--------------------------------------------------------------------------------

                      CHOCTAW RESORT DEVELOPMENT ENTERPRISE

                            INDEX TO QUARTERLY REPORT



                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549


                                    FORM 10-Q
(Mark One)

     [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934 For The Quarterly Period Ended: June 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) 650-9294
              (Registrant's telephone number, including area code)

                                 Not Applicable
              (Former name, former address and former fiscal year,
                         if changed since last report)



     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
                                             ----   ----
--------------------------------------------------------------------------------

                                       1
<PAGE>

<TABLE>
<CAPTION>

    PART I -- FINANCIAL INFORMATION

    Item 1 -- Financial Statements

               <S>                                                                                               <C>
               Balance Sheets as of June 30, 2003 (unaudited) and September 30, 2002.................................3

               Statements of Operations and Comprehensive Income for the Three and Nine Months
               Ended June 30, 2003 and 2002 (unaudited)..............................................................4

               Statement of Owner's Equity for the Nine Months Ended June 30, 2003 (unaudited).......................5

               Statements of Cash Flows for the Nine Months Ended June 30, 2003 and
                2002 (unaudited).....................................................................................6

               Notes to Financial Statements (unaudited) ............................................................7

    Item 2 -- Management's Discussion and Analysis of Financial Condition and
                Results of Operations...............................................................................17

    Item 3 -- Quantitative and Qualitative Disclosure of Market Risk................................................27

    Item 4 -- Controls and Procedures...............................................................................28

    PART II  -- OTHER INFORMATION...................................................................................29

    Signatures  - ..................................................................................................30
</TABLE>



                                       2
<PAGE>


PART I. Financial Information
  Item 1  Financial Statements
<TABLE>
<CAPTION>

                      CHOCTAW RESORT DEVELOPMENT ENTERPRISE
                                 BALANCE SHEETS
                      June 30, 2003 and September 30, 2002

                                                                                   June 30           September 30,
                                                                                    2003                 2002
                                                                             -------------------  --------------------
                                                                                 (Unaudited)           (As Revised)
<S>                                                                                <C>                <C>
                                         Assets
Current assets:
    Cash and cash equivalents                                                  $   48,943,549        $   72,783,499
    Accounts receivable (net of allowance of
      $2,884,064 and $2,411,237)                                                    4,725,811             3,961,599
    Inventories                                                                     2,271,217             2,120,422
    Prepaid expenses and other                                                      2,347,988             1,403,550
                                                                           -------------------  --------------------
             Total current assets                                                  58,288,565            80,269,070

    Property and equipment, net                                                   426,410,638           410,892,145
    Restricted cash                                                                         -             2,617,915
    Deferred loan costs, net                                                        5,057,344             5,617,005
    Other assets                                                                    3,434,444             2,631,964
                                                                           -------------------  --------------------
             Total assets                                                      $  493,190,991       $   502,028,099
                                                                           -------------------  --------------------

                             Liabilities and Owner's Equity
Current liabilities:
    Current maturities of long-term debt                                         $ 19,050,000         $     300,000
    Accounts payable                                                                6,220,873             8,209,279
    Construction accounts payable                                                   7,522,468            17,375,937
    Due to Tribe                                                                    2,000,570             3,875,465
    Accrued liabilities:
      Accrued payroll and related                                                   9,714,022             8,195,759
      Accrued expenses and other liabilities                                        8,948,295             9,047,224
      Accrued interest expense                                                      5,183,668             9,808,719
                                                                           -------------------  --------------------
             Total current liabilities                                             58,639,896            56,812,383

Long term debt, net of current maturities                                         281,250,000           275,000,000

Commitments and contingencies                                                               -                     -

Owner's equity:
    Contributed capital                                                           153,406,466           162,820,084
    Retained earnings                                                                       -             7,629,693
    Accumulated other comprehensive loss                                             (105,371)             (234,061)
                                                                           -------------------  --------------------
             Total owner's equity                                                 153,301,095           170,215,716
                                                                           -------------------  --------------------

             Total liabilities and owner's equity                              $  493,190,991       $   502,028,099
                                                                           -------------------  --------------------


             The accompanying notes are an integral part of these financial statements.

</TABLE>



                                       3
<PAGE>
<TABLE>
<CAPTION>


                      CHOCTAW RESORT DEVELOPMENT ENTERPRISE
                STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
           For the Three and Nine Months Ended June 30, 2003 and 2002

                                                        Three Months Ended                   Nine Months Ended
                                                            June 30,                            June 30,
                                                 ---------------------------------   ----------------------------------
                                                       2003              2002              2003              2002
                                                 ----------------  ---------------   ----------------  ----------------
                                                    (Unaudited)       (Unaudited)       (Unaudited)       (Unaudited)
<S>                                                  <C>              <C>               <C>               <C>
Revenue:
    Casino                                          $ 65,633,685     $ 54,792,271       $197,613,301      $167,448,156
    Food & beverage                                    7,926,909        5,020,885         23,559,304        16,013,837
    Rooms                                              4,433,946        2,336,567         11,912,443         6,440,302
    Other                                              5,246,760        3,177,117         12,158,023         7,224,180
                                                 ----------------  ---------------   ----------------  ----------------
             Gross revenue                            83,241,300       65,326,840        245,243,071       197,126,475
    Less: promotional allowances                      (8,922,037)      (4,932,607)       (26,700,709)      (16,470,447)
                                                 ----------------  ---------------   ----------------  ----------------
             Net revenue                              74,319,263       60,394,233        218,542,362       180,656,028
                                                 ----------------  ---------------   ----------------  ----------------

Costs and expenses:
    Casino                                            19,448,096       13,966,973         62,467,438        44,990,100
    Food & beverage                                    3,629,595        1,859,098         10,184,984         5,415,359
    Rooms                                              1,232,150          472,223          3,333,069         1,189,221
    Other                                              3,200,651        2,606,502          7,890,117         6,066,537
    Selling, general, and administrative              17,083,072       11,091,317         50,142,620        29,646,455
    Maintenance and utilities                          2,180,795        1,366,603          6,791,818         3,930,330
    Depreciation                                       7,805,939        2,754,297         22,684,871         9,782,209
                                                 ----------------  ---------------   ----------------  ----------------
             Total                                    54,580,298       34,117,013        163,494,917       101,020,211
                                                 ----------------  ---------------   ----------------  ----------------

Operating income                                      19,738,965       26,277,220         55,047,445        79,635,817
                                                 ----------------  ---------------   ----------------  ----------------

Other income (expense):
    Interest income                                       20,878          114,093            129,101         1,615,355
    Interest expense, net of interest capitalized     (6,290,733)      (2,065,190)       (18,828,842)       (9,308,816)
    Other income (expense)                               180,222           61,117            667,690         3,849,330
                                                 ----------------  ---------------   ----------------  ----------------
             Total                                    (6,089,633)      (1,889,980)       (18,032,051)       (3,844,131)
                                                 ----------------  ---------------   ----------------  ----------------

Net income                                            13,649,332       24,387,240         37,015,394        75,791,686

Other comprehensive income (loss)                         43,758           40,405            128,690           118,826
                                                 ----------------  ---------------   ----------------  ----------------

Comprehensive income                                $ 13,693,090     $ 24,427,645       $ 37,144,084      $ 75,910,512
                                                 ----------------  ---------------   ----------------  ----------------

             The accompanying notes are an integral part of these financial statements.

