| (Mark      One) |                                                  |
|-----------------|-------------------------------------------------------|
| x               | QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15(d) |
|            | OF      THE SECURITIES EXCHANGE ACT OF 1934           |

|   |                                                                  |
|--------|-----------------------------------------------------------------------|
|  ̈ | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d)                |
|   | OF      THE SECURITIES EXCHANGE ACT OF 1934                           |
|   | For      the transition period from ______________ to  ______________ |

| Indiana                                                             |   | THE      MAJESTIC STAR CASINO, LLC                          |   | 43-1664986                                |
|---------------------------------------------------------------------|--------|-------------------------------------------------------------|--------|-------------------------------------------|
| Indiana                                                             |   | THE      MAJESTIC STAR CASINO CAPITAL CORP.                 |   | 35-2100872                                |
| Indiana                                                             |   | MAJESTIC      STAR CASINO CAPITAL CORP. II                  |   | 20-3879309                                |
| (State      or other jurisdiction of incorporation or organization) |   | (Exact      name of registrant as specified in its charter) |   | (I.R.S.      Employer Identification No.) |

|   | Yes |  ̈ | No | x |   |
|--------|-----|--------|----|---|--------|

|   | Yes |  ̈ | No |  ̈ |   |
|--------|-----|--------|----|--------|--------|

| Large      accelerated filer  ̈ | Accelerated      filer  ̈ | Non-accelerated      filer x                       | Smaller      reporting  company  ̈ |   |
|-------------------------------------|-------------------------------|----------------------------------------------------|--------------------------------------------------|--------|
|                                |                          | (Do      not check if a smaller reporting company) |                                             |   |

|   | Yes |  ̈ | No | x |   |
|--------|-----|--------|----|---|--------|

|   | Not      Applicable |
|--------|---------------------|

----

| PART I  | FINANCIAL      INFORMATION | Page      No.                                                                                                            |
|---------|----------------------------|--------------------------------------------------------------------------------------------------------------------------|
|    |                       |                                                                                                                     |   |
|    | Item      1.               | Financial      Statements.                                                                                               |   |
|    |                       |                                                                                                                     |   |
|    |                       | Condensed      Consolidated Balance Sheets as of March 31, 2009 (unaudited) and December      31, 2008                   | 1 |
|    |                       |                                                                                                                     |   |
|    |                       | Condensed      Consolidated Statements of Operations for the three months ended March 31,      2009 and 2008 (unaudited) | 2 |
|    |                       |                                                                                                                     |   |
|    |                       | Condensed      Consolidated Statements of Cash Flows for the three months ended March 31,      2009 and 2008 (unaudited) | 3 |
|    |                       |                                                                                                                     |   |
|    |                       | Notes      to the Condensed Consolidated Financial Statements    (unaudited)                                             | 5 |
|    |                       |                                                                                                                     |   |
|    | Item      2.               | Management’s      Discussion and Analysis of Financial Condition and Results of      Operations.                   | 23 |
|    |                       |                                                                                                                     |   |
|    | Item      3.               | Quantitative      and Qualitative Disclosures About Market Risk.                                                         | 30 |
|    |                       |                                                                                                                     |   |
|    | Item      4T.              | Controls      and Procedures.                                                                                            | 30 |
|    |                       |                                                                                                                     |   |
| PART II | OTHER      INFORMATION     |                                                                                                                     |
|    |                       |                                                                                                                     |   |
|    | Item      1.               | Legal      Proceedings.                                                                                                  | 31 |
|    |                       |                                                                                                                     |   |
|    | Item      1A.              | Risk      Factors.                                                                                                       | 31 |
|    |                       |                                                                                                                     |   |
|    | Item      6.               | Exhibits.                                                                                                                | 32 |
|    |                       |                                                                                                                     |   |
|    | SIGNATURES                 | S-1                                                                                                                      |

