**Exhibit10.62**

**THIRDAMENDMENT TO EMPLOYMENT AGREEMENT**

This Third Amendment to theEmployment Agreement (this “Third Amendment”), dated as of December 18,2006, is entered into by and among Peninsula Gaming, LLC, a Delaware limitedliability company (“Employer”), Peninsula Gaming Partners, LLP (“PGP”),a Delaware limited liability company, and Jonathan Swain (“Employee”).

WHEREAS,Employer and Employee entered into an Employment Agreement, dated as of July14, 2004, as amended by that certain Amendment to Employment Agreement, datedas of February 25, 2005 and by that certain Second Amendment toEmployment Agreement, dated as of September 12, 2005 (as amended, the “Agreement”);and

WHEREAS, the parties hereto desire to further amendthe Agreement subject to the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutualagreements and understandings set forth herein and for good and valuableconsideration the adequacy and receipt ofwhich is hereby acknowledged, the parties hereto agree as follows:

1.             Clause(b) of Section 4 of the Agreement is hereby amended by deleting the fifthsentence thereof in its**entirety and replacing it with the following:

“Upon any termination of this Agreement or of Employee’semployment with the Employer hereunder for any reason, all Granted Units whichshall have vested as of the date of termination or expiration of the Term,shall, upon the request of the Employee, and subject to any restrictions orlimitations contained in any financing arrangements of PGP or any of its directand indirect subsidiaries, be redeemed by PGP for cash at the fair market valuethereof (as determined below), within 90 days of the date of such request.”

2.             Exceptas herein amended, the Agreement shall remain in full force and effect and isratified in all respects. During the Effective Period, each reference in****the Agreement to “this Agreement,” “hereunder,”“hereof,” “herein” or words of like import, and each reference to the Agreementin any other agreements, documents or instruments executed and deliveredpursuant to the Agreement, shall mean and be a reference to the Agreement, asamended by this Third Amendment.

3.             Capitalizedterms used herein and not otherwise defined shall have the meanings set forthin the Agreement.

4.             ThisAmendment may be executed in two or more counterparts,each of which shall be deemed an original, but all of which togethershall constitute one and the same instrument.

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IN WITNESS THEREOF, the parties hereto have causedthis instrument to be duly executed as of the date first above written.
|            | **PENINSULA GAMING, LLC**          |
|------------|------------------------------------|
| ** ** | ** **                         |
|       | By:                                | /s/ M. Brent Stevens |
|       |                               | Name: M. Brent Stevens |
|       |                               | Title: Chief Executive Officer |
|       |                               |
|       | By:                                | /s/ Jonathan Swain |
|       |                               | Jonathan Swain |
|       |                               |
| ** ** | **PENINSULA GAMING PARTNERS, LLP** |
| ** ** | ** **                         |
|       | By:                                | /s/ M. Brent Stevens |
|       |                               | Name: M. Brent Stevens |
|       |                               | Title: Chief Executive Officer |

 

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