</TABLE>

                                       4


<PAGE>



<TABLE>
<CAPTION>

                      CHOCTAW RESORT DEVELOPMENT ENTERPRISE
                           STATEMENT OF OWNER'S EQUITY
                     For the Nine Months Ended June 30, 2003
                                   (Unaudited)

                                                                                 Accumulated
                                                                                 Other               Total
                                          Contributed          Retained          Comprehensive       Owner's
                                            Capital            Earnings          Loss                Equity
                                        -----------------  -----------------  -----------------   -----------------
                                                 As Revised (2002)
                                        --------------------------------------
<S>                                        <C>                <C>                   <C>              <C>
Balances, September 30, 2002               $ 162,820,084       $  7,629,693       $   (234,061)      $ 170,215,716

    Net income                                         -         37,015,394                  -          37,015,394
    Contributed capital                        8,670,583                  -                  -           8,670,583
    Distributions                            (18,084,201)       (44,645,087)                 -         (62,729,288)
    Reclassification adjustment
      under SFAS 133                                   -                  -            128,690             128,690
                                        -----------------  -----------------  -----------------   -----------------


Balances, June 30, 2003                    $ 153,406,466          $       -       $   (105,371)      $ 153,301,095
                                        -----------------  -----------------  -----------------   -----------------

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



                                       5
<PAGE>
<TABLE>
<CAPTION>

                      CHOCTAW RESORT DEVELOPMENT ENTERPRISE
                            STATEMENTS OF CASH FLOWS
                For the Nine Months Ended June 30, 2003 and 2002


                                                                                       Nine Months Ended
                                                                                            June 30,
                                                                           ----------------------------------------
                                                                                  2003                 2002
                                                                           -------------------  -------------------
                                                                                (Unaudited)         (Unaudited)
<S>                                                                                <C>               <C>
Cash flows from operating activities:
    Net income                                                                 $   37,015,394       $   75,791,686
    Adjustments to reconcile net income to net cash
      provided by operating activities:
    Depreciation and amortization                                                  23,598,222           10,099,893
    Gain on disposal of property and equipment                                          2,205             (599,401)
    Change in operating assets and liabilities:
      Accounts receivable, net                                                       (764,212)             232,663
      Inventories                                                                    (150,795)            (130,115)
      Prepaid expenses and other                                                     (944,438)             223,182
      Other assets                                                                   (802,480)            (143,953)
      Accounts payable and due to Tribe                                            (3,863,301)            (617,473)
      Accrued liabilities                                                          (3,205,717)          (3,792,695)
                                                                           -------------------  -------------------
Net cash provided by operating activities                                          50,884,878           81,063,787
                                                                           -------------------  -------------------

Cash flows from investing activities:
    Acquisitions of property and equipment, net of
      amounts in construction accounts payable                                    (40,131,842)        (156,929,412)
    Proceeds from disposal of property and equipment                                        -              689,915
    Proceeds from sales and maturities of short term investments                            -           82,513,481
    Restricted cash                                                                 2,617,915              (38,683)
                                                                           -------------------  -------------------
Net cash (used in)  investing activities                                          (37,513,927)         (73,764,699)
                                                                           -------------------  -------------------

Cash flows from financing activities:
    Borrowing under credit facilities                                              25,000,000           20,000,000
    Contributions of cash from Tribe                                                  743,387            1,888,136
    Distributions to Tribe                                                        (62,729,288)         (60,895,127)
    Loan fees paid                                                                   (225,000)             (39,793)
                                                                           -------------------  -------------------
Net cash (used in) financing activities                                           (37,210,901)         (39,046,784)
                                                                           -------------------  -------------------

Net (decrease) increase in cash and cash equivalents                              (23,839,950)         (31,747,696)
Cash and cash equivalents at beginning of period                                   72,783,499           81,822,543
                                                                           -------------------  -------------------
Cash and cash equivalents at end of period                                     $   48,943,549       $   50,074,847
                                                                           -------------------  -------------------

Supplemental disclosure of cash flow information:
    Cash paid for interest                                                     $   22,668,744       $   20,420,929
                                                                           -------------------  -------------------
Supplemental disclosure of non-cash investing and financing activities:
      Contributions of property and equipment from the Tribe                    $   7,927,196           $        -
                                                                           -------------------  -------------------
      Accounts payable for construction                                         $   7,522,468       $   19,648,925
                                                                           -------------------  -------------------
      Exchange of property and equipment for a
        note due to Tribe                                                          $        -        $   4,501,215
                                                                           -------------------  -------------------


             The accompanying notes are an integral part of these financial statements.

</TABLE>


                                       6
<PAGE>


                      CHOCTAW RESORT DEVELOPMENT ENTERPRISE
                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)
-------------------------------------------------------------------------------


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 the
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 accompanying unaudited financial statements have been prepared in accordance
with accounting principles generally accepted in the United States of America
for interim financial information and with the instructions to Form 10-Q and
Article 10 of Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting principles
for financial statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair
statement have been included. Operating results for the three and nine month
periods ended June 30, 2003 are not necessarily indicative of the results that
may be expected for the year ended September 30, 2003. The September 30, 2002
balance sheet was derived from audited financial statements. The interim
financial statements and notes thereto should be read in conjunction with the
Enterprise's audited financial statements and notes thereto for the year ended
September 30, 2002.




                                       7
<PAGE>



                      CHOCTAW RESORT DEVELOPMENT ENTERPRISE
                    NOTES TO FINANCIAL STATEMENTS (Continued)
                                   (Unaudited)
--------------------------------------------------------------------------------

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 an original maturity of three months or less to be
cash equivalents.

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 $2,368,639 and $1,583,978 at June 30, 2003 and September 30, 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 Statement of Financial Accounting 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.


