monthly installments), which amount is increased annually on
each September 30, commencing with September 30, 2001, by 5% per annum. Any
distributions to the Tribe are made at the Tribe's discretion, but distributions
other than the Annual Service Payment (referred to as "Restricted Payments") are
limited by the covenants of the indenture. The most significant of such
covenants limit Restricted Payments such that the cumulative Restricted Payments
from inception of the indenture shall not exceed 50% of the Enterprise's
cumulative net income (with measurement commencing on January 1, 2001) plus $75
million. Restricted Payments are further limited by the Indenture's requirement
for the Enterprise to maintain a minimum Fixed Charge Coverage Ratio (as
defined) of 2.5 to 1 (increasing to 3.0 to 1 after December 31, 2001), and thus
limiting the Enterprise's ability to incur additional debt to make Restricted
Payments.

Future Annual Service Payments under the Indenture are as follows:




             2004                                    $  63,669,375
             2005                                       66,852,844
             2006                                       70,195,486
             2007                                       73,705,260
             2008                                       77,390,523
          Thereafter                                             -
                                                  -----------------

            Total                                    $ 351,813,488
                                                  -----------------

Employees of the Enterprise are provided health coverage through the Tribe's
health plan. The Enterprise paid $9,912,046, $8,589,282 and $7,856,211 to the
Tribe under this arrangement for the years ended September 30, 2003, 2002 and
2001, respectively.

The Enterprise collects and remits to the Tribe a 7% sales tax on rooms, food,
beverage, sundry and entertainment revenue. The total sales tax paid was
$1,806,833, $1,004,041 and $778,561 for the years ended September 30, 2003, 2002
and 2001, respectively. For the years ended September 30, 2003, 2002 and 2001,
the Enterprise paid rent for office space and purchased certain goods and
services from the Tribe and its businesses in the amount of $5,778,015,
$4,360,359 and $3,276,271, respectively.

The Enterprise purchases coarse paper and janitorial supplies from Choctaw Paper
Company, Inc. in the ordinary course of business. Choctaw Paper Company, Inc. is
majority owned by a member of the Enterprise's board of directors. For the years
ended September 30, 2003, 2002 and 2001, the Enterprise made purchases of
$1,543,631, $923,553 and $465,000 respectively, from Choctaw Paper Company, Inc.


                                       32
<PAGE>

The Enterprise paid $250,000 to the Tribal/State Tourism Fund for the promotion
of tourism in Mississippi for each of the years ended September 30, 2003, 2002,
and 2001, as required under the Tribal-State Compact. The Choctaw Gaming
Commission was paid $2,687,372, $2,245,995 and $2,281,082 for the years ended
September 30, 2003, 2002, and 2001, respectively, for fees assessed at 1% of
gaming revenues per the Tribal Code. Amounts paid to the Choctaw Gaming
Commission along with amounts paid to the Tribal/State Tourism fund are included
in selling, general and administrative expense for the years ended September 30,
2003, 2002 and 2001.

The Enterprise paid $1,688,016 to the Choctaw Development Enterprise, a wholly
owned enterprise of the Tribe, for construction services related to development
of the beach club and sand beach adjacent to Geyser Falls during the year ended
September 30, 2003. The Enterprise paid $1,021,202 to the Choctaw Development
Enterprise for the construction of administrative offices and a hospitality
institute and $57,000 for construction related to the Golden Moon project during
the year ended September 30, 2002.

During the years ended September 30, 2003, 2002 and 2001, the Tribe contributed
property and equipment to the Enterprise at the Tribe's cost of $11,097,108,
$11,405,410 and $3,156,740, respectively. During the year ended September 30,
2001, the Tribe contributed other assets to the Enterprise at the Tribe's cost
of $1,843,927. During the years ended September 30, 2003 and 2002, the Tribe
contributed $2,689,575 and $6,931,380, respectively in cash to the Enterprise to
fund construction and development of Geyser Falls. During the year ended
September 30, 2001 the Tribe contributed $24,707,375 in cash to the Enterprise.

During November 2001, the Tribe purchased on behalf of the Enterprise a 2000
model King Air aircraft. The total purchase price of this aircraft was
$4,551,215, of which $4,501,215 was paid by the Tribe. At the time of purchase,
the aircraft was contributed to the Enterprise and a corresponding non-interest
bearing payable to the Tribe was established. For the years ended September 30,
2003 and 2002 the Enterprise made payments to the Tribe totaling $1,875,465 and
$2,625,750, respectively in connection with this purchase. At September 30,
2003, no amount is payable in connection with this purchase.

On October 26, 1999, the Enterprise, entered into a note agreement with MBCI
Resort and Capital Fund, a related party, in the amount of $300,000 that is
payable on demand with annual interest of 6% due monthly. On August 6, 2003, the
Enterprise paid off in its entirety the balance of the note payable to MBCI
Resort and Capital Fund plus accrued interest of $85,500.

As of September 30, 2003 the Tribe had outstanding liabilities of $1.9 million
under credit facilities with $2.4 million available in borrowings, which did not
preclude recourse to assets held by the Enterprise.

Note 9 - Employee Benefit Plans

Employees of the Enterprise are eligible to participate in the Tribe's 401(k)
plan. The Enterprise expensed contributions to this plan of $2,121,117,
$2,017,725 and $1,780,837 for the years ended September 30, 2003, 2002 and 2001,
respectively.

The Enterprise has no formal commitments to provide post-retirement health care
benefits to retirees.

Note 10 - Contingencies

The Enterprise is subject to various claims and litigation in the normal course
of business. In the opinion of management, all pending legal matters are either
adequately covered by insurance or, if not insured, will not have a material
adverse effect on the Enterprise's financial position, results of operation or
cash flows.

Note 11 - Subsequent Events

On October 28, 2003, November 14, 2003 and December 4, 2003 the Enterprise
distributed $3,000,000, $3,548,000 and $2,816,000 to the Tribe, respectively.