----

PARTI                       FINANCIAL INFORMATION

THE MAJESTIC STAR CASINO, LLC ANDSUBSIDIARIES

|                                                                                  |   |           |         |   |              |   |
|---------------------------------------------------------------------------------------|--------|----------------|--------------|--------|-------------------|--------|
|                                                                                  |   |           |         |   |              |   |
|                                                                                  |   | March      31, |         |   | December      31, |   |
|                                                                                  |   | 2009           |         |   | 2008              |   |
| ASSETS                                                                                |   | (unaudited)    |         |   |              |   |
| Current      assets:                                                                  |   |           |         |   |              |   |
| Cash      and cash equivalents                                                        |   | $              | 62,818,934   |   |              | $      | 57,749,752 |   |
| Restricted      cash                                                                  |   |           | 6,783,577    |   |              |   | 5,404,310 |   |
| Accounts      receivable, less allowance for doubtful accounts of $1,613,668      and |   |           |         |   |              |   |   |   |
|  $1,432,009      as of March 31, 2009 and December 31, 2008, respectively        |   |           | 2,447,125    |   |              |   | 2,995,805 |   |
| Inventories                                                                           |   |           | 934,524      |   |              |   | 984,034 |   |
| Prepaid      expenses and deposits                                                    |   |           | 4,264,020    |   |              |   | 2,673,864 |   |
| Receivable      from affiliates                                                       |   |           | 923,225      |   |              |   | 796,792 |   |
| Total      current assets                                                             |   |           | 78,171,405   |   |              |   | 70,604,557 |   |
|                                                                                  |   |           |         |   |              |   |   |   |
| Property,      equipment and improvements, net                                        |   |           | 258,101,105  |   |              |   | 263,563,631 |   |
| Intangible      assets, net                                                           |   |           | 53,368,554   |   |              |   | 54,227,169 |   |
| Goodwill                                                                              |   |           | 5,922,398    |   |              |   | 5,922,398 |   |
|                                                                                  |   |           |         |   |              |   |   |   |
| Other      assets:                                                                    |   |           |         |   |              |   |   |   |
| Deferred      financing costs, net of accumulated amortization                        |   |           |         |   |              |   |   |   |
| of      $13,288,753 and $12,452,427 as of March 31, 2009                              |   |           |         |   |              |   |   |   |
| and      December 31, 2008, respectively                                              |   |           | 5,556,167    |   |              |   | 6,392,493 |   |
| Deferred      financing costs, pushed down from Majestic Holdco, net of               |   |           |         |   |              |   |   |   |
| accumulated      amortization of $1,666,801 and $1,539,725 as of                      |   |           |         |   |              |   |   |   |
| March      31, 2009 and December 31, 2008, respectively                               |   |           | 1,291,938    |   |              |   | 1,419,014 |   |
| Other      assets                                                                     |   |           | 1,640,902    |   |              |   | 1,381,103 |   |
| Total      other assets                                                               |   |           | 8,489,007    |   |              |   | 9,192,610 |   |
|                                                                                  |   |           |         |   |              |   |   |   |
| Total      assets                                                                     |   | $              | 404,052,469  |   |              | $      | 403,510,365 |   |
|                                                                                  |   |           |         |   |              |   |   |   |
| LIABILITIES      AND MEMBER'S DEFICIT                                                 |   |           |         |   |              |   |   |   |
| Current      liabilities:                                                             |   |           |         |   |              |   |   |   |
| Accounts      payable                                                                 |   | $              | 2,204,073    |   |              | $      | 1,797,083 |   |
| Current      portion of long-term debt                                                |   |           | 579,728,798  |   |              |   | 579,928,327 |   |
| Current      portion of long-term debt of Majestic Holdco                             |   |           | 63,500,000   |   |              |   | 63,500,000 |   |
| Accrued      liabilities:                                                             |   |           |         |   |              |   |   |   |
| Payroll      and related                                                              |   |           | 9,624,133    |   |              |   | 9,182,236 |   |
| Interest                                                                              |   |           | 47,841,648   |   |              |   | 35,305,979 |   |
| Interest      of Majestic Holdco                                                      |   |           | 3,682,118    |   |              |   | 1,697,743 |   |
| Property      and franchise taxes                                                     |   |           | 14,760,050   |   |              |   | 16,378,070 |   |
| Other      accrued liabilities                                                        |   |           | 15,529,521   |   |              |   | 15,295,736 |   |
| Total      current liabilities                                                        |   |           | 736,870,341  |   |              |   | 723,085,174 |   |
|                                                                                  |   |           |         |   |              |   |   |   |
| Total      liabilities                                                                |   |           | 736,870,341  |   |              |   | 723,085,174 |   |
|                                                                                  |   |           |         |   |              |   |   |   |
| Commitments      and contingencies (Note 7)                                           |   |           |         |   |              |   |   |   |
|                                                                                  |   |           |         |   |              |   |   |   |
| Member's      deficit                                                                 |   |           | (332,817,872 | )      |              |   | (319,574,809 | ) |
|                                                                                  |   |           |         |   |              |   |   |   |
| Total      liabilities and member's deficit                                           |   | $              | 404,052,469  |   |              | $      | 403,510,365 |   |
|                                                                                  |   |           |         |   |              |   |   |   |

|   | The      accompanying notes are an integral part of these condensed consolidated      financial statements. |
|--------|-------------------------------------------------------------------------------------------------------------|

----

|   | THE MAJESTIC STAR CASINO, LLC AND      SUBSIDIARIES |
|--------|-----------------------------------------------------|

|                                       |   |                            |        |   |   |   |
|--------------------------------------------|--------|---------------------------------|-------------|--------|--------|--------|
|                                       |   | For      The Three Months Ended |        |
|                                       |   | March      31,                  |        |
|                                       |   | 2009                            |        |   | 2008   |   |
| OPERATING      REVENUES:                   |   |                            |        |   |   |   |
| Casino                                     |   | $                               | 81,371,481  |   |   | $      | 89,352,296 |   |
| Rooms                                      |   |                            | 2,603,731   |   |   |   | 2,988,731 |   |
| Food      and beverage                     |   |                            | 5,783,922   |   |   |   | 6,457,033 |   |
| Other                                      |   |                            | 1,981,149   |   |   |   | 2,040,009 |   |
| Gross      revenues                        |   |                            | 91,740,283  |   |   |   | 100,838,069 |   |
| Less:      promotional allowances          |   |                            | 10,449,121  |   |   |   | 11,844,599 |   |
|  Net      operating revenues          |   |                            | 81,291,162  |   |   |   | 88,993,470 |   |
|                                       |   |                            |        |   |   |   |   |   |
| OPERATING      COSTS AND EXPENSES:         |   |                            |        |   |   |   |   |   |
| Casino                                     |   |                            | 22,589,463  |   |   |   | 24,897,532 |   |
| Rooms                                      |   |                            | 474,380     |   |   |   | 580,014 |   |
| Food      and beverage                     |   |                            | 2,076,885   |   |   |   | 2,096,677 |   |
| Other                                      |   |                            | 331,471     |   |   |   | 442,922 |   |
| Gaming      taxes                          |   |                            | 18,699,341  |   |   |   | 21,014,331 |   |
| Advertising      and promotion             |   |                            | 5,452,230   |   |   |   | 5,685,939 |   |
| General      and administrative            |   |                            | 13,645,941  |   |   |   | 14,744,031 |   |
| Corporate      expense                     |   |                            | 1,546,537   |   |   |   | 1,635,719 |   |
| Restructuring  fees              |   |                            | 3,133,625   |   |   |   | - |   |
| Economic      incentive tax - City of Gary |   |                            | 1,594,709   |   |   |   | 1,752,954 |   |
| Depreciation      and amortization         |   |                            | 7,993,738   |   |   |   | 8,284,659 |   |
| Loss      (gain) on disposal of assets     |   |                            | 339,353     |   |   |   | (13,278 | ) |
| Total      operating costs and expenses    |   |                            | 77,877,673  |   |   |   | 81,121,500 |   |
|                                       |   |                            |        |   |   |   |   |   |
| Operating      income                      |   |                            | 3,413,489   |   |   |   | 7,871,970 |   |
|                                       |   |                            |        |   |   |   |   |   |
| OTHER      INCOME (EXPENSE):               |   |                            |        |   |   |   |   |   |
| Interest      income                       |   |                            | 74,896      |   |   |   | 109,724 |   |
| Interest      expense                      |   |                            | (14,619,663 | )      |   |   | (13,433,717 | ) |
| Interest      expense - Majestic Holdco    |   |                            | (2,111,451  | )      |   |   | (1,888,249 | ) |
| Other      non-operating expense           |   |                            | (334        | )      |   |   | (15,151 | ) |
| Total      other expense                   |   |                            | (16,656,552 | )      |   |   | (15,227,393 | ) |
|                                       |   |                            |        |   |   |   |   |   |
| Net      loss                              |   | $                               | (13,243,063 | )      |   | $      | (7,355,423 | ) |

|   | The      accompanying notes are an integral part of these condensed consolidated      financial statements. |
|--------|-------------------------------------------------------------------------------------------------------------|