                                       8
<PAGE>


                      CHOCTAW RESORT DEVELOPMENT ENTERPRISE
                    NOTES TO FINANCIAL STATEMENTS (Continued)
                                   (Unaudited)
--------------------------------------------------------------------------------


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:
<TABLE>
<CAPTION>

                                                     Three Months Ended                    Nine Months Ended
                                                         June 30,                               June 30,
                                            ------------------------------------- ------------------------------------
                                                 2003                2002               2003                2002
                                            ---------------    ------------------ -----------------    ---------------
<S>                                              <C>                <C>                  <C>              <C>
Food and beverage                               $4,540,845           $ 3,429,843       $15,841,700        $11,718,646
Rooms                                              602,648               888,372         2,490,434          2,575,635
Other                                              791,136               467,821         1,975,684          1,510,664
                                            ---------------    ------------------ -----------------    ---------------
Total                                           $5,934,629           $ 4,786,036       $20,307,818        $15,804,945
                                            ---------------    ------------------ -----------------    ---------------

</TABLE>


Complimentary revenues have been earned in the following casino departments as
follows:
<TABLE>
<CAPTION>



                                                   Three Months Ended                    Nine Months Ended
                                                        June 30,                               June 30,
                                            ------------------------------------- ------------------------------------
                                                 2003                2002               2003                2002
                                            ---------------    ------------------ -----------------    ---------------
<S>                                             <C>                   <C>               <C>               <C>
Food and beverage                               $5,435,508           $ 3,383,536       $16,554,747        $11,714,399
Rooms                                            2,663,714             1,212,745         7,688,955          3,683,039
Other                                              822,815               336,326         2,457,007          1,073,009
                                            ---------------    ------------------ -----------------    ---------------
Total                                           $8,922,037           $ 4,932,607       $26,700,709        $16,470,447
                                            ---------------    ------------------ -----------------    ---------------

</TABLE>

                      CHOCTAW RESORT DEVELOPMENT ENTERPRISE
                    NOTES TO FINANCIAL STATEMENTS (Continued)
                                   (Unaudited)
--------------------------------------------------------------------------------


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 three or nine months ended June 30, 2003
and 2002.

Advertising Expense

Advertising is expensed as incurred and is included in selling, general, and
administrative expense and casino costs and expenses. Advertising expense was
$3,017,966 and $1,017,238 for the three months ended June 30, 2003 and 2002,
respectively, and $7,227,583 and $2,719,116 for the nine months ended June 30,
2003 and 2002, respectively.


                                       9
<PAGE>


Use of Estimates

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America 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 and are included in selling, general
and administrative cost. Preopening costs incurred during the three months ended
June 30, 2003 and 2002 were $-0- and $1,278,283, respectively. Preopening costs
incurred during the nine months ended June 30, 2003 and 2002 were $-0- and
$1,718,865, respectively. Preopening expense incurred during the three and nine
months ended June 30, 2002 is comprised primarily of materials and supplies and
other costs incurred in connection with the opening of the Golden Moon.

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 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             June 30,           September 30,
                                                                (Years)              2003                 2002
                                                            ----------------   ------------------  --------------------
<S>                                                             <C>                 <C>                 <C>
Land and improvements                                                               $ 16,816,096         $  16,799,809
Buildings and improvements                                       20-40               377,096,612           346,831,079
Golf course improvements                                         5-15                  2,728,275             2,740,271
Furniture and equipment                                          5-10                123,382,423           115,798,611
Aircraft                                                          10                   4,551,215             4,551,215
Vehicles                                                           3                   1,149,698             1,293,396
                                                                               ------------------  --------------------
                                                                                     525,724,319           488,014,381
Less accumulated depreciation                                                         99,313,681            77,122,236
                                                                               ------------------  --------------------
                                                                                   $ 426,410,638         $ 410,892,145
                                                                               ------------------  --------------------
</TABLE>


                                       10
<PAGE>


                      CHOCTAW RESORT DEVELOPMENT ENTERPRISE
                    NOTES TO FINANCIAL STATEMENTS (Continued)
                                   (Unaudited)
--------------------------------------------------------------------------------


Note 3--Restricted Cash

The Enterprise had $ -0- and $ 2,617,915 of restricted cash as of June 30, 2003
and September 30, 2002, respectively. The balance at September 30, 2002 was
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 per the
terms of the Management Agreement after which it became unrestricted.

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 and for 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 our 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 our ability to make certain
payments, distributions and investments will be suspended.

After April 1, 2005, the Enterprise may redeem all or a 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 was 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 June 30, 2003, a total of $100,000,000
had been drawn and was outstanding on the Facility. The Enterprise pays
commitment fees based on 0.5% of the available balance of the Facility. For the
three months ended June 30, 2003 and 2002, the Enterprise paid commitment fees
totaling $127,667 and $145,347, respectively, on the Facility. The Enterprise
paid commitment fees totaling $271,208 and $416,555 for the nine months ended
June 30, 2003 and 2002, respectively, on the Facility. The interest rate on the
facility varies based upon the Enterprise's total recourse debt to gaming EBITDA
ratio, as defined. At June 30, 2003, outstanding advances under the facility
bore LIBOR interest at rates ranging from 1.20% to 1.31%. During the three and
nine months ended June 30, 2003, the Enterprise recorded interest expense
totaling $1,181,948 and $3,361,392, respectively, on the outstanding balance of
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 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 available under the Facility has been reduced to
$106,250,000, of which $100,000,000 was outstanding at June 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.


                                       11
<PAGE>

                      CHOCTAW RESORT DEVELOPMENT ENTERPRISE
                    NOTES TO FINANCIAL STATEMENTS (Continued)
                                   (Unaudited)
--------------------------------------------------------------------------------


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 this covenant 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
June 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 June 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.

Maturities of long-tem debt are as follows:


Fiscal years ending September 30,

        2003                                                     $ 300,000
        2004                                                    25,000,000
        2005                                                    25,000,000
        2006                                                    50,000,000
        2007                                                             -
     Thereafter                                                200,000,000
                                                      ---------------------

        Total                                                $ 300,300,000
                                                      ---------------------




The Enterprise entered into an interest rate swap agreement for the purpose of
fixing interest rates on the term loan which was retired with proceeds from the
Notes, thus reducing exposure to interest rate fluctuations. At June 30, 2003,
the Enterprise's interest rate swap had a notional amount of $12,500,000. 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 terms of the
interest rate 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 June 30, 2003, the Enterprise
recognized other income of $667,690 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 June 30, 2003 are $128,690.


                                       12
<PAGE>

                      CHOCTAW RESORT DEVELOPMENT ENTERPRISE
                    NOTES TO FINANCIAL STATEMENTS (Continued)
                                   (Unaudited)
--------------------------------------------------------------------------------


Note 5--Fair Value of Financial Instruments

The carrying values of the Enterprise's cash and cash equivalents, 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
$214,500,000 at June 30, 2003 based on quoted market prices on or about June 30,
2003. At June 30, 2003 the fair value of the Facility approximates its carrying
value because of the Facility's variable interest rate.

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
counterparty. The fair value liability of the Enterprise's interest rate swap at
June 30, 2003 was $280,967 and is included in accrued expenses and other
liabilities.