                                       33
<PAGE>

Note 12 - Insurance Proceeds

On January 10, 2002 a settlement agreement for the insurance claim related to
the April 2001 flood was entered into between the Enterprise and the insurance
carriers. The Enterprise received $3,023,322, which represents the entire amount
of the settlement, during the quarter ended March 31, 2002. During the quarter
ended March 31, 2002 the Enterprise recognized $2,473,293 of other income and
$550,029 as a gain on disposal of assets related to the insurance settlement.

Note 13 - Recently Issued Accounting Pronouncements

     On April 30, 2002 the FASB issued SFAS No. 145 (SFAS 145), Rescission of
FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and
Technical Corrections. In rescinding FASB Statement No. 4 (SFAS 4), Reporting
Gains and Losses from Extinguishment of Debt, and FASB Statement 64 (SFAS 64),
Extinguishments of Debt Made to Satisfy Sinking-Fund Requirements, SFAS 145
eliminates the requirement that gains and losses from the extinguishment of debt
be aggregated and, if material, classified as an extraordinary item, net of the
related income tax effect. However, pursuant to SFAS 145, an entity would not be
prohibited for classifying such gains and losses as extraordinary items so long
as they meet the criteria in paragraph 20 of Accounting Principles Board Opinion
No. 30 (APB 30), Reporting the Results of Operations, Reporting the Effects of
Disposal of a Segment of a Business, and Extraordinary, Unusual and Infrequently
Occurring Events and Transactions. SFAS 145 is effective for transactions
occurring after May 15, 2002, and is effective for financial statements issued
on or after May 15, 2002. The Enterprise has adopted the provisions of SFAS 145
which have had no effect on the financial statements.

     In November 2002, the Financial Accounting Standards Board issued FASB
Interpretation No. 45 ("FIN 45"), "Guarantor's Accounting and Disclosure
Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of
Others." This interpretation elaborates on the disclosures to be made by a
guarantor in its interim and annual financial statements about its obligations
under certain guarantees that it has issued. It also clarifies (for guarantees
issued after January 1, 2003) that a guarantor is required to recognize, at the
inception of a guarantee, a liability for the fair value of the obligations
undertaken in issuing the guarantee. At September 30, 2003, we do not have any
outstanding guarantees and accordingly the adoption of FIN 45 did not have a
material impact on our financial statements.

     In January 2003, the Financial Accounting Standards Board issued FASB
Interpretation No. 46 ("FIN 46"), "Consolidation of Variable Interest Entities."
This interpretation addresses the requirements for business enterprises to
consolidate related entities in which they are determined to be the primary
economic beneficiary as a result of their variable economic interests. The
interpretation is intended to provide guidance in judging multiple economic
interests in an entity and in determining the primary beneficiary. The
interpretation outlines disclosure requirements for VIEs created after January
31, 2003. The Enterprise has reviewed its major relationships and its overall
economic interests with other companies consisting of related parties and other
suppliers to determine the extent of its variable economic interest in theses
parties. The Enterprise will adopt FIN 46 effective December 31, 2003. Adoption
of FIN 46 will not have any impact on the financial statements of the
Enterprise.

     On April 30, 2003, the FASB issued FASB Statement No. 149 (SFAS 149),
Amendment of Statement 133 on Derivative Instruments and Hedging Activities.
SFAS 149 Amends and clarifies the accounting guidance on derivative instruments
(including certain derivative instruments embedded in other contracts) and
hedging activities that fall within the scope of FASB Statement No. 133 (SFAS
133), Accounting for Derivative Instruments and Hedging Activities. SFAS 149 Is
effective for contracts entered into or modified after June 30, 2003, with
certain exceptions, and for hedging relationships designated after June 30, 2003
and is to be applied prospectively. The Enterprise has adopted the provisions of
SFAS 149 which have had no effect on the financial statements.

     In May 2003, the Financial Accounting Standards Board issued Statement No.
150, Accounting for Certain Financial Instruments with Characteristics of Both
Liabilities and Equity (SFAS 150). SFAS 150 establishes standards for how an
issuer classifies and measures certain financial instruments with
characteristics of both liabilities and equity. It requires that an issuer
classify a financial instrument that is within its scope as a liability (or an
asset in some circumstances). As the Enterprise's equity securities are not
publicly traded, the Enterprise is a nonpublic entity as defined by SFAS 150,
this pronouncement will be effective at the beginning of the first interim
period beginning after December 15, 2003. The adoption of SFAS 150 will not have
a material impact on our financial position, results of operations or cash flows
as the Enterprise does not have any such financial instruments.


                                       34
<PAGE>

Item 9.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosure

None

Item 9A. Controls and Procedures

     The Enterprise maintains disclosure controls and procedures that are
designed to ensure that information required to be disclosed in the Enterprise's
reports pursuant to the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), is recorded, processed, summarized and reported within the time
periods specified in the SEC's rules and forms, and that such information is
accumulated and communicated to the Enterprise's management, including its Chief
Executive Officer and Chief Financial Officer, as appropriate, to allow timely
decisions regarding required disclosure. Management necessarily applied its
judgment in assessing the costs and benefits of such controls and procedures
which, by their nature, can provide only reasonable assurance regarding
management's control objectives.

     As of the end of the period covered by this report, the Enterprise carried
out an evaluation, under the supervision and with the participation of the
Enterprise management, including the Enterprise's Chief Executive Officer along
with the Enterprise's Chief Financial Officer, of the effectiveness of the
design and operation of the Enterprise's disclosure controls and procedures
pursuant to Exchange Act Rule 13a-15(e) and 15d - 15(e). Based upon the
foregoing, the Enterprise's Chief Executive Officer along with the Enterprise's
Chief Financial Officer concluded that the Enterprise's disclosure controls and
procedures are effective to ensure that information required to be disclosed by
the Enterprise in reports that it files or submits under the Exchange Act is
recorded, processed, summarized and reported within the time periods specified
in the Securities and Exchange Commission rules and forms. There have been no
significant changes in the Enterprise's internal controls or in other factors
which could significantly affect internal controls subsequent to the date the
Enterprise carried out its evaluation.