----

THE MAJESTIC STAR CASINO, LLC AND SUBSIDIARIES

|                                                                   |   |                            |        |   |   |   |
|------------------------------------------------------------------------|--------|---------------------------------|-------------|--------|--------|--------|
|                                                                   |   |                            |        |   |   |   |
|                                                                   |   | For      The Three Months Ended |        |
|                                                                   |   | March      31,                  |        |
|                                                                   |   | 2009                            |        |   | 2008   |   |
| CASH      FLOWS FROM OPERATING ACTIVITIES:                             |   |                            |        |   |   |   |
| Net      loss                                                          |   | $                               | (13,243,063 | )      |   | $      | (7,355,423 | ) |
| Adjustments      to reconcile net loss to net cash                     |   |                            |        |   |   |   |   |   |
| provided      by operating activities:                                 |   |                            |        |   |   |   |   |   |
| Depreciation                                                           |   |                            | 7,135,123   |   |   |   | 7,419,866 |   |
| Amortization                                                           |   |                            | 858,616     |   |   |   | 864,793 |   |
| Amortization      of deferred financing costs                          |   |                            | 836,325     |   |   |   | 836,325 |   |
| Amortization      of bond discount on 12 1⁄2% senior discount notes |   |                            |        |   |   |   |   |   |
| pushed      down from Majestic Holdco                                  |   |                            | -           |   |   |   | 1,761,173 |   |
| Amortization      of deferred financing costs on 12 1⁄2% senior     |   |                            |        |   |   |   |   |   |
| discount      notes pushed down from Majestic Holdco                   |   |                            | 127,076     |   |   |   | 127,076 |   |
| Loss      (gain) on disposal of assets                                 |   |                            | 339,353     |   |   |   | (13,278 | ) |
| Changes      in operating assets and liabilities:                      |   |                            |        |   |   |   |   |   |
| Accounts      receivable, net                                          |   |                            | 548,680     |   |   |   | 1,376,996 |   |
| Receivable      from affiliates                                        |   |                            | (126,433    | )      |   |   | (76,177 | ) |
| Inventories                                                            |   |                            | 49,510      |   |   |   | 40,341 |   |
| Prepaid      expenses and deposits                                     |   |                            | (1,590,155  | )      |   |   | (1,629,721 | ) |
| Other      assets                                                      |   |                            | (273,172    | )      |   |   | 30,524 |   |
| Accounts      payable                                                  |   |                            | 202,964     |   |   |   | 97,568 |   |
| Accrued      payroll and other expenses                                |   |                            | 441,897     |   |   |   | 1,296,186 |   |
| Accrued      interest                                                  |   |                            | 12,535,669  |   |   |   | 11,851,861 |   |
| Accrued      interest of Majestic Holdco                               |   |                            | 1,984,375   |   |   |   | - |   |
| Other      accrued liabilities                                         |   |                            | (2,114,284  | )      |   |   | (6,090,715 | ) |
| Net      cash provided by operating activities                         |   |                            | 7,712,481   |   |   |   | 10,537,395 |   |
|                                                                   |   |                            |        |   |   |   |   |   |
| CASH      FLOWS FROM INVESTING ACTIVITIES:                             |   |                            |        |   |   |   |   |   |
| Increase      in restricted cash                                       |   |                            | (597,416    | )      |   |   | - |   |
| Additions      to property and equipment                               |   |                            | (1,695,321  | )      |   |   | (6,459,859 | ) |
| Increase      in Lakefront Capital Improvement Fund                    |   |                            | (252,500    | )      |   |   | (606,311 | ) |
| Proceeds      from disposal of equipment                               |   |                            | 101,467     |   |   |   | 25,286 |   |
| Net      cash used in investing activities                             |   |                            | (2,443,770  | )      |   |   | (7,040,884 | ) |
|                                                                   |   |                            |        |   |   |   |   |   |
| CASH      FLOWS FROM FINANCING ACTIVITIES:                             |   |                            |        |   |   |   |   |   |
| Proceeds      from line of credit                                      |   |                            | 1,433,688   |   |   |   | 9,721,713 |   |
| Repayment      of line of credit                                       |   |                            | (1,348,628  | )      |   |   | (13,850,000 | ) |
| Repayment      of debt                                                 |   |                            | (284,589    | )      |   |   | (63,165 | ) |
| Net      cash used in financing activities                             |   |                            | (199,529    | )      |   |   | (4,191,452 | ) |
|                                                                   |   |                            |        |   |   |   |   |   |
| Net      increase (decrease) in cash and cash equivalents              |   |                            | 5,069,182   |   |   |   | (694,941 | ) |
|                                                                   |   |                            |        |   |   |   |   |   |
| Cash      and cash equivalents, beginning of period                    |   |                            | 57,749,752  |   |   |   | 29,216,263 |   |
|                                                                   |   |                            |        |   |   |   |   |   |
| Cash      and cash equivalents, end of period                          |   | $                               | 62,818,934  |   |   | $      | 28,521,322 |   |
|                                                                   |   |                            |        |   |   |   |   |   |

|   | The      accompanying notes are an integral part of these condensed consolidated      financial statements. |
|--------|-------------------------------------------------------------------------------------------------------------|

----

|   | THE      MAJESTIC STAR CASINO, LLC ANDSUBSIDIARIES |
|--------|----------------------------------------------------|

|                                                                         |   | For      The Three Months Ended |      |
|------------------------------------------------------------------------------|--------|---------------------------------|-----------|
|                                                                         |   | March      31,                  |      |
|                                                                         |   | 2009                            |      |   | 2008 |   |
| Supplemental      disclosure of cash flow information and non-cash investing |   |                            |      |   |   |   |
| and      financing activities:                                               |   |                            |      |   |   |   |
|                                                                         |   |                            |      |   |   |   |
| INTEREST      PAID, NET OF CAPITALIZED INTEREST:                             |   | $                               | 1,247,668 |   |   | $ | 745,531 |   |
|                                                                         |   |                            |      |   |   |   |   |   |
|                                                                         |   |                            |      |   |   |   |   |   |
| NON-CASH      INVESTING ACTIVITIES:                                          |   |                            |      |   |   |   |   |   |
| Capital      assets acquired from incurring accounts payable                 |   |                            |      |   |   |   |   |   |
|  and      accrued liabilities, net                                      |   | $                               | 603,438   |   |   | $ | 3,158,342 |   |
| Capital      assets transferred to prepaid rent                              |   | $                               | -         |   |   | $ | 577,450 |   |

|   | The      accompanying notes are an integral part of these condensed consolidated      financial statements. |
|--------|-------------------------------------------------------------------------------------------------------------|