Note 6 - 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 7 - Related Party Transactions

Distributions to the Tribe were $13,865,000 and $17,689,072 for the three months
ended June 30, 2003 and 2002, respectively and $62,729,288 and $60,895,127 for
the nine months ended June 30, 2003 and 2002, respectively. Subsequent to
January 31, 2000, the Enterprise makes distributions to the Tribe at the Tribe's
discretion subject to the distribution restrictions under the Notes described in
Note 4.

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.

Employees of the Enterprise are provided health and life insurance coverage
through the Tribe's health and life insurance plans. The Enterprise paid
$2,300,478 and $2,142,691 to the Tribe under this arrangement for the three
months ended June 30, 2003 and 2002, respectively and $7,718,261 and $6,405,583
for the nine months ended June 30, 2003 and 2002, respectively.


                                       13
<PAGE>

                      CHOCTAW RESORT DEVELOPMENT ENTERPRISE
                    NOTES TO FINANCIAL STATEMENTS (Continued)
                                   (Unaudited)
--------------------------------------------------------------------------------

The Enterprise collects and remits to the Tribe a 7% sales tax to the Tribe on
rooms, food, beverage, sundry and entertainment revenue. The total sales tax
paid was $385,494 and $248,051 for the three months ended June 30, 2003 and
2002, respectively. The Enterprise paid sales tax of $1,055,374 and $639,664 for
the nine months ended June 30, 2003 and 2002, respectively. During the three and
nine months ended June 30, 2003, the Enterprise paid rent for office space and
purchased certain goods and services from the Tribe and its businesses in the
amount of $1,144,854 and $4,060,097, respectively. During the three and nine
months ended June 30, 2002, the Enterprise paid rent for office space and
purchased certain goods and services from the Tribe and its businesses in the
amount of $1,078,534 and $3,059,184, 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 Enterprises' board of directors. During the
three and nine months ended June 30, 2003, the Enterprise made purchases of
$387,687 and $1,116,534 respectively, from Choctaw Paper Company, Inc. During
the three and nine months ended June 30, 2002, the Enterprise made purchases of
$235,907 and $624,135, respectively from Choctaw Paper Company, Inc.

The Enterprise paid $62,500 to the Tribal/State Tourism Fund for the promotion
of tourism in Mississippi for each of the three month periods ended June 30,
2003 and 2002, as required under the Tribal-State Compact. The Choctaw Gaming
Commission was paid $720,781 and $590,043 for the three months ended June 30,
2003 and 2002, respectively, and $2,019,506 and $1,692,359 for the nine months
ended June 30, 2003 and 2002, respectively, for fees assessed at 1% of gaming
revenues per the Tribal Code and employee licensing fees. 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 three
and nine month periods ended June 30, 2003 and 2002.

The Choctaw Development Enterprise, a wholly owned enterprise of the Tribe, was
paid $1,111,216 for the three and nine months ended June 30, 2003 for the
construction services related to development of a beach club and sand beach
lagoon adjacent to Geyser Falls. Choctaw Development Enterprise was paid $57,000
for the nine months ended June 30, 2002 for construction related to the Golden
Moon project.

During the three months and nine months ended June 30, 2003 the Tribe
contributed $50,000 and $743,387 in cash, respectively to fund construction and
development of Geyser Falls, for construction costs incurred directly by the
Enterprise. During the three and nine months ended June 30, 2002 the Tribe
contributed $1,888,136 in cash related to construction and development of Geyser
Falls, for construction costs incurred directly by the Enterprise. During the
three and nine months ended June 30, 2003, the Tribe contributed property and
equipment to the Enterprise at the Tribe's cost of $6,941,034 and $7,927,196,
respectively.

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 transferred to the Enterprise and a corresponding non-interest
bearing payable to the Tribe was established. During the three months ended June
30, 2003 and 2002, the Enterprise made payments to the Tribe totaling $1,125,306
and $750,205, respectively, and $1,125,306 and $1,875,510 for the nine months
ended June 30, 2003 and 2002, respectively, in connection with this purchase. At
June 30, 2003 no amount is payable to the Tribe in connection with this
purchase.


                                       14
<PAGE>

                      CHOCTAW RESORT DEVELOPMENT ENTERPRISE
                    NOTES TO FINANCIAL STATEMENTS (Continued)
                                   (Unaudited)
--------------------------------------------------------------------------------


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.

Note 8--Employee Benefit Plans

Employees of the Enterprise are eligible to participate in the Tribe's 401(k)
plan. The Enterprise expensed contributions of $472,724 and $504,442 for the
three months ended June 30, 2003 and 2002, respectively and $1,528,043 and
$1,464,773 for the nine months ended June 30, 2003 and 2002, respectively.

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

Note 9 --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 impact on the Enterprise's financial position, results of operations or
cash flows.

Note 10--Subsequent Events

On July 18, 2003 the Enterprise distributed $1,293,000 to the Tribe. On August
6, 2003 the Enterprise repaid to the Tribe $2,000,000 related to advances
received from the Tribe in connection with Geyser Falls construction. This
amount was included in Due to Tribe at June 30, 2003. Also on August 6, 2003 the
Enterprise repaid to the MBCI Resort and Capital Fund $385,500, representing
repayment of a note payable plus accrued interest. See Note 4.

Note 11--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. 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 June 30, 2003, the Enterprise does not
have any outstanding guarantees and accordingly does not expect the adoption of
FIN 45 to have any impact on its financial position, results of operations or
cash flows.


                                       15
<PAGE>

                      CHOCTAW RESORT DEVELOPMENT ENTERPRISE
                    NOTES TO FINANCIAL STATEMENTS (Continued)
                                   (Unaudited)
--------------------------------------------------------------------------------

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. Adoption of FIN 46 will not have any impact on the financial statements
of the Enterprise.



                                       16
<PAGE>



Item 2.
                     Management's Discussion And Analysis Of
                  Financial Condition And Results Of Operations
                    Three and Nine Months Ended June 30, 2003
              Compared to Three and Nine Months Ended June 30, 2002
-------------------------------------------------------------------------------


The following discussion and analysis of the financial condition and results of
operations should be read together with the financial statements and notes
thereto.

Net Revenues. Net revenues were $74.3 million for the quarter ended June 30,
2003 compared to $60.4 million for the quarter ended June 30, 2002. The $13.9
million, or 23.0% increase in net revenue was primarily due to increases in
gaming, room, food and other revenue attributable to operations of the Golden
Moon, which opened August 26, 2002. Net revenues were $218.5 million for the
nine months ended June 30, 2003 compared to $180.7 million for the nine months
ended June 30, 2002. The $37.8 million, or 20.9% increase in net revenue was
primarily due to increases in gaming, room, food and other revenue attributable
to operations of the Golden Moon. Complimentary revenues are included in gross
revenues but are deducted as a promotional allowance to arrive at net revenues.