                                       35
<PAGE>



                                    PART III


Item 10.  Directors and Executive Officers of the Registrant

The Choctaw Resort Development Enterprise

     The Tribe established the Enterprise on October 12, 1999, as an
unincorporated business enterprise of the Tribe, to operate the Silver Star and
to develop and operate the Golden Moon. The Enterprise is governed by a
five-member Board of Directors, which consists of the Tribal Chief, the
Secretary-Treasurer of the Tribal Council and three other members appointed by
the Tribal Council. The Tribal Chief and the Secretary-Treasurer serve on the
Board of Directors during their term of office on the Tribal Council. The other
members of the Board of Directors serve staggered four-year terms. To establish
staggered terms, the initial terms of such members are either two years or four
years as determined by the Tribal Council.


Enterprise Management

The table below sets forth the names, ages and positions of the executive
officers of the Enterprise.
<TABLE>
<CAPTION>

Name                                                               Age                  Position
----                                                              -----                ----------
<S>                                                                   <C>  <C>
Jay Dorris....................................................        39  President
Michael Donald................................................        39  Vice President of Resort Finance
James R. Angus................................................        59  Vice President of Construction
                                                                           Operations
Donna L.  Brolick.............................................        40  Vice President of Human Relations

Anthony Taeubel...............................................        40    VP/ COO Gaming Operations
Martin Moore..................................................        48  Executive Director of Hospitality
                                                                          Operations
Richard F. Stewart............................................        52  Vice President of Resort Operations
Kim Beranek...................................................        36  VP/COO Water Park Operations
John Enriquez.................................................        40  VP Information Technology
Ruth Allison Dover............................................        32  General Counsel
</TABLE>


     Jay Dorris assumed the position of President for the Enterprise in August
2001. Mr. Dorris has over 10 years experience in architectural and project
development. For over 10 years, Mr. Dorris has worked directly and indirectly
for the Tribe developing various projects, including most recently serving as
Tribal Project Manager for the Golden Moon project and the Tribe's recreational
lake project.

     Michael Donald assumed the position of Vice President of Resort Finance for
the Enterprise in August 2001. Mr. Donald is a Certified Public Accountant with
over 14 years experience in accounting and financial management. For the past
three years, Mr. Donald has served as Director of Tribal Gaming Audit and
Financial Compliance for the Tribe. Mr. Donald began his career with KPMG Peat
Marwick and spent eight years in public accounting before joining the Tribe as
Senior Internal Auditor in May 1996.

     James R. Angus assumed the position of Vice President of Construction
Operations for the Enterprise in August 2001. Mr. Angus has over 33 years
experience in the construction industry. For the previous four years, Mr. Angus
worked as a Vice President of Operations and Construction for Boyken
International, Inc. From the end of 1994 until mid-1997, he worked as a general
contractor for Precept Builders.

     Donna L. Brolick assumed the position of Vice President of Human Relations
for the Enterprise on October 1, 2001. Prior to joining the Enterprise, Ms.
Brolick served as Human Resources Director with the Mississippi Department of
Education for over 8 years. Ms. Brolick has approximately 15 years experience in
the field of Human Resources.


                                       36
<PAGE>

     Anthony Taeubel assumed the position of Vice President/ Chief Operating
Officer of Gaming for the Enterprise in March 2002. Mr. Taeubel has over 18
years of experience in the gaming industry. Prior to joining the Enterprise, Mr.
Tauebel was employed by Ameristar Casino Council Bluffs where he worked for
nearly seven years and was Senior VP and General Manager. Prior to Ameristar,
Mr. Taeubel spent six years as an agent with the Nevada Gaming Control Board and
five years in operations at Reno, NV casinos.

     Martin Moore assumed the position of Executive Director of Hospitality
Operations for the Enterprise in June 2003. Mr. Moore has over 21 years
experience in the hospitality and gaming industry. Mr. Moore was hired at the
Silver Star in November 2001 as Director of Advertising and Promotions and was
later promoted to Executive Director of Casino Marketing. Prior to joining the
Silver Star, Mr. Moore was employed as Vice President of Marketing, Sales and
Entertainment for New York, New York Casino in Las Vegas, Nevada. Mr. Moore also
held various executive positions from 1984 to 1995 with Hilton Gaming, a
division of Hilton Hotels.


     Richard F. Stewart assumed the position as Vice President of Resort
Operations in December 2001. Mr. Stewart has over 26 years experience in the
gaming industry. He was hired at the Silver Star in 1996 as marketing director
and remained in that position following the management transition from Boyd
Gaming. Prior to joining the Silver Star, Mr. Stewart was the marketing director
for Boomtown Casino based in Reno, Nevada from 1993 to 1996.

     Kim Beranek assumed the position of Vice President/ Chief Operating Officer
of the Water Park for the Enterprise in January 2002. Ms. Beranek has over 16
years of experience in the amusement and recreation industry. She was most
recently employed as Park Director for a Six Flags water park in California.

     John Enriquez assumed the position of Vice President of Information
Technology for the Enterprise in March 2003. Mr. Enriquez has over 15 years of
experience in the information technology and gaming fields and possesses a
bachelor's degree in computer science from Iowa State University. He was most
recently employed as regional director for information systems for Isle of Capri
Casinos Inc. based in Biloxi, Mississippi. Prior to Isle of Capri, Mr. Enriquez
served in a number of information technology roles for casinos located in
Missouri and Puerto Rico.

     Ruth Allison Dover assumed the position of the Enterprise's General Counsel
on April 22, 2002. Ms. Dover came to the Enterprise from the Mississippi Band of
Choctaw Indians Office of the Attorney General. At the Attorney General's
Office, she served as the Deputy Attorney General for the Tribe for
approximately six (6) years. In that capacity she represented the Tribe in both
the Government Services Division as well as the Business Enterprise Division.
She is licensed to practice law in Mississippi and Arkansas and has been
admitted to practice before the Mississippi Band of Choctaw Indians Tribal
Court.

         Board of Directors

     The table below sets forth the names, ages and positions of our directors
and the year in which their current term expires.
<TABLE>
<CAPTION>

Name                                         Age             Position               Current Term Expires
----                                        ----             --------               --------------------
<S>                                             <C>     <C>                                 <C>
Phillip Martin............................      77      Chairman                            2007
Billy Chickaway...........................      53      Secretary-Treasurer                 2005
Rufus Tubby...............................      50      Vice-Chairman                       2003
Gerald Stoliby............................      35      Director                            2005
Harrison Ben..............................      68      Director                            2007
</TABLE>

     Set forth below is a description of the current business experience during
the past five years of each of the directors listed above.