----

NOTE1.                      ORGANIZATION

| ·   | A      dockside casino and land based pavilion located on Lake Michigan in Gary,      Indiana (“Majestic Star”); |
|--------------------|------------------------------------------------------------------------------------------------------------------------------|

| ·   | A      dockside casino and hotel located on Lake Michigan in Gary, Indiana      (“Majestic Star II” and with Majestic Star, the “Majestic      Properties”); |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | A      casino-hotel located in Tunica County, Mississippi (“Fitzgeralds Tunica”);      and |
|--------------------|--------------------------------------------------------------------------------------------------------|

| ·   | A      casino located in Black Hawk, Colorado (“Fitzgeralds Black      Hawk”). |
|--------------------|--------------------------------------------------------------------------------------------|

| ·   | The      Majestic Star Casino Capital Corp. (“MSCC”) is a co-obligor with the      Company for the $300.0 million 9 1⁄2% Senior Secured Notes due 2010      (the “Senior Secured Notes”). MSCC has no assets or operations;      and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Majestic      Star Casino Capital Corp. II (“MSCC II”) is a co-obligor with the      Company for the $200.0 million 9 3⁄4% Senior Notes due 2011 (the      “Senior Notes”). MSCC II has no assets or operations. See Note 5 –      Long-Term Debt. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                   |   |                                      |      |   |   |   |
|------------------------|--------|-------------------------------------------|-----------|--------|--------|--------|
|                   |   | For      The Three Months Ended March 31, |      |
|                   |   | 2009                                      |      |   | 2008   |   |
| Rooms                  |   | $                                         | 982,384   |   |   | $      | 1,170,445 |   |
| Food      and beverage |   |                                      | 3,945,380 |   |   |   | 4,698,947 |   |
| Other                  |   |                                      | 205,932   |   |   |   | 244,662 |   |
| Total                  |   | $                                         | 5,133,696 |   |   | $      | 6,114,054 |   |
|                   |   |                                      |      |   |   |   |   |   |

|                                                |   |                                      |       |   |   |   |
|-----------------------------------------------------|--------|-------------------------------------------|------------|--------|--------|--------|
|                                                |   | For      The Three Months Ended March 31, |       |
|                                                |   | 2009                                      |       |   | 2008   |   |
| Cash      based promotional activities              |   | $                                         | 1,742,788  |   |   | $      | 1,964,229 |   |
| Slot      club and other                            |   |                                      | 1,264,816  |   |   |   | 1,911,477 |   |
| Retail      cost of rooms, food, beverage and other |   |                                      | 7,441,517  |   |   |   | 7,968,893 |   |
| Total                                               |   | $                                         | 10,449,121 |   |   | $      | 11,844,599 |   |
|                                                |   |                                      |       |   |   |   |   |   |

----

| ·   | In      April 2009, the Financial Accounting Standards Board (“FASB”) issued Staff      Position No. 157-4, “Determining Fair Value When the Volume and Level      of Activity for the Asset or Liability Have Significantly Decreased and      Identifying Transactions That Are Not Orderly” (“FSP 157-4”). FSP 157-4      provides additional guidance for estimating fair value in accordance with      FASB Statement No. 157, “Fair Value Measurements”, when the volume      and level of activity for the asset or liability have significantly      decreased. FSP 157-4 also includes guidance on how to identify      circumstances that indicate that a transaction is not orderly and      emphasizes that even if there has been a significant decrease in the      volume and level of activity for the asset or liability and regardless of      the valuation techniques used, the objective of a fair value measurement      remains the same. FSP 157-4 is effective for interim and annual reporting      periods ending after June 15, 2009, and is to be applied      prospectively. The Company anticipates that adoption will have no material      impact on its consolidated financialstatements. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | In      April 2009, the FASB issued Staff Position No. 115-2 and 124-2,      “Recognition and Presentation of Other-Than-Temporary Impairments” (“FSP      115-2 and 124-2”). FSP 115-2 and 124-2 provides new guidance on the      recognition of other-than-temporary impairments of investments in debt      securities and provides new presentation and disclosure requirements for      other-than-temporary impairments of investments in debt and equity      securities. FSP 115-2 and 124-2 is effective for interim and annual      reporting periods ending after June 15, 2009. The Company anticipates      that adoption will have no material impact on its consolidated financial      statements. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | In      April 2009, the FASB issued Staff Position No. 107-1 and APB 28-1,      “Interim Disclosures about Fair Value of Financial Instruments” (“FSP      107-1 and APB 28-1”). FSP 107-1 and APB 28-1 amends FASB Statement of      Financial Accounting Standards No. 107, “Disclosures about Fair Value      of Financial Instruments”, to require disclosures about fair value of      financial instruments in interim reporting periods. Such disclosures were      previously required only in annual financial statements. FSP 107-1 and APB      28-1 also amends Accounting Principles Board Opinion No. 28, “Interim      Financial Reporting”, to require those disclosures in summarized financial      information at interim reporting periods. FSP 107-1 and APB 28-1 is      effective for interim and annual reporting periods ending after      June 15, 2009. The Company anticipates that adoption will have no      material impact on its consolidated financial  statements. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Effective      January 1, 2009, the Company adopted FASB Staff Position No. 142-3,      “Determination of the Useful Life of Intangible Assets” (“FSP 142-3”),      which amends the factors that should be considered in developing renewal      or extension assumptions used to determine the useful life of a recognized      intangible asset under SFAS 142. FSP 142-3 only applies prospectively to      intangible assets acquired after the effective date. There was no impact      on the Company’s consolidated financial statements upon      adoption. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Effective      January 1, 2009, the Company adopted FASB Statement No. 161, “Disclosures      about Derivative Instruments and Hedging Activities” (“SFAS 161”), to      improve financial reporting about derivative instruments and hedging      activities by requiring enhanced disclosures to enable investors to better      understand their effects on an entity’s financial position, financial      performance, and cash flows. There was no impact on the Company’s      consolidated financial statements uponadoption. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Effective      January 1, 2009, the Company adopted the provisions of FASB Statement No.      157, “Fair Value Measurements” (“SFAS 157”) that establish a      framework for measuring fair value and expanding disclosures related to      fair value measurements for non-financial assets and non-financial      liabilities that are recognized or disclosed at fair value in an entity’s      financial statements on a recurring basis. There was no impact on the      Company’s consolidated financial statements upon  adoption. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Effective      January 1, 2009, the Company adopted FASB Statement No. 141(R), “Business      Combinations” (“SFAS 141(R)”). SFAS 141(R) requires the acquiring entity      in a business combination to recognize all (and only) the assets acquired      and liabilities assumed in the transaction; establishes the      acquisition-date fair value as the measurement objective for all assets      acquired and liabilities assumed; and requires the acquirer to disclose to      investors and other users all of the information they need to evaluate and      understand the nature and financial effect of the business combination.      There was no impact on the Company’s consolidated financial statements      upon adoption. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Effective      January 1, 2009, the Company adopted FASB Statement No.160,      “Noncontrolling Interests in Consolidating Financial Statements” (“SFAS      160”). SFAS 160 requires all entities to report noncontrolling (minority)      interests in subsidiaries in the same way as equity in the consolidated      financial statements. Moreover, SFAS 160 eliminates the diversity that      currently exists in accounting for transactions between an entity and      noncontrolling interests by requiring they be treated as equity      transactions. There was no impact on the Company’s consolidated financial      statements upon adoption. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                         |   |           |     |   |              |   |
|----------------------------------------------|--------|----------------|----------|--------|-------------------|--------|
|                                         |   | March      31, |     |   | December      31, |   |
|                                         |   | 2009           |     |   | 2008              |   |
| 9      1⁄2% senior secured notes due 2010 |   | $              | 300,000  |   |              | $      | 300,000 |   |
| 9      3⁄4% senior notes due 2011         |   |           | 200,000  |   |              |   | 200,000 |   |
| Senior      secured credit facility due 2010 |   |           | 79,421   |   |              |   | 79,336 |   |
| Capitalized      leases and other debt       |   |           | 308      |   |              |   | 592 |   |
| Long-term      debt                          |   |           | 579,729  |   |              |   | 579,928 |   |
| Less      current maturities                 |   |           | (579,729 | )      |              |   | (579,928 | ) |
| Total      long-term debt                    |   | $              | -        |   |              | $      | - |   |
|                                         |   |           |     |   |              |   |   |   |