Casino. Casino revenues increased $10.8 million, or 19.7%, to $65.6 million for
the quarter ended June 30, 2003 from $54.8 million for the quarter ended June
30, 2002. Casino revenues were $197.6 million for the nine months ended June 30,
2003 compared to $167.4 million for the nine months ended June 30, 2002, an
increase of $30.2 million, or 18.0%.

Table game activity increased as reflected in table games drop. The table game
drop was $55.7 million for the quarter ended June 30, 2003 compared to table
game drop of $38.8 million for the quarter ended June 30, 2002. This reflects an
increase in table activity of $16.9 million or 43.6% over the corresponding
period in 2002. Table game revenue was $8.6 million for the quarter ended June
30, 2003 compared to $6.8 million for the quarter ended June 30, 2002, an
increase of $1.8 million, or 26.5%. The increase in revenue is primarily due
increased table game drop. Table game hold percentage was 15.4% for the quarter
ended June 30, 2003 compared to 17.5% for the quarter ended June 30, 2002. The
table game drop was $159.1 million for the nine months ended June 30, 2003
compared to table game drop of $124.7 million for the nine months ended June 30,
2002. This reflects an increase in table activity of $34.4 million or 27.6% over
the corresponding period in 2002. Table game revenue was $26.9 million for the
nine months ended June 30, 2003 compared to $23.0 million for the nine months
ended June 30, 2002, an increase of $3.9 million, or 17.0%. The increase in
revenue is primarily due to increased table game drop for the nine months ended
June 30, 2003 as compared to the nine months ended June 30, 2002. Table game
hold percentage was 16.9% for the nine months ended June 30, 2003 compared to
18.4% for the nine months ended June 30, 2002. The increase in table game
activity for both the three months and nine months is primarily attributable to
the opening of the Golden Moon. 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 $56.6 million for the quarter ended June 30, 2003 compared to
$47.7 million for the quarter ended June 30, 2002, an increase of $8.9 million
or 18.7%. The increase is due to an increase in coin in for the quarter ended
June 30, 2003 compared to the quarter ended June 30, 2002. Slot revenues were
$169.4 million for the nine months ended June 30, 2003 compared to $143.4
million for the nine months ended June 30, 2002, an increase of $26.0 million or
18.1%. The increase is primarily due to an increase in coin-in for the nine
months ended June 30, 2003, compared to the same period in the prior year. The
increase in coin in during both the three and nine months ended June 30, 2003 is
primarily attributable to operations of the Golden Moon.



                                       17
<PAGE>
                     Management's Discussion And Analysis Of
                  Financial Condition And Results Of Operations
                    Three and Nine Months Ended June 30, 2003
              Compared to Three and Nine Months Ended June 30, 2002
-------------------------------------------------------------------------------


Food and Beverage. For the quarter ended June 30, 2003, food and beverage
revenues were $7.9 million, an increase of approximately $2.9 million, or 58.0%,
from $5.0 million for the quarter ended June 30, 2002. During the quarter ended
June 30, 2003, the Silver Star and Golden Moon turned 523,000 covers with an
average revenue per cover of $11.46. For the quarter ended June 30, 2002, the
Silver Star turned 344,500 covers with an average revenue per cover of $11.29.
For the nine months ended June 30, 2003, food and beverage revenues were $23.6
million, an increase of approximately $7.6 million, or 47.5%, from $16.0 million
for the nine months ended June 30, 2002. During the nine months ended June 30,
2003, the Silver Star and Golden Moon turned 1,490,000 covers with an average
revenue per cover of $11.78 compared to 1,017,000 covers with an average revenue
per cover of $11.93 during the nine months ended June 30, 2002.

Rooms. Room revenues were $4.4 million for the quarter ended June 30, 2003
compared to $2.3 million for the quarter ended June 30, 2002. There was an
increase in the average daily room rate to $57.82 for the quarter ended June 30,
2003 from $56.22 for the quarter ended June 30, 2002. Our occupancy rate was
80.0 % for the quarter ended June 30, 2003 compared to 92.7% for the quarter
ended June 30, 2002. With the opening of Golden Moon, the Enterprise now has a
total of 1,067 rooms for the quarter ended June 30, 2003 compared to 496 rooms
for the quarter ended June 30, 2002. During the quarter ended June 30, 2003,
60.5% of our hotel revenue was attributable to rooms occupied by Silver Star and
Golden Moon customers on a complimentary basis compared to 52.7% for the quarter
ended June 30, 2002. Room revenues were $11.9 million and $6.4 million for the
nine months ended June 30, 2003 and 2002, respectively.

 Other...Other revenues increased $2.0 million to $5.2 million for the quarter
ended June 30, 2003 from $3.2 million for the quarter ended June 30, 2002. Other
revenues are comprised primarily of revenue from the casino's various retail
outlets, the convention center, fees earned from cash advances to customers,
other miscellaneous items, 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 revenue and revenue generated
by the Choctaw Hospitality Institute. Retail revenues were up $0.8 million or
200% to $1.2 million for the quarter ended June 30, 2003 compared to $0.4
million for the quarter ended June 30, 2002. For the quarter ended June 30, 2003
golf revenues from the Dancing Rabbit Golf Club were $1.7 million, up $0.3
million or 21.4% from $1.4 million for the quarter ended June 30, 2002. The
increase in golf revenue for the quarter is attributable to increased golf
rounds as well as an increase in merchandise sales. Revenue generated by Geyser
Falls was $1.3 million for the quarter ended June 30, 2003 compared to none for
quarter ended June 30, 2002. Revenue generated by the Choctaw Hospitality
Institute was $0.2 million for the quarter ended June 30, 2003 compared to none
for the quarter ended June 30, 2002. Convention center revenues for the quarter
ended June 30, 2003 were down $0.2 million to $0.4 million from $0.6 million for
the quarter ended June 30, 2002. For the quarter ended June 30, 2003 other
revenue including telephone, spa charges and miscellaneous items was $0.4
million, down $0.4 million compared to $0.8 million for the quarter ended June
30, 2002.

For the nine months ended June 30, 2003 other revenues were $12.2 million
compared to $7.2 million for the nine months ended June 30, 2002, a $5.0 million
or 69.4% increase. The increase in other revenue is primarily attributable to an
increase in retail, golf revenue, water park revenue, and revenue generated by
the Choctaw Hospitality Institute. Retail revenues were $3.6 million compared to
$1.4 million for the nine months ended June 30, 2002, a $2.2 million or 157.1%
increase. Golf revenues from the Dancing Rabbit Golf Club were $3.1 million for
the nine months ended June 30, 2003 compared to $2.8 million for the nine months
ended June 30, 2002, a $0.3 million or 10.7% increase. Revenues generated by
Geyser Falls were $1.3 million for the nine months ended June 30, 2003 compared
to none for the nine months ended June 30, 2002. Revenue generated by the
Choctaw Hospitality Institute was $1.3 million for the nine months ended June
30, 2003 compared to none for the nine months ended June 30, 2002. Convention
center revenues for the nine months ended June 30, 2003 were down $0.3 million
to $1.4 million from $1.7 million for the nine months ended June 30, 2002. For
the nine months ended June 30, 2003 other revenue including telephone, spa
charges and miscellaneous items was $1.3 million, unchanged compared $1.3
million for the nine months ended June 30, 2002.