                                       37
<PAGE>

     Chief Phillip Martin has been elected to six four-year terms as Tribal
Chief, served as a leader of the Tribe for over 40 years and has served as
Chairman of the Enterprise's Board of Directors for 4 years. After returning
from a ten-year tour in the Air Force, Chief Martin is credited with introducing
the Tribe into various industries including the production of wire harnesses for
automobiles, greeting cards, electronic components, plastics, printing and
publishing and casino gaming. As a result, unemployment on the Tribe's
reservation has dropped from 75% in the 1970s to approximately 2.6% today.

     Harrison Ben has been a member of the Tribal Council for seven years and a
Board member for 4 years.

     Rufus Tubby has been a member of the Tribal Council for approximately
twelve years and a Board member for 4 years.

     Gerald Stoliby has been a member of the Tribal Council for six years and a
Board member for 4 years. Mr. Stoliby is the President, Chief Executive Officer
and majority owner of Choctaw Paper Company, Inc., a private coarse paper and
janitorial supply company which does business with the Enterprise.

     Billy Chickaway has been a member of the Tribal Council for six years and a
Board member for 2 years.

Compensation of Directors

     Members of our Board of Directors do not receive any compensation from the
Enterprise or the Tribe for their services as members of our board or any
committee thereof.

Audit Committee of the Board and Audit Committee Financial Expert

     On October 1, 2002, the first day of our fiscal year, the Enterprise had
fewer than 300 security holders of record, and we are not required to file
reports under Section 15(d) of the Securities Exchange Act of 1934. The
Enterprise's securities are not registered under Section 12 of that Act.
Therefore, we are not an issuer under the Sarbanes-Oxley Act of 2002.

     Although the Enterprise is not an issuer under the Sarbanes-Oxley Act of
2002 and our securities are not listed, our Board of Directors has established
an Audit Committee. The Board of Directors has determined that the Audit
Committee does not have an Audit Committee Financial Expert as that term is
defined under the Sarbanes-Oxley Act of 2002. The Board is currently comprised
entirely of elected members of the Tribal Council. As a committee of the Board,
the Audit Committee is comprised exclusively of members of the Board. The Audit
Committee is authorized to contract with financial experts as needed.

Code of Ethics

     The Enterprise has not adopted a code of ethics that applies to our
principal executive officer, principal financial officer, principal accounting
officer or controller or persons performing similar functions. Enterprise
officers are held to high ethical standards under Tribal law, by contract and by
Enterprise policy.

The Tribe

     The Tribe is a federally recognized, self governing Indian tribe with
approximately 9,100 enrolled members, most of whom live on or near the Tribe's
31,000-acre reservation in east-central Mississippi. Pursuant to the Tribe's
Constitution, an elected Tribal Chief and a 16-member Tribal Council govern the
Tribe and oversee all Tribal government operations and services. The Tribe's
Constitution vests all executive powers of the Tribe in the Tribal Chief and all
legislative powers in the Tribal Council, including the power to establish
unincorporated business enterprises of the Tribe. The Tribal Chief is the
principal executive officer of the Tribe. The Tribal government has functions
similar to local, state and federal governments and is responsible for providing
Tribal members with education, healthcare, job training, housing, police and
fire protection, Tribal courts, utilities and other community infrastructure.
The Tribe operates one of the largest unified reservation school systems in the
United States, with more than 1,700 students enrolled in kindergarten through
grade twelve.

                                       38
<PAGE>

     The Tribe is one of the ten largest employers in Mississippi with more than
6,000 permanent, full-time employees and an annual payroll of approximately $170
million. The Tribe has nine manufacturing plants on its reservation, which
provide supplies to the automotive industry and other companies, including
Caterpillar. In addition, the Tribe operates the Silver Star, Golden Moon,
Geyser Falls and the Dancing Rabbit through the Enterprise.

Tribal Council

     The Tribe is governed by the Tribal Chief and a 16-member Tribal Council
that is responsible for passing all tribal laws and regulations on the
reservation. Tribal Council members are elected for staggered four-year terms
from the seven communities comprising the Tribe's reservation.

         The table below sets forth information about the Tribal Council.
<TABLE>
<CAPTION>


Name                                                       Position                 Age       Experience
----                                                       ---------                ----      ----------
<S>                                         <C>                                       <C>     <C>
Phillip Martin............................  Tribal Chief                              77 Over 40 years
Billy Chickaway...........................  Tribal Secretary/Treasurer                53 6 years
Gerald Stoliby............................  Tribal Councilman                         35 6 years
Hayward Bell..............................  Tribal Councilman                         55 19 years
Harrison Ben..............................  Tribal Councilman                         68 7 years
Richard Isaac.............................  Tribal Councilman                         37 3 years
Brenda Stephens...........................  Tribal Councilman                         42 6 years
Dorothy Wilson............................  Tribal Councilman                         49 4 years
Linda Farve...............................  Tribal Councilman                         53 4 years
Woodlin Lewis.............................  Tribal Councilman                         62 9 years
Edward Wesley.............................  Tribal Councilman                         45 7 years
Troy Chickaway............................  Tribal Councilman                         53 1 year
Birdie Steve..............................  Tribal Councilman                         52 4 years
Beasley Denson............................  Tribal Councilman                         53 6 years
Phyliss J.Anderson........................  Tribal Councilman                         42 1 year
Ronnie Henry, Sr..........................  Tribal Councilman                         44 2 years
Claude Johnson............................  Tribal Councilman                         46 2 years

</TABLE>

                                       39
<PAGE>




Item 11.  Executive Compensation

 Summary Compensation Table

     This section provides certain summary information concerning compensation
paid by the Enterprise to its senior executive officers.
<TABLE>
<CAPTION>



                                                      Fiscal     Annual                                       Other Annual
            Name and Principal Position                Year     Salary         Salary         Bonus  (1)     Compensation