----

----

----

----

----

|                                                 |                                                                                                                                                                                                                          |   | For      The Three Months Ended |   |
|------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|--------|
|                                                 |                                                                                                                                                                                                                          |   | March      31,                  |   |
|                                                 |                                                                                                                                                                                                                          |   | 2009                            |   |   | 2008 |   |
| Net      revenues:                                   |                                                                                                                                                                                                                          |   |                            |   |   |   |
| Majestic      Properties                             |                                                                                                                                                                                                                          | $      | 52,321                          |   |   | $ | 59,438 |   |
| Fitzgeralds      Tunica                              |                                                                                                                                                                                                                          |   | 21,285                          |   |   |   | 22,727 |   |
| Fitzgeralds      Black Hawk                          |                                                                                                                                                                                                                          |   | 7,685                           |   |   |   | 6,828 |   |
|                                                 | Total                                                                                                                                                                                                                         |   | $                               | 81,291 |   |   | $ | 88,993 |   |
|                                                 |                                                                                                                                                                                                                          |   |                            |   |   |   |   |   |   |
| Operating      income (loss):                        |                                                                                                                                                                                                                          |   |                            |   |   |   |   |   |
| Majestic      Properties                             |                                                                                                                                                                                                                          | $      | 4,858                           |   |   | $ | 6,403 |   |
| Fitzgeralds      Tunica                              |                                                                                                                                                                                                                          |   | 2,806                           |   |   |   | 2,518 |   |
| Fitzgeralds      Black Hawk                          |                                                                                                                                                                                                                          |   | 483                             |   |   |   | 646 |   |
| Corporate      (1)                                   |                                                                                                                                                                                                                          |   | (4,734                          | )      |   |   | (1,695 | ) |
|                                                 | Total                                                                                                                                                                                                                         |   | $                               | 3,413  |   |   | $ | 7,872 |   |
|                                                 |                                                                                                                                                                                                                          |   |                            |   |   |   |   |   |   |
| Segment      depreciation and amortization:          |                                                                                                                                                                                                                          |   |                            |   |   |   |   |   |
| Majestic      Properties                             |                                                                                                                                                                                                                          | $      | 3,999                           |   |   | $ | 4,768 |   |
| Fitzgeralds      Tunica                              |                                                                                                                                                                                                                          |   | 2,769                           |   |   |   | 2,873 |   |
| Fitzgeralds      Black Hawk                          |                                                                                                                                                                                                                          |   | 1,172                           |   |   |   | 584 |   |
| Corporate                                            |                                                                                                                                                                                                                          |   | 54                              |   |   |   | 60 |   |
|                                                 | Total                                                                                                                                                                                                                         |   | $                               | 7,994  |   |   | $ | 8,285 |   |
|                                                 |                                                                                                                                                                                                                          |   |                            |   |   |   |   |   |   |
| Expenditure      for additions to long-lived assets: |                                                                                                                                                                                                                          |   |                            |   |   |   |   |   |
| Majestic      Properties                             |                                                                                                                                                                                                                          | $      | 1,107                           |   |   | $ | 559 |   |
| Fitzgeralds      Tunica                              |                                                                                                                                                                                                                          |   | 370                             |   |   |   | 707 |   |
| Fitzgeralds      Black Hawk                          |                                                                                                                                                                                                                          |   | 209                             |   |   |   | 5,177 |   |
| Corporate                                            |                                                                                                                                                                                                                          |   | 9                               |   |   |   | 17 |   |
|                                                 | Total                                                                                                                                                                                                                         |   | $                               | 1,695  |   |   | $ | 6,460 |   |
|                                                 |                                                                                                                                                                                                                          |   |                            |   |   |   |   |   |   |
|        (1)                                      | Corporate      expenses reflect payroll, benefits, travel and other costs associated      with      our corporate staff, plus restructuring fees of $3.1 million in 2009, and      are      not allocated to the  properties. |