                                       18
<PAGE>

                     Management's Discussion And Analysis Of
                  Financial Condition And Results Of Operations
                    Three and Nine Months Ended June 30, 2003
        Compared to Three and Nine Months Ended June 30, 2002 (Continued)
--------------------------------------------------------------------------------


Promotional Allowances. Promotional allowances totaled $8.9 million for the
quarter ended June 30, 2003, representing a $4.0 million or 81.6% increase over
promotional allowances of $4.9 million for the quarter ended June 30, 2002.
Promotional allowances as a percent of casino revenues were 13.6% for the three
months ended June 30, 2003 compared to 8.9% for the three months ended June 30,
2002. Promotional allowances were $26.7 million for the nine months ended June
30, 2003, representing a $10.2 million or 61.8% increase over promotional
allowances of $16.5 million for the nine months ended June 30, 2002. During the
nine months ended June 30, 2003, promotional allowances increased to 13.5% of
casino revenues, from 9.9% during the nine months ended June 30, 2002. The
increase in promotional allowances is the result of management's efforts to
reward valued guests and increase market share.

Costs and Expenses. Total costs and expenses were $54.6 million for the quarter
ended June 30, 2003 compared to $34.1 million for the quarter ended June 30,
2002, an increase of $20.5 million or 60.1%. Total costs and expenses were
$163.5 million for the nine months ended June 30, 2003 compared to $101.0
million for the nine months ended June 30, 2002, an increase of $62.5 million or
61.9%. The increase for both periods is primarily attributable to additional
operating costs associated with Golden Moon.

Casino. Casino costs and expenses were $19.4 million for the quarter ended June
30, 2003, compared to $14.0 million for the quarter ended June 30, 2002, an
increase of $5.4 million or 38.6%. Casino costs and expenses were $62.5 million
for the nine months ended June 30, 2003, compared to $45.0 million for the nine
months ended June 30, 2002, an increase of $17.5 million or 38.9%. The increase
for both the quarter and nine-month period is primarily attributable to
additional operating costs associated with the Golden Moon.

Food and Beverage. Food and beverage costs were $3.6 million for the quarter
ended June 30, 2003 compared to $1.9 million for the quarter ended June 30,
2002, an increase of $1.7 million or 89.5%. Food and beverage costs were $10.2
million for the nine months ended June 30, 2003 compared to $5.4 million for the
nine months ended June 30, 2002. The increase for both the quarter and
nine-month period is primarily attributable to the increase in the number of
restaurant covers and additional operating costs associated with the Golden
Moon.

Other. Other costs and expenses were $3.2 million for the three months ended
June 30, 2003, compared to $2.6 million for the three months ended June 30,
2002, an increase of $0.6 million, or 23.1%. Other costs and expenses were $7.9
million for the nine months ended June 30, 2003, compared to $6.1 million for
the nine months ended June 30, 2002, an increase of $1.8 million, or 29.5%.
Other expenses are comprised of the costs related to the operation of retail
outlets and the convention center. Also included in other expenses are the
operating expenses of the Dancing Rabbit and Geyser Falls. Golf operating
expenses were $1.3 million for each of the three months ended June 30, 2003 and
2002. Golf operating expenses were $3.5 million for the nine months ended June
30, 2003 compared to $3.2 million for the nine months ended June 30, 2002, an
increase of $0.3 million or 9.4%. The increase in golf operating expenses for
the quarter and nine-month period is attributable to increased golf rounds.
Geyser Falls operating expenses were $1.2 million and $1.9 million respectively
for the three and nine month periods ended June 30, 2003 compared to $0.4
million and $0.4 million respectively for the comparable periods of the prior
year.



                                       19
<PAGE>
                     Management's Discussion And Analysis Of
                  Financial Condition And Results Of Operations
                    Three and Nine Months Ended June 30, 2003
        Compared to Three and Nine Months Ended June 30, 2002 (Continued)
--------------------------------------------------------------------------------


Selling, General and Administrative. Selling, general and administrative costs
and expenses were $17.1 million for the quarter ended June 30, 2003 compared to
$11.1 million for the quarter ended June 30, 2002, an increase of $6.0 million
or 54.1%. Selling, general and administrative costs and expenses were $50.1
million for the nine months ended June 30, 2003 compared to $29.6 million for
the nine months ended June 30, 2002, an increase of $20.5 million or 69.3%. The
increase in selling, general and administrative expense for both the quarter and
nine months ended June 30, 2003 are primarily due to additional administrative
costs associated with operation of Golden Moon.

Depreciation. Depreciation expense was $7.8 million for the quarter ended June
30, 2003 compared to $2.8 million for the quarter ended June 30, 2002.
Depreciation expense was $22.7 million for the nine months ended June 30, 2003
compared to $9.8 million for the nine months ended June 30, 2002. The increase
for both the quarter and nine months ended are primarily attributable to
additional depreciation related to property and equipment and construction costs
incurred for Golden Moon and Geyser Falls.

Operating Income (loss). Operating income was $19.7 million for the quarter
ended June 30, 2003 compared to $26.3 million for the quarter ended June 30,
2002, a decrease of $6.6 million, or 25.1%. Operating income was $55.0 million
for the nine months ended June 30, 2003 compared to $79.6 million for the nine
months ended June 30, 2002, a decrease of $24.6 million, or 30.9%. The decrease
is primarily attributable to additional operating costs associated with
operation of the Golden Moon, and to a lesser extent, the revenue and expense
variations previously discussed.

Other Income (Expense). Other expense was $6.1 million for the quarter ended
June 30, 2003 compared to other expense of $1.9 million for the quarter ended
June 30, 2002, representing an increase in expense of $4.2 million which is
primarily attributed to an increase in interest expense of approximately $4.2
million, a decrease in interest income of $0.1 million, and $0.1 million
increase in other income related to the effect of interest rate changes on the
interest swap agreement. Other expense was $18.0 million for the nine months
ended June 30, 2003 compared to other expense of approximately $3.8 million for
the nine months ended June 30, 2002, representing an increase in expense of
$14.2 million which is attributed to an increase in interest expense of
approximately $9.5 million, a decrease in interest income of $1.5 million, the
recognition of $3.0 million of other income during the nine months ended June
30, 2002 due to the insurance settlement described below and $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. On
January 10, 2002 a settlement agreement for the insurance claim related to the
April 2000 flood was entered into between the Enterprise and the insurance
carriers. During the quarter ended March 31, 2002, the Enterprise received $3.0
million which represented the entire amount of the settlement. During the
quarter ended March 31, 2002 the Enterprise recognized $2.5 million of other
income and $0.5 million as a gain on disposal of assets related to the insurance
settlement.


