**EXHIBIT 12.1**

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

 
| **Earnings:**                                                                                                        | ** ** | ** ** | ** ** | **2006** | ** ** | **2005** | ** ** | **2004** | ** ** | **2003** | ** ** | **2002** | ** ** |
|----------------------------------------------------------------------------------------------------------------------|------------|------------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|
| Total earnings                                                                                                       |       | $          | 6,328      |     | $          | (3,384   | )          | $        | (45,075    | )        | $          | (12,742  | )          | $ | (732 | ) |
|                                                                                                                 |       |       |       |     |       |     |       |     |       |     |       |
| Fixed charges:                                                                                                       |       |       |       |     |       |     |       |     |       |     |       |
|                                                                                                                 |       |       |       |     |       |     |       |     |       |     |       |
| Interest charges  (including capitalized interest and interest expense related to preferred  members’ interest) |       | 30,270     |       | 26,710   |       | 25,763   |       | 24,293   |       | 10,487   |       |
|                                                                                                                 |       |       |       |     |       |     |       |     |       |     |       |
| Amortization of  deferred financing costs and bond discount                                                          |       | 3,552      |       | 3,140    |       | 2,623    |       | 3,161    |       | 1,494    |       |
|                                                                                                                 |       |       |       |     |       |     |       |     |       |     |       |
| Loss on early  retirement of debt                                                                                    |       |       |       |     |       | 37,566   |       |     |       |     |       |
|                                                                                                                 |       |       |       |     |       |     |       |     |       |     |       |
| Total fixed charges                                                                                                  |       | 33,822     |       | 29,850   |       | 65,952   |       | 27,454   |       | 11,981   |       |
|                                                                                                                 |       |       |       |     |       |     |       |     |       |     |       |
| Capitalized interest                                                                                                 |       | (796       | )          | (357     | )          | (1,251   | )          | (2,202   | )          | (93      | )          |
|                                                                                                                 |       |       |       |     |       |     |       |     |       |     |       |
| Earnings as adjusted                                                                                                 |       | $          | 39,354     |     | $          | 26,109   |       | $        | 19,626     |     | $          | 12,510   |       | $ | 11,156 |   |
|                                                                                                                 |       |       |       |     |       |     |       |     |       |     |       |
| Ratio of earnings to fixed charges                                                                                   |       | 1.2        | x          | 0.9      | x*         | 0.3      | x*         | 0.5      | x*         | 0.9      | x          |

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*                    Earningswere insufficient to cover fixed charges for the years ended December 31,2005, 2004, 2003, and 2002 by $3.7 million, $46.3 million, $14.9 million, and$0.8 million, respectively.

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