------------------------------------------------------------------------------------------------------------------------------------
<S>                                                     <C>        <C>            <C>           <C>                   <C>
 Jay Dorris, President and CEO                          2003       212,500        212,500             -                    -
                                                        2002       212,500        212,500       105,822                    -
                                                        2001       212,500         24,519 (5)         -                    -


 Anthony Taeubel, Vice President and                    2003       275,600        271,700             -                    -
      Chief Operating Officer of Gaming Operations      2002       260,000        143,000        71,655               26,765 (2)
                                                        2001             -              -             -                    -

 James R. Angus, Vice President of                      2003       222,600        219,450             -                    -
      Construction Operations                           2002       210,000        210,000        20,915                    -
                                                        2001       210,000         18,577 (5)         -               28,159 (3)

 Martin Moore, Executive Director                       2003       170,000        151,525             -                    -
      of Hospitality Operations                         2002       150,000         83,587        26,053               10,828 (9)
                                                        2001             -              -             -                    -

 Richard F. Stewart, Vice President of Resort Operation 2003       185,500        182,875             -                    -
                                                        2002       175,000        164,039        43,574                    -
                                                        2001       120,000        116,423 (4)    26,058                    -

 Andrew HeLal, Vice President and                       2003       208,000        208,816 (11)        -                    -
      Chief Operating Officer of Hospitality Operations 2002       200,000         84,615        23,972                4,895 (6)
                                                        2001             -              -             -                    -

 Doug Pattison, Chief Executive Officer                 2003             -              -             -              228,630 (10)
      Silver Star                                       2002             -        843,638 (8)    25,000                    -
                                                        2001       400,000        400,000       122,600 (7)                -

</TABLE>




(1)  Enterprise employees are eligible to receive a performance based bonus at
     the annual discretion of the Board of Directors. There were no bonuses
     authorized by the Enterprise's Board of Directors for fiscal 2003. Fiscal
     2002 bonuses were paid during February 2003.

(2)  Mr. Taeubel was provided with a relocation allowance of $26,765 that was
     paid in fiscal 2002.

(3)  Mr. Angus received a one-time payment of $25,000 upon employment with the
     Enterprise. Mr. Angus was provided with a relocation allowance of $3,159
     that was paid in fiscal 2001.

                                       40
<PAGE>

(4)  Mr. Stewart was employed by Boyd prior to February 1, 2000, and as such,
     had salaries paid by Boyd and charged to Silver Star for the period October
     1, 1999 through January 31, 2000.

(5)  Mr. Dorris was employed by the Tribe prior to August 6, 2001, and as such,
     had salaries paid by the Tribe for the period October 1, 2000 through
     August 6, 2001. Mr. Angus began his employment on August 6, 2001. Prior to
     that time he was not employed by the Tribe or any of its enterprises.

(6)  Mr. HeLal was provided with a relocation allowance of $4,895 that was paid
     in fiscal 2002.

(7)  The Enterprise's Board of Directors authorized the bonus for Doug Pattison
     for the fiscal year 2001 as part of the Settlement and General Release
     Agreement dated December 31, 2001.

(8)  On December 13, 2001 a Settlement and General Release Agreement was entered
     into between Mr. Pattison and the Enterprise. This agreement terminated the
     employment of Mr. Pattison effective December 13, 2001. Pursuant to the
     agreement the Enterprise paid Mr. Pattison a gross sum of $800,000 as
     severance pay, as well as $122,600 for bonuses earned for fiscal 2001,
     $25,000 for bonuses earned for fiscal 2002 up to and until the effective
     date of termination, and $43,638 of accrued and unused vacation time.

(9)  Mr. Moore was provided with a relocation allowance of $10,828 that was paid
     in fiscal 2002.

(10) Mr. Pattison elected to receive a total distribution of amounts in his
     deferred compensation plan. This distribution was paid in fiscal 2003.

(11) Mr. Helal resigned effective June 14, 2003. During fiscal 2003 Mr. Helal
     was paid a pro rata portion of his annual base salary through date of
     resignation, unused accrued vacation and a portion of his base salary as a
     severance payment.


                                       41
<PAGE>


Employment Contracts

 Jay Dorris

     An agreement to employ Mr. Dorris as the President was executed on August
6, 2001. The employment agreement provides for a term ending August 5, 2005,
renewing automatically for one-year periods after the end of the initial
four-year term.

     Mr. Dorris will receive a base salary of $212,500 which amount was
pro-rated for the two months he was employed in fiscal year 2001. Mr. Dorris
also has the opportunity to receive an incentive bonus based on the bonus
program approved by the Board of Directors on May 3, 2001.

     Mr. Dorris is entitled to all amounts due under the agreement, unless he
resigns or is terminated by the Enterprise for cause or under other limited
circumstances, in which case he will only be entitled to payments of salary and
bonus earned but unpaid to the date of resignation or termination, as the case
may be. Mr. Dorris may be terminated by the Enterprise without cause, in which
event he will be entitled to payment of one year base salary in effect on the
date of termination plus $25,000 for relocation expense.

 Michael Donald

     An agreement to employ Mr. Donald as the Enterprise's Vice President of
Resort Finance was executed on August 2, 2001. Mr. Donald has an initial
four-year contract through August 2005, with an annual salary of $135,000. Under
his agreement, Mr. Donald also receives the typical fringe benefits of Tribal
employees.

 James Angus

     An agreement to employ Mr. Angus as the Enterprise's Vice President of
Construction Operations was executed on August 2, 2001. Mr. Angus has an initial
four-year contract through August 2005, with an annual salary of $210,000. Under
his agreement, Mr. Angus received typical moving expenses, temporary living
quarters, the use of an automobile and receives other typical fringe benefits of
Tribal employees. Mr. Angus also received a one-time payment of $25,000 in
fiscal 2001.

Anthony Taeubel

     An agreement to employ Mr. Taeubel as the Enterprise's Chief Operating
Officer of Gaming Operations was executed on March 20, 2002. The employment
agreement provides for a term ending March 19, 2006, renewing upon mutual
agreement after the end of the initial four-year term.