                                       20
<PAGE>

                     Management's Discussion And Analysis Of
                  Financial Condition And Results Of Operations
                    Three and Nine Months Ended June 30, 2003
        Compared to Three and Nine Months Ended June 30, 2002 (Continued)
--------------------------------------------------------------------------------

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, during the three months ended
June 30, 2003 and 2002, the Enterprise recognized other income of $200,000 and
$100,000 respectively, attributed to the effect of interest rate changes on the
interest rate swap agreement. During the nine months ended June 30, 2003 and
2002, the Enterprise recognized other income of $700,000 and $800,000,
respectively, attributed 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 of America 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's
historical experience, together with other relevant factors, in order to form
the basis for making judgments which 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.


                                       21
<PAGE>


                     Management's Discussion And Analysis Of
                  Financial Condition And Results Of Operations
                    Three and Nine Months Ended June 30, 2003
        Compared to Three and Nine Months Ended June 30, 2002 (Continued)
--------------------------------------------------------------------------------


Liquidity and Capital Resources

As of June 30, 2003, the Enterprise held cash and cash equivalents of $48.9
million. Our principal sources of liquidity have consisted of cash provided by
operating activities and debt financing. Cash provided by operating activities
was $50.9 million in the nine months ended June 30, 2003 compared to $81.1
million in the nine months ended June 30, 2002. The decrease of $30.2 million
was due primarily to the decrease in net income to $37.0 million in the nine
months ended June 30, 2003 from $75.8 million in the nine months ended June 30,
2002.

Cash used in investing activities in the nine months ended June 30, 2003 totaled
$37.5 million of which $40.1 million was for capital expenditures. During the
nine months ended June 30, 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 nine months ended June 30, 2002 for capital
expenditures totaled $156.9 million. The Enterprise received $82.5 million from
the sale of short-term investments and received proceeds of $0.7 million from
the disposal of property and equipment during the nine months ended June 30,
2002.

The Enterprise's outstanding revolving credit facility restricts our ability to
make capital expenditures. The Enterprise may not spend more than $10 million on
capital expenditures and improvements in any fiscal year for each of the Silver
Star and Golden Moon (following its opening). In addition, we are 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 loan. In the ordinary course of business, we 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. We intend to
make capital expenditures up to the amounts permitted under our credit
facilities to maintain the property.

We had $ -0- of restricted cash as of June 30, 2003 and $2.6 million at
September 30, 2002. The balances were required by the 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 $37.2 million in the nine months ended
June 30, 2003 compared to $39.0 million cash used in the nine months ended June
30, 2002. The primary use of cash in each period was distributions to the Tribe
of $62.7 million and $60.9 million in the nine months ended June 30, 2003 and
2002, respectively. The primary source of funds provided by financing activities
during the nine months ended June 30, 2003 and 2002 was $25.0 million and $20.0
million, respectively, drawn on the revolving credit facility. In addition,
during the nine months ended June 30, 2003 and 2002 the Tribe contributed cash
of $0.7 million and $1.9 million, respectively, to the Enterprise related to
construction and development of Geyser Falls. During the nine months ended June
30, 2003 and 2002, the Enterprise paid $225,000 and $40,000, respectively, in
loan fees related the credit facility. These amounts, net of amortization, are
included in Deferred loan costs at June 30, 2003 and 2002.


                                       22
<PAGE>

                     Management's Discussion And Analysis Of
                  Financial Condition And Results Of Operations
                    Three and Nine Months Ended June 30, 2003
        Compared to Three and Nine Months Ended June 30, 2002 (Continued)
--------------------------------------------------------------------------------

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 available under Facility has been reduced to $106,250,000, of
which $100,000,000 was outstanding at June 30, 2003. The interest rate on the
facility varies based upon 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.

The notes contain certain covenants that restrict our ability to borrow
additional money, pay dividends or make other distributions, make investments,
create liens, enter into certain transactions with affiliates, and sell certain
assets or merge with or into another person. Under specific circumstances, the
covenant limiting our ability to make certain 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 this covenant 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
June 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 June 30, 2003, management believes that the Enterprise is in
compliance with all other debt covenants under the Notes and the Facility.


                                       23
<PAGE>

                     Management's Discussion And Analysis Of
                  Financial Condition And Results Of Operations
                    Three and Nine Months Ended June 30, 2003
        Compared to Three and Nine Months Ended June 30, 2002 (Continued)
--------------------------------------------------------------------------------

As of June 30, 2003 and September 30, 2002 the Tribe had outstanding liabilities
of $2.0 million and $2.4 million, respectively, under credit facilities with
$2.6 million and $3.2 million, respectively, available in borrowings, which did
not preclude recourse to assets held by the Enterprise.

The Enterprise believes that existing cash balances, operating cash flow and
anticipated borrowings under the credit facilities and the offering of 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 and future minimum
lease payments under non-cancellable leases.
<TABLE>
<CAPTION>

                  Fiscal years ending September 30,

                  ------------------------------------------------------------------------------------------------------------------
                       2003             2004            2005            2006            2007         Thereafter          Total
                  ---------------- ---------------- -------------- ---------------- -------------- ---------------- ----------------
<S>                      <C>           <C>            <C>             <C>                    <C>     <C>               <C>
Long-term debt          $ 300,000     $ 25,000,000   $ 25,000,000     $ 50,000,000            $ -    $ 200,000,000     $ 300,300,000
Operating leases          357,704           14,778              -                -              -                -           372,482

                  ---------------- ---------------- -------------- ---------------- -------------- ---------------- ---------------

                        $ 657,704     $ 25,014,778   $ 25,000,000     $ 50,000,000            $ -    $ 200,000,000     $ 300,672,482
                  ================ ================ ============== ================ ============== ================ ================
</TABLE>





Additionally and in accordance with the Tribal Code, 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 State of Mississippi to be used for advertising
and tourism promotional activities.

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.


                                       24
<PAGE>

                     Management's Discussion And Analysis Of
                  Financial Condition And Results Of Operations
                    Three and Nine Months Ended June 30, 2003
        Compared to Three and Nine Months Ended June 30, 2002 (Continued)
--------------------------------------------------------------------------------


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 June 30, 2003, the Enterprise does not have any outstanding guarantees and
accordingly does not expect the adoption of FIN 45 to have any impact on its
financial position, results of operations or cash flows.

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. Adoption of FIN 46 will not have any impact on the financial statements
of the Enterprise.



Impact of Inflation

Absent changes in competitive and economic conditions or in specific prices
affecting the industry, we do 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.

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 three or nine month periods ended June 30, 2003 or 2002, nor is it
anticipated that the Enterprise will be subject to such taxes in the future.
Various efforts have been made in the United States 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 cash flows from operations.


