**EXHIBIT12.1**

 

PENINSULA GAMING, LLCComputation of Ratio of Earnings to Fixed Charges(amounts in thousands except ratio information)

 
| **Earnings:**                                                                                                      | ** ** | **2005** | ** ** | **2004** | ** ** | **2003** | ** ** | **2002** | ** ** | **2001** | ** ** |
|--------------------------------------------------------------------------------------------------------------------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|
| Total earnings                                                                                                     |       | $        | (3,384     | )        | $          | (45,075  | )          | $        | (12,742    | )        | $          | (732 | ) | $ | 1,819 |   |
|                                                                                                               |       |     |       |     |       |     |       |     |       |     |       |
| Fixed charges:                                                                                                     |       |     |       |     |       |     |       |     |       |     |       |
|                                                                                                               |       |     |       |     |       |     |       |     |       |     |       |
| Interest charges (including capitalized  interest and interest expense related to preferred members’ interest |       | 26,710   |       | 25,762   |       | 24,293   |       | 10,487   |       | 8,729    |       |
|                                                                                                               |       |     |       |     |       |     |       |     |       |     |       |
| Amortization of deferred financing costs  and bond discount                                                        |       | 3,140    |       | 2,624    |       | 3,161    |       | 1,494    |       | 911      |       |
|                                                                                                               |       |     |       |     |       |     |       |     |       |     |       |
| Loss on early retirement of debt                                                                                   |       |     |       | 37,566   |       |     |       |     |       |     |       |
|                                                                                                               |       |     |       |     |       |     |       |     |       |     |       |
| Total fixed charges                                                                                                |       | 29,850   |       | 65,952   |       | 27,454   |       | 11,981   |       | 9,640    |       |
|                                                                                                               |       |     |       |     |       |     |       |     |       |     |       |
| Capitalized interest                                                                                               |       | (357     | )          | (1,251   | )          | (2,202   | )          | (93      | )          |     |       |
|                                                                                                               |       |     |       |     |       |     |       |     |       |     |       |
| Earnings as adjusted                                                                                               |       | $        | 26,109     |     | $          | 19,626   |       | $        | 12,510     |     | $          | 11,156 |   | $ | 11,459 |   |
|                                                                                                               |       |     |       |     |       |     |       |     |       |     |       |
| Ratio of earnings to fixed charges                                                                                 |       | 0.9      | x *        | 0.3      | x *        | 0.5      | x *        | 0.9      | x *        | 1.2      | x          |

 

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*  Earnings were insufficient tocover fixed charges for the years ended December 31, 2005, 2004, 2003, and2002 by $3.7 million, $46.3 million, $14.9 million, and $0.8 million,respectively.

 

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