     Under his agreement, Mr. Taeubel receives an initial annual base salary of
$260,000. Mr. Taeubel also has the opportunity to receive an incentive bonus
based on the bonus program approved by the Board of Directors on May 3, 2001.

     Mr. Taeubel is entitled to all amounts due under the agreement, unless he
resigns or is terminated by the Enterprise for cause or under other limited
circumstances, in which case he will only be entitled to payments of salary and
bonus earned but unpaid to the date of resignation or termination, as the case
may be. Mr. Taeubel may be terminated without cause, in which event he will be
entitled to payment of one year base salary in effect at the date of
termination.

Andrew HeLal

     An arrangement to employ Mr. HeLal as the Enterprise's Chief Operating
Officer of Hospitality Operations was executed on April 18, 2002. Under his
agreement, Mr. HeLal had an annual base salary of $200,000 and also received
typical moving expenses and other typical fringe benefits of Tribal employees.
Mr. Helal resigned his position with the Enterprise effective June 14, 2003.


                                       42
<PAGE>

Ruth Allison Dover

     The Enterprise reached an arrangement to employ Ms. Dover as the
Enterprise's General Counsel on April 22, 2002. The employment agreement has an
initial term of six months and automatically renews for additional six month
periods unless either party gives notice of intent not to renew. Under her
agreement, Ms. Dover receives an annual base salary of $125,000 and also
receives typical fringe benefits of Tribal employees. In the event Ms. Dover is
terminated without cause, she will be entitled to payment of three months base
salary in effect at the date of termination.

Doug Pattison

     An agreement to employ Mr. Pattison as the Chief Executive Officer of the
Silver Star was executed on December 1, 1999. The employment agreement provided
for an initial term ending September 30, 2005.

     Mr. Pattison received a base salary of $400,000 in fiscal year 2001.

     On December 13, 2001 a Settlement and General Release Agreement was entered
into between Mr. Pattison and the Enterprise. This agreement terminated the
employment of Mr. Pattison effective December 13, 2001. Pursuant to the
agreement, the Enterprise paid Mr. Pattison a gross sum of $800,000 as severance
pay, as well as $122,600 for bonuses earned for fiscal 2001, $25,000 for bonuses
earned for fiscal 2002 up to and until the effective date of termination, and
$43,638 of accrued and unused vacation time.

Item 12.  Security Ownership of Certain Beneficial Owners and Management

The Enterprise has no outstanding equity securities.

Item 13.  Certain Relationships and Related Transactions

Recourse Liabilities

     As of September 30, 2003, the Tribe had outstanding liabilities of $1.9
million under credit facilities with $2.4 million available in borrowings, which
do not preclude recourse to assets held by the Enterprise. If other assets of
the Tribe are insufficient to repay this existing debt, then the Tribe's
creditors may seek to recover the liabilities from the Enterprise. Under the
indenture relating to the notes, the Tribe has agreed that it will not incur
indebtedness in the future that would give such creditors recourse to the assets
of the Enterprise, except as may be incurred by the Enterprise under the
indenture.

Payments to the Tribe

     Distributions to the Tribe were $83,518,289, $83,768,497 and $96,905,012
for the years ended September 30, 2003, 2002 and 2001, respectively. Subsequent
to January 31, 2000, the Enterprise makes distributions to the Tribe at the
Tribe's discretion, subject to certain distribution restrictions under the Notes
described in Note 4.

     Employees of the Enterprise are provided health coverage through the
Tribe's health plan. The Enterprise paid $9,912,046, $8,589,282 and $7,856,211
to the Tribe under this arrangement for the years ended September 30, 2003, 2002
and 2001, respectively.

     The Enterprise collects and remits to the Tribe a 7% sales tax on rooms,
food, beverage, sundry and entertainment revenue. The total sales tax paid was
$1,806,833, $1,004,041 and $778,561 for the years ended September 30, 2003, 2002
and 2001, respectively. For the years ended September 30, 2003, 2002 and 2001,
the Enterprise paid rent for office space and purchased certain goods and
services from the Tribe and its businesses in the amount of $5,778,015,
$4,360,359 and $3,276,271, respectively.


                                       43
<PAGE>

     The Enterprise paid $250,000 to the Tribal/State Tourism Fund for the
promotion of tourism in Mississippi for each of the years ended September 30,
2003, 2002, and 2001, as required under the Tribal-State Compact. The Choctaw
Gaming Commission was paid $2,687,372, $2,245,995 and $2,281,082 for the years
ended September 30, 2003, 2002, and 2001, respectively, for fees assessed at 1%
of gaming revenues per the Tribal Code. Amounts paid to the Choctaw Gaming
Commission along with amounts paid to the Tribal/State Tourism fund are included
in selling, general and administrative expense for the years ended September 30,
2003, 2002 and 2001.

     The Enterprise paid $1,116,534 to the Choctaw Development Enterprise, a
wholly owned enterprise of the Tribe, for construction services related to
development of the beach club and sand beach adjacent to Geyser Falls during the
year ended September 30, 2003. The Enterprise paid $1,021,202 to the Choctaw
Development Enterprise for the construction of administrative offices and a
hospitality institute and $57,000 for construction related to the Golden Moon
project during the year ended September 30, 2002.

     During the years ended September 30, 2003, 2002 and 2001, the Tribe
contributed property and equipment to the Enterprise at the Tribe's cost of
$11,097,108, $11,405,410 and $3,156,740, respectively. During the year ended
September 30, 2001, the Tribe contributed other assets to the Enterprise at the
Tribe's cost of $1,843,927. During the years ended September 30, 2003 and 2002,
the Tribe contributed $2,689,575 and $6,931,380, respectively in cash to the
Enterprise to fund construction and development of Geyser Falls. During the year
ended September 30, 2001 the Tribe contributed $24,707,375 in cash to the
Enterprise.

     During November 2001, the Tribe purchased on behalf of the Enterprise a
2000 model King Air aircraft. The total purchase price of this aircraft was
$4,551,215, of which $4,501,215 was paid by the Tribe. At the time of purchase,
the aircraft was contributed to the Enterprise and a corresponding non-interest
bearing payable to the Tribe was established. For the years ended September 30,
2003 and 2002 the Enterprise made payments to the Tribe totaling $1,875,465 and
$2,625,750, respectively in connection with this purchase. At September 30,
2003, no amount is payable in connection with this purchase.