----

----

|                                                                                                                                  |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |         |
|---------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|-------------|--------|--------------------|--------------|-------------|--------------|--------|-------------|-------------|--------|--------|--------------|--------------|--------------|
|                                                                                                                                  |                                                                                                                                                                                                                                                               |   | The      Majestic |        |   | The      Majestic  |         |        |         |   |        |        |   |   |         |         |         |
|                                                                                                                                  |                                                                                                                                                                                                                                                               |   | Star      Casino, |        |   | Star      Casino   |         |        | Guarantor    |   |        | Eliminating |   |   |         | Total        |         |
|                                                                                                                                  |                                                                                                                                                                                                                                                               |   | LLC               |        |   | Capital      Corp. |         |        | Subsidiaries |   |        | Entries     |   |   |         | Consolidated |         |
| ASSETS                                                                                                                                |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |
| Current      assets:                                                                                                                  |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |
|          Cash and cash equivalents                                                                                     |                                                                                                                                                                                                                                                               | $      | 12,486,312        |        |   | $                  | -            |        |         | $      | 50,332,622  |        |   | $      | -            |         |         |   | $ | 62,818,934 |   |
|          Restricted cash                                                                                               |                                                                                                                                                                                                                                                               |   | 6,158,577         |        |   |               | -            |        |         |   | 625,000     |        |   |   | -            |         |         |   |   | 6,783,577 |   |
|          Accounts receivable, net                                                                                      |                                                                                                                                                                                                                                                               |   | 1,170,312         |        |   |               | -            |        |         |   | 1,276,813   |        |   |   | -            |         |         |   |   | 2,447,125 |   |
|          Inventories                                                                                                   |                                                                                                                                                                                                                                                               |   | 313,338           |        |   |               | -            |        |         |   | 621,186     |        |   |   | -            |         |         |   |   | 934,524 |    |
|          Prepaid expenses and deposits                                                                                 |                                                                                                                                                                                                                                                               |   | 2,405,086         |        |   |               | -            |        |         |   | 1,858,934   |        |   |   | -            |         |         |   |   | 4,264,020 |   |
|          Receivable from affiliate                                                                                     |                                                                                                                                                                                                                                                               |   | 33,275,281        |        |   |               | -            |        |         |   | 1,399       |        |   |   | (32,353,455  | )            |  (a)    |   |   | 923,225 |   |
|          Investment in subsidiaries                                                                                    |                                                                                                                                                                                                                                                               |   | 77,452,848        |        |   |               | -            |        |         |   | -           |        |   |   | (77,452,848  | )            |  (b)    |   |   | - |   |
|                                                                                                                                  | Total      current assets                                                                                                                                                                                                                                          |   |              | 133,261,754 |   |               |         | -           |         |   |        | 54,715,954  |   |   |         | (109,806,303 | )            |   |   |   | 78,171,405 |   |
|                                                                                                                                  |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |         |   |   |   |   |
| Property,      equipment and improvements, net                                                                                   |                                                                                                                                                                                                                                                               |   | 127,725,994       |        |   |               | -            |        |         |   | 130,375,111 |        |   |   | -            |         |         |   |   | 258,101,105 |   |
| Intangible      assets, net                                                                                                           |                                                                                                                                                                                                                                                               |   | -                 |        |   |               | -            |        |         |   | 53,368,554  |        |   |   | -            |         |         |   |   | 53,368,554 |   |
| Goodwill                                                                                                                              |                                                                                                                                                                                                                                                               |   | -                 |        |   |               | -            |        |         |   | 5,922,398   |        |   |   | -            |         |         |   |   | 5,922,398 |   |
| Other      assets:                                                                                                                    |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |         |   |   |   |   |
|          Deferred financing costs, net                                                                                 |                                                                                                                                                                                                                                                               |   | 5,556,167         |        |   |               | -            |        |         |   | -           |        |   |   | -            |         |         |   |   | 5,556,167 |   |
|          Deferred financing costs of                                                                                   |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |         |   |   |   |   |
|                                                                                                                                  | Majestic      Holdco, net (c)                                                                                                                                                                                                                                      |   |              | 1,291,938   |   |               |         | -           |         |   |        | -           |   |   |         | -            |         |   |   |   | 1,291,938 |   |
|          Long-term receivable from affiliates                                                                          |                                                                                                                                                                                                                                                               |   | 128,301,892       |        |   |               | -            |        |         |   | 14,184,393  |        |   |   | (142,486,285 | )            |  (a)    |   |   | - |   |
|          Other assets                                                                                                  |                                                                                                                                                                                                                                                               |   | 1,057,861         |        |   |               | -            |        |         |   | 583,041     |        |   |   | -            |         |         |   |   | 1,640,902 |   |
|                                                                                                                                  | Total      other assets                                                                                                                                                                                                                                            |   |              | 136,207,858 |   |               |         | -           |         |   |        | 14,767,434  |   |   |         | (142,486,285 | )            |   |   |   | 8,489,007 |   |