                                       25
<PAGE>
                     Management's Discussion And Analysis Of
                  Financial Condition And Results Of Operations
                    Three and Nine Months Ended June 30, 2003
        Compared to Three and Nine Months Ended June 30, 2002 (Continued)
--------------------------------------------------------------------------------



Disclosure Regarding Forward-Looking Statements

Certain information included in this Quarterly report and other materials filed
or to be filed by the Enterprise with the Securities and Exchange Commission
contains forward-looking statements, within the meaning of 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. 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 conditions, 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).



                                       26
<PAGE>


Item 3.  Quantitative and Qualitative Disclosure About Market Risk
--------------------------------------------------------------------------------


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
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 dated March 30, 2001, we used a portion of the
proceeds from the offering of the notes to repay the remaining outstanding
balance under the Loan. Upon the prepayment of the related installment note
agreement, the Enterprise did not settle the existing interest rate swap
agreement. At June 30, 2003, the interest rate swap agreement had a notional
amount of $12.5 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 $0.3
million at June 30, 2003. If the floating rate increased 25 basis points,
interest expense under the swap agreement for the three and nine months ended
June 30, 2003 would have been lower by $8,898 and $35,655, respectively.
Additionally, current borrowings under the revolving credit facility bear
interest at the LIBOR base rate plus a margin rate of 2.5% to 2.75%. If the
LIBOR base rate had increased 25 basis points, interest expense under the
revolving credit facility would been higher by $62,500 and $183,507 during the
three and nine months ended June 30, 2003, respectively.

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
certain long-term variable rate debt through the use of interest rate swaps or
interest rate caps with appropriately matching maturities.





                                       27
<PAGE>

Item 4. 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 Form 10-Q, 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.




                                       28
<PAGE>


PART II  Other Information
--------------------------------------------------------------------------------


Item 1.       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 impact on the Enterprise's financial position, results of operations or
cash flows.

Item 2.       Changes in Securities.

              None

Item 3.       Defaults Upon Senior Securities.

              None

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

              Not applicable

Note 5.       Other Information.

              None

Item 6.       Exhibits and Reports on Form 8-K:

              (a)      Exhibits.

                       None


              (b)      Reports on Form 8-K.

                       None




                                       29
<PAGE>

                               SIGNATURES
--------------------------------------------------------------------------------

Pursuant to the requirements of the Indenture, the Enterprise has duly caused
this Quarterly Report to be signed on its behalf by the undersigned thereunto
duly authorized.


Date: August 14, 2003           Choctaw Resort Development Enterprise




                                By: /s/  Jay Dorris
                                   ---------------------
                                   Jay Dorris
                                   President
                                   Choctaw Resort Development Enterprise

                                By: /s/  Michael A. Donald
                                   ---------------------
                                    Michael A. Donald
                                    Vice President of Resort Finance
                                    Choctaw Resort Development Enterprise
                                    (Principal Financial and Accounting Officer)


                                       30
<PAGE>




                           CERTIFICATION OF PRESIDENT
I, Jay Dorris, certify that:

1.   I have reviewed this quarterly report on Form 10-Q of Choctaw Resort
     Development Enterprise;

2.   Based on my knowledge, this quarterly report does not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements made, in light of the circumstances under which such
     statements were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations and cash
     flows of the registrant as of, and for, the periods presented in this
     quarterly report;

4.   The registrant's other certifying officer and I are responsible for
     establishing and maintaining disclosure controls and procedures as defined
     in Exchange Act Rules 13a-15(e) and 15d-15(e) for the registrant and have:

     a)   designed such disclosure controls and procedures, or caused such
          disclosure controls to be designed under our supervision, to ensure
          that material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others within those
          entities, particularly during the period in which this quarterly
          report is being prepared;

     b)   evaluated the effectiveness of the registrant's disclosure controls
          and procedures and presented in this report our conclusions about the
          effectiveness of the disclosure controls and procedures, as of the end
          of the period covered by this report based on such evaluation; and


     c)   disclosed in this report any change in the registrant's internal
          control over financial reporting that occurred during the registrant's
          most recent fiscal quarter that has materially affected, or is
          reasonably likely to materially affect, the registrant's internal
          control over financial reporting; and

5.   The registrant's other certifying officer and I have disclosed, based on
     our most recent evaluation, to the registrant's auditors and the audit
     committee of registrant's board of directors (or persons performing the
     equivalent functions):

     a)   all significant deficiencies and material weaknesses in the design or
          operation of internal controls which are reasonably likely to
          adversely affect the registrant's ability to record, process,
          summarize and report financial information; and

     b)   any fraud, whether or not material, that involves management or other
          employees who have a significant role in the registrant's internal
          control over financial reporting.

 August 14, 2003
                                         /s/ Jay Dorris
                                         -----------------------------------
                                         Jay Dorris
                                         President (Principal Executive Officer)




                                       31
<PAGE>



                CERTIFICATION OF VICE PRESIDENT OF RESORT FINANCE
I, Michael A. Donald, certify that:

1.   I have reviewed this quarterly report on Form 10-Q of Choctaw Resort
     Development Enterprise;

2.   Based on my knowledge, this quarterly report does not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements made, in light of the circumstances under which such
     statements were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations and cash
     flows of the registrant as of, and for, the periods presented in this
     quarterly report;

4.   The registrant's other certifying officer and I are responsible for
     establishing and maintaining disclosure controls and procedures as defined
     in Exchange Act Rules 13a-15(e) and 15d-15(e) for the registrant and have:

     a)   designed such disclosure controls and procedures, or caused such
          disclosure controls to be designed under our supervision, to ensure
          that material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others within those
          entities, particularly during the period in which this quarterly
          report is being prepared;

     b)   evaluated the effectiveness of the registrant's disclosure controls
          and procedures and presented in this report our conclusions about the
          effectiveness of the disclosure controls and procedures, as of the end
          of the period covered by this report based on such evaluation; and

     c)   disclosed in this report any change in the registrant's internal
          control over financial reporting that occurred during the registrant's
          most recent fiscal quarter that has materially affected, or is
          reasonably likely to materially affect, the registrant's internal
          control over financial reporting; and

5.   The registrant's other certifying officer and I have disclosed, based on
     our most recent evaluation, to the registrant's auditors and the audit
     committee of registrant's board of directors (or persons performing the
     equivalent functions):

     a)   all significant deficiencies and material weaknesses in the design or
          operation of internal controls which are reasonably likely to
          adversely affect the registrant's ability to record, process,
          summarize and report financial information; and

     b)   any fraud, whether or not material, that involves management or other
          employees who have a significant role in the registrant's internal
          control over financial reporting.

August 14,2003
                                    /s/ Michael A. Donald
                                    -------------------------------------
                                    Michael A. Donald
                                    Vice President of Resort Finance
                                    (Principal Financial and Accounting Officer)



                                       32