     On October 26, 1999, the Enterprise, entered into a note agreement with
MBCI Resort and Capital Fund, a related party, in the amount of $300,000 that is
payable on demand with annual interest of 6% due monthly. On August 6, 2003, the
Enterprise paid off in its entirety the balance of the note payable to MBCI
Resort and Capital Fund plus accrued interest of $85,500.

     As of September 30, 2003 the Tribe had outstanding liabilities of $1.9
million under credit facilities with $2.4 million available in borrowings, which
did not preclude recourse to assets held by the Enterprise.

                                       44
<PAGE>


Affiliate Transactions

     Gerald Stoliby, a member of our board of directors and a Tribal Council
Member, owns a majority interest in and is the President and Chief Executive
Officer of Choctaw Paper Company, Inc. The Enterprise purchases coarse paper and
janitorial supplies from Choctaw Paper Company, Inc. in the ordinary course of
business. For the years ended September 30, 2003, 2002 and 2001, the Enterprise
made purchases of $1,544,000, $924,000 and $465,000 respectively, from Choctaw
Paper Company, Inc.

Item 14.  Principal Accountant Fees and Services

Audit Fees

Total aggregate fees billed by PricewaterhouseCoopers LLP for professional
services in connection with the audit and review of the Enterprise's
consolidated financial statements and consultation regarding financial
accounting and reporting standards were $322,400 and $319,800 in fiscal years
2003 and 2002, respectively.

Audit Related Fees

Total aggregate fees billed by PricewaterhouseCoopers LLP for audit related
services in connection with the audit of the Enterprise's electronic data
processing system were $33,000 and $36,500 in fiscal years 2003 and 2002,
respectively.

Tax Fees

None

All Other Fees

Total aggregate fees billed by PricewaterhouseCoopers LLP for all other fees
including work related to compliance with the Sarbanes -Oxley Act of 2002 were
$24,286 and $-0- in fiscal years 2003 and 2002, respectively.

Audit Committee Pre-Approval Policies

The Enterprise's Audit Committee has not adopted a pre-approval policy with
respect to audit fees, audit related fees, tax fees or all other professional
fees. The Enterprise's Audit Committee does however select and approve all audit
and audit related services and other professional services.

                                     PART IV

Item 15.  Exhibits, Financial Statement Schedules, and Reports on Form 8-K

Financial Statements

The following financial statements are filed as part of this Report under "Item
8 - Financial Statements and Supplementary Data":

Report of Independent Auditors
Consolidated Balance Sheets at September 30, 2003 and 2002
Consolidated Statements of Operations for the Three Fiscal Years
     in the Period Ended September 30, 2003
Consolidated Statements of Changes in Owners' Equity for the Three
     Fiscal Years in the Period Ended September 30, 2003
Consolidated Statements of Cash Flows for the Three Fiscal Years in
     the Period Ended September 30, 2003
Notes to Consolidated Financial Statements

                                       45
<PAGE>


Reports on Form 8-K

         None


Exhibits

The following exhibits are filed as a part of this Report:


   Exhibit
     No.                         Description of Exhibit
-----------                     -------------------------

     3.1* Revised Constitution and Bylaws of the Mississippi Band of Choctaw
          Indians, as approved by the Commissioner of Indian Affairs on March
          28, 1975 (ratified by Tribe on December 17, 1974).

     3.2* Ordinance 56 by the Mississippi Band of Choctaw Indians, an ordinance
          providing for classification, regulation, and creation of wholly-owned
          Tribal business enterprises and establishment of business enterprise
          division of the Tribal Government Executive Branch, dated November 20,
          1997.

     3.3* Resolution CHO 00-010 by the Mississippi Band of Choctaw Indians, a
          resolution to establish the Choctaw Resort Development Enterprise
          under Ordinance 56, dated October 12, 1999.

     3.6* Title XXV, Choctaw Tort Claims Act, added by Tribal Ordinance 16-CCC
          to the Choctaw Tribal Code on January 19, 2000.

     4.1* Indenture, dated March 30, 2001, among the Mississippi Band of Choctaw
          Indians d/b/a Choctaw Resort Development Enterprise, the Mississippi
          Band of Choctaw Indians and Firstar Bank, N.A., as Trustee, relating
          to the 9 1/4% Senior Notes due 2009 of the Choctaw Resort Development
          Enterprise.

     4.2* Form of 144A Global 9 1/4% Senior Note due 2009 of the Mississippi
          Band of Choctaw Indians d/b/a Choctaw Resort Development Enterprise
          (contained in the Indenture, filed as Exhibit 4.1).

     4.3* Form of Regulation S Global 9 1/4% Senior Note due 2009 of the
          Mississippi Band of Choctaw Indians d/b/a Choctaw Resort Development
          Enterprise (contained in the Indenture, filed as Exhibit 4.1).

     4.4* Form of registered Global 9 1/4% Senior Note due 2009 of the
          Mississippi Band of Choctaw Indians d/b/a Choctaw Resort Development
          Enterprise.

     4.5* Registration Rights Agreement, dated March 30, 2001, among the Choctaw
          Resort Development Enterprise, Banc of America Securities LLC, as
          Representative of the Initial Purchasers.

     10.1* Tribal-State Compact for Regulation of Class III Gaming on the
          Mississippi Band of Choctaw Indians Reservation in Mississippi, dated
          December 4, 1992, between the Mississippi Band of Choctaw Indians and
          the State of Mississippi.

     10.2* First Amendment to the Tribal-State Compact for Regulation of Class
          III Gaming on the Mississippi Band of Choctaw Indians Reservation in
          Mississippi, dated August 26, 1994, between the Mississippi Band of
          Choctaw Indians and the State of Mississippi.

     10.3* Second Amendment to the Tribal-State Compact for Regulation of Class
          III Gaming on the Mississippi Band of Choctaw Indians Reservation in
          Mississippi, dated May 24, 1996, between the Mississippi Band of
          Choctaw Indians and the State of Mississippi.