| Total      assets                                                                                                                     |                                                                                                                                                                                                                                                               | $      | 397,195,606       |        |   | $                  | -            |        |         | $      | 259,149,451 |        |   | $      | (252,292,588 | )            |         |   | $ | 404,052,469 |   |
|                                                                                                                                  |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |         |   |   |   |   |   |
| LIABILITIES      AND MEMBER'S (DEFICIT) EQUITY                                                                                        |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |         |   |
| Current      liabilities:                                                                                                             |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |         |   |   |   |   |
|          Accounts payable                                                                                              |                                                                                                                                                                                                                                                               | $      | 1,168,076         |        |   | $                  | -            |        |         | $      | 1,035,997   |        |   | $      | -            |         |         |   | $ | 2,204,073 |   |
|          Current portion of long-term debt                                                                             |                                                                                                                                                                                                                                                               |   | 579,477,178       |        |   |               | 300,000,000  |        |         |   | 251,620     |        |   |   | (300,000,000 | )            |  (d)    |   |   | 579,728,798 |   |
|          Current portion of long-term debt of                                                                          |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |         |   |   |   |   |
|                                                                                                                                  | Majestic      Holdco (e)                                                                                                                                                                                                                                           |   |              | 63,500,000  |   |               |         | -           |         |   |        | -           |   |   |         | -            |         |   |   |   | 63,500,000 |   |
|          Payable to affiliates                                                                                         |                                                                                                                                                                                                                                                               |   | -                 |        |   |               | -            |        |         |   | 32,353,455  |        |   |   | (32,353,455  | )            |  (a)    |   |   | - |   |
|          Accrued liabilities:                                                                                          |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |         |   |   |   |   |
|                                                                                                                                  | Payroll      and related                                                                                                                                                                                                                                           |   |              | 3,792,958   |   |               |         | -           |         |   |        | 5,831,175   |   |   |         | -            |         |   |   |   | 9,624,133 |   |
|                                                                                                                                  | Interest                                                                                                                                                                                                                                                           |   |              | 47,840,048  |   |               |         | -           |         |   |        | 1,600       |   |   |         | -            |         |   |   |   | 47,841,648 |   |
|                                                                                                                                  | Interest      of Majestic Holdco                                                                                                                                                                                                                                   |   |              | 3,682,118   |   |               |         | -           |         |   |        | -           |   |   |         | -            |         |   |   |   | 3,682,118 |   |
|                                                                                                                                  | Property      and franchise taxes                                                                                                                                                                                                                                  |   |              | 8,407,549   |   |               |         | -           |         |   |        | 6,352,501   |   |   |         | -            |         |   |   |   | 14,760,050 |   |
|                                                                                                                                  | Other      accrued liabilities                                                                                                                                                                                                                                     |   |              | 7,961,157   |   |               |         | -           |         |   |        | 7,568,364   |   |   |         | -            |         |   |   |   | 15,529,521 |   |
|                        Total current liabilities |                                                                                                                                                                                                                                                               |   | 715,829,084       |        |   |               | 300,000,000  |        |         |   | 53,394,712  |        |   |   | (332,353,455 | )            |         |   |   | 736,870,341 |   |
|                                                                                                                                  |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |         |   |   |   |   |   |
| Due      to affiliates                                                                                                                |                                                                                                                                                                                                                                                               |   | 14,184,394        |        |   |               | -            |        |         |   | 128,301,891 |        |   |   | (142,486,285 | )            |  (a)    |   |   | - |   |
|                                                                                                                                  | Total      liabilities                                                                                                                                                                                                                                             |   |              | 730,013,478 |   |               |         | 300,000,000 |         |   |        | 181,696,603 |   |   |         | (474,839,740 | )            |   |   |   | 736,870,341 |   |
| Member's      (deficit) equity                                                                                                        |                                                                                                                                                                                                                                                               |   | (332,817,872      | )           |   |               | (300,000,000 | )           |         |   | 77,452,848  |        |   |   | 222,547,152  |         |  (b)(d) |   |   | (332,817,872 | ) |
| Total      liabilities and member's (deficit) equity                                                                                  |                                                                                                                                                                                                                                                               | $      | 397,195,606       |        |   | $                  | -            |        |         | $      | 259,149,451 |        |   | $      | (252,292,588 | )            |         |   | $ | 404,052,469 |   |
|                                                                                                                                  |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |         |   |   |   |   |   |
| (a)                                                                                                                                   | To      eliminate intercompany receivable and payables.                                                                                                                                                                                                            |   |              |
| (b)                                                                                                                                   | To      eliminate intercompany accounts and investment in      subsidiaries.                                                                                                                                                                                       |   |              |
| (c)                                                                                                                                   | Reflects      the pushdown of deferred financing costs related to the issuance of the      Discount Notes of Majestic Holdco, net of amortization, pursuant      to SEC Staff Accounting Bulletin 73 Topic 5(J).                                                   |   |
| (d)                                                                                                                                   | The      Majestic Star Casino Capital Corp. is a co-obligor of the Senior Secured      Notes issued by the Company. Accordingly, such indebtedness      has been presented as an obligation of both the issuer and the co-obligor      in the above balance sheet. |   |
| (e)                                                                                                                                   | Reflects      the pushdown of Majestic Holdco’s Discount Notes pursuant to SEC Staff      Accounting Bulletin 73 Topic 5(J).                                                                                                                                 |   |