     10.4* Contractor's Agreement, dated January 24, 2001, between the
          Mississippi Band of Choctaw Indians dba Choctaw Resort Development
          Enterprise and W.G. Yates & Sons Construction Company.

     10.5* Basic Architectural Services Contract, dated October 13, 1999,
          between the Mississippi Band of Choctaw Indians and Arquitectonica
          International Corp.

                                       46
<PAGE>
   Exhibit
     No.                         Description of Exhibit
-----------                     -------------------------

     10.6* Loan Agreement, dated December 19, 2000, between the Mississippi Band
          of Choctaw Indians d/b/a Choctaw Resort Development Enterprise, the
          Mississippi Band of Choctaw Indians and Bank of America, N.A., as
          leader of syndicate of lenders.

     10.7* Consent Letter of the Administrative Agent under the Amended and
          Restated Term Loan Agreement and the Loan Agreement, dated March 30,
          2001

     10.8* Employment Agreement of Douglas Pattison, dated December 1, 1999,
          between the Mississippi Band of Choctaw Indians d/b/a Choctaw Resort
          Development Enterprise and Douglas Pattison.

     10.9* Amendment No. 1 to Employment Agreement of Douglas Pattison, dated
          July 18, 2001, between the Mississippi Band of Choctaw Indians d/b/a
          Choctaw Resort Development Enterprise and Douglas Pattison.

     10.10* Employment Agreement of Mike Donald, dated August 2, 2001, between
          the Mississippi Band of Choctaw Indians d/b/a Choctaw Resort
          Development Enterprise and Mike Donald.

     10.11* Employment Agreement of Jim Angus, dated August 2, 2001, between the
          Mississippi Band of Choctaw Indians d/b/a Choctaw Resort Development
          Enterprise and Jim Angus.

     10.12** Employment Agreement of Jay Dorris, dated August 6, 2001, between
          the Mississippi Band of Choctaw Indians d/b/a Choctaw Resort
          Development Enterprise and Jay Dorris.

     10.13** Employment Agreement of Donna Brolick, dated September 14, 2001,
          between the Mississippi Band of Choctaw Indians d/b/a Choctaw Resort
          Development Enterprise and Donna Brolick.

     10.14** Settlement and General Release Agreement, dated December 13, 2001,
          between the Mississippi Band of Choctaw Indians d/b/a Choctaw Resort
          Development Enterprise and Douglas Pattison.

     10.15*** Employment Agreement of Anthony Taeubel, dated March 20, 2002,
          between the Mississippi Band of Choctaw Indians d/b/a Choctaw Resort
          Development Enterprise and Anthony Taeubel.

     10.16*** Employment Agreement of Andew Helal, dated April 18, 2002, between
          the Mississippi Band of Choctaw Indians d/b/a Choctaw Resort
          Development Enterprise and Andrew Helal.

     10.17*** Employment Agreement of Ruth Allison Dover, dated April 22, 2002,
          between the Mississippi Band of Choctaw Indians d/b/a Choctaw Resort
          Development Enterprise and Ruth Allison Dover.

     10.18 Amendment No. 2 to Loan Agreement, dated December 19, 2000, between
          the Mississippi Band of Choctaw Indians d/b/a Choctaw Resort
          Development Enterprise, the Mississippi Band of Choctaw Indians and
          Bank of America, N.A., as leader of syndicate of lenders.

     10.19 Amendment No. 3 to Loan Agreement, dated December 19, 2000, between
          the Mississippi Band of Choctaw Indians d/b/a Choctaw Resort
          Development Enterprise, the Mississippi Band of Choctaw Indians and
          Bank of America, N.A., as leader of syndicate of lenders.

     23.1* Consent of Latham & Watkins (contained in Exhibit 5.1).

     24.1* Power of attorney (included on the signature page).

     31.1 Certification of President pursuant to Rule 13a-14(a).

     31.2 Certification of Vice President of Resort Finance pursuant to Rule
          13a-14(a).

* Filed by the Enterprise with its Registration Statement on Form S-4 (file no.
333-63348), and incorporated herein by reference

                                       47
<PAGE>

** Filed by the Enterprise with its Annual Report on Form 10-K (file no.
333-63348) for the year ended September 30, 2001, and incorporated herein by
reference.

*** Filed by the Enterprise with its Annual Report on Form 10-K (file no.
333-63348) for the year ended September 30, 2002, and incorporated herein by
reference.

                                       48
<PAGE>

                                   SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this annual report to be
signed on its behalf by the undersigned, thereunto duly authorized, on the
Mississippi Band of Choctaw Indian's reservation in the city of Choctaw, state
of Mississippi, on December 23, 2003.

                         CHOCTAW RESORT DEVELOPMENT ENTERPRISE


                         By:    /s/    Phillip Martin
                            ----------------------------
                                       Phillip Martin
                                       Chairman of the Board


                         By:   /s/     Billy Chickaway
                            -----------------------------
                                       Billy Chickaway
                                       Secretary-Treasurer



     Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed by the following persons on behalf of the registrant and
in the capacities and as of the dates indicated.
<TABLE>
<CAPTION>



<S>                                         <C>                                   <C>
 /s/  Phillip Martin                        Chairman of the Board                   December 23, 2003
 ---------------------
      Phillip Martin

 /s/   Jay Dorris                           President                               December 23, 2003
 ---------------------
       Jay Dorris                           (Principal Executive Officer)

 /s/   Michael A. Donald                    Vice President of Resort Finance        December 23, 2003
 -----------------------
       Michael A. Donald                   (Principal Financial and Accounting
                                            Officer)

 /s/   Billy Chickaway                      Secretary-Treasurer                     December 23, 2003
  ---------------------
       Billy Chickaway

 ---------------------                      Vice-Chairman                           December 23, 2003
       Rufus Tubby

 /s/   Gerald Stoliby                       Director                                December 23, 2003
 ---------------------
       Gerald Stoliby

 /s/   Harrison Ben                         Director                                December 23, 2003
 ---------------------
       Harrison Ben

</TABLE>


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