----

|                                                                                                                       |                                                                                                                                                                                                                                                               |   | The      Majestic |        |   | The      Majestic  |         |        |         |   |        |        |   |   |         |         |         |
|----------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|-------------|--------|--------------------|--------------|-------------|--------------|--------|-------------|-------------|--------|--------|--------------|--------------|--------------|
|                                                                                                                       |                                                                                                                                                                                                                                                               |   | Star      Casino, |        |   | Star      Casino   |         |        | Guarantor    |   |        | Eliminating |   |   |         | Total        |         |
|                                                                                                                       |                                                                                                                                                                                                                                                               |   | LLC               |        |   | Capital      Corp. |         |        | Subsidiaries |   |        | Entries     |   |   |         | Consolidated |         |
| ASSETS                                                                                                                     |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |
| Current      assets:                                                                                                       |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |
|     Cash      and cash equivalents                                                                     |                                                                                                                                                                                                                                                               | $      | 8,044,826         |        |   | $                  | -            |        |         | $      | 49,704,926  |        |   | $      | -            |         |         |   | $ | 57,749,752 |   |
|          Restricted cash                                                                                    |                                                                                                                                                                                                                                                               |   | 4,779,310         |        |   |               | -            |        |         |   | 625,000     |        |   |   | -            |         |         |   |   | 5,404,310 |   |
|          Accounts receivable, net                                                                           |                                                                                                                                                                                                                                                               |   | 1,341,328         |        |   |               | -            |        |         |   | 1,654,477   |        |   |   | -            |         |         |   |   | 2,995,805 |   |
|          Inventories                                                                                        |                                                                                                                                                                                                                                                               |   | 328,701           |        |   |               | -            |        |         |   | 655,333     |        |   |   | -            |         |         |   |   | 984,034 |   |
|          Prepaid expenses and deposits                                                                      |                                                                                                                                                                                                                                                               |   | 1,389,030         |        |   |               | -            |        |         |   | 1,284,834   |        |   |   | -            |         |         |   |   | 2,673,864 |   |
|          Receivable from affiliate                                                                          |                                                                                                                                                                                                                                                               |   | 40,247,247        |        |   |               | -            |        |         |   | 1,399       |        |   |   | (39,451,854  | )            |  (a)    |   |   | 796,792 |   |
|          Investment in subsidiaries                                                                         |                                                                                                                                                                                                                                                               |   | 70,144,117        |        |   |               | -            |        |         |   | -           |        |   |   | (70,144,117  | )            |  (b)    |   |   | - |   |
|                                                                                                                       | Total      current assets                                                                                                                                                                                                                                          |   |              | 126,274,559 |   |               |         | -           |         |   |        | 53,925,969  |   |   |         | (109,595,971 | )            |   |   |   | 70,604,557 |   |
|                                                                                                                       |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |         |   |   |   |   |   |
| Property,      equipment and improvements, net                                                                        |                                                                                                                                                                                                                                                               |   | 129,412,625       |        |   |               | -            |        |         |   | 134,151,006 |        |   |   | -            |         |         |   |   | 263,563,631 |   |
| Intangible      assets, net                                                                                                |                                                                                                                                                                                                                                                               |   | -                 |        |   |               | -            |        |         |   | 54,227,169  |        |   |   | -            |         |         |   |   | 54,227,169 |   |
| Goodwill                                                                                                                   |                                                                                                                                                                                                                                                               |   | -                 |        |   |               | -            |        |         |   | 5,922,398   |        |   |   | -            |         |         |   |   | 5,922,398 |   |
| Other      assets:                                                                                                         |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |         |   |   |   |   |
|          Deferred financing costs, net                                                                      |                                                                                                                                                                                                                                                               |   | 6,392,493         |        |   |               | -            |        |         |   | -           |        |   |   | -            |         |         |   |   | 6,392,493 |   |
|          Deferred financing costs, pushed down                                                              |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |         |   |   |   |   |
|                                                                                                                       | from      Majestic Holdco, net (c)                                                                                                                                                                                                                                 |   |              | 1,419,014   |   |               |         | -           |         |   |        | -           |   |   |         | -            |         |   |   |   | 1,419,014 |   |
|          Long-term receivable from affiliates                                                               |                                                                                                                                                                                                                                                               |   | 131,676,892       |        |   |               | -            |        |         |   | 15,649,594  |        |   |   | (147,326,486 | )            |  (a)    |   |   | - |   |
|          Other assets                                                                                       |                                                                                                                                                                                                                                                               |   | 789,462           |        |   |               | -            |        |         |   | 591,641     |        |   |   | -            |         |         |   |   | 1,381,103 |   |
|                                                                                                                       | Total      other assets                                                                                                                                                                                                                                            |   |              | 140,277,861 |   |               |         | -           |         |   |        | 16,241,235  |   |   |         | (147,326,486 | )            |   |   |   | 9,192,610 |   |
| Total      assets                                                                                                          |                                                                                                                                                                                                                                                               | $      | 395,965,045       |        |   | $                  | -            |        |         | $      | 264,467,777 |        |   | $      | (256,922,457 | )            |         |   | $ | 403,510,365 |   |
|                                                                                                                       |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |         |   |   |   |   |   |
| LIABILITIES      AND MEMBER'S (DEFICIT) EQUITY                                                                             |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |         |   |
| Current      liabilities:                                                                                                  |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |         |   |   |   |   |
|          Accounts payable                                                                                   |                                                                                                                                                                                                                                                               | $      | 942,718           |        |   | $                  | -            |        |         | $      | 854,365     |        |   | $      | -            |         |         |   | $ | 1,797,083 |   |
|          Current portion of long-term debt                                                                  |                                                                                                                                                                                                                                                               |   | 579,429,270       |        |   |               | 300,000,000  |        |         |   | 499,057     |        |   |   | (300,000,000 | )            |  (d)    |   |   | 579,928,327 |   |
|          Current portion of long-term debt of                                                               |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |         |   |   |   |   |
|                                                                                                                       | Majestic      Holdco (e)                                                                                                                                                                                                                                           |   |              | 63,500,000  |   |               |         | -           |         |   |        | -           |   |   |         | -            |         |   |   |   | 63,500,000 |   |
|          Payable to affiliates                                                                              |                                                                                                                                                                                                                                                               |   | -                 |        |   |               | -            |        |         |   | 39,451,854  |        |   |   | (39,451,854  | )            |  (a)    |   |   | - |   |
|          Accrued liabilities:                                                                               |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |         |   |   |   |   |
|                                                                                                                       | Payroll      and related                                                                                                                                                                                                                                           |   |              | 3,589,107   |   |               |         | -           |         |   |        | 5,593,129   |   |   |         | -            |         |   |   |   | 9,182,236 |   |
|                                                                                                                       | Interest                                                                                                                                                                                                                                                           |   |              | 35,303,479  |   |               |         | -           |         |   |        | 2,500       |   |   |         | -            |         |   |   |   | 35,305,979 |   |
|                                                                                                                       | Interest      of Majestic Holdco                                                                                                                                                                                                                                   |   |              | 1,697,743   |   |               |         | -           |         |   |        | -           |   |   |         | -            |         |   |   |   | 1,697,743 |   |
|                                                                                                                       | Property      and franchise taxes                                                                                                                                                                                                                                  |   |              | 8,945,347   |   |               |         | -           |         |   |        | 7,432,723   |   |   |         | -            |         |   |   |   | 16,378,070 |   |
|                                                                                                                       | Other      accrued liabilities                                                                                                                                                                                                                                     |   |              | 6,482,596   |   |               |         | -           |         |   |        | 8,813,140   |   |   |         | -            |         |   |   |   | 15,295,736 |   |
|                       Total current liabilities |                                                                                                                                                                                                                                                               |   | 699,890,260       |        |   |               | 300,000,000  |        |         |   | 62,646,768  |        |   |   | (339,451,854 | )            |         |   |   | 723,085,174 |   |
|                                                                                                                       |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |         |   |   |   |   |   |
| Due      to affiliates                                                                                                     |                                                                                                                                                                                                                                                               |   | 15,649,594        |        |   |               | -            |        |         |   | 131,676,892 |        |   |   | (147,326,486 | )            |  (a)    |   |   | - |   |
|                                                                                                                       | Total      liabilities                                                                                                                                                                                                                                             |   |              | 715,539,854 |   |               |         | 300,000,000 |         |   |        | 194,323,660 |   |   |         | (486,778,340 | )            |   |   |   | 723,085,174 |   |
| Member's      (deficit) equity                                                                                             |                                                                                                                                                                                                                                                               |   | (319,574,809      | )           |   |               | (300,000,000 | )           |         |   | 70,144,117  |        |   |   | 229,855,883  |         |  (b)(d) |   |   | (319,574,809 | ) |
| Total      liabilities and member's (deficit) equity                                                                       |                                                                                                                                                                                                                                                               | $      | 395,965,045       |        |   | $                  | -            |        |         | $      | 264,467,777 |        |   | $      | (256,922,457 | )            |         |   | $ | 403,510,365 |   |
|                                                                                                                       |                                                                                                                                                                                                                                                               |   |              |        |   |               |         |        |         |   |        |        |   |   |         |         |         |   |   |   |   |   |
| (a)                                                                                                                        | To      eliminate intercompany receivable and payables.                                                                                                                                                                                                            |   |              |
| (b)                                                                                                                        | To      eliminate intercompany accounts and investment in      subsidiaries.                                                                                                                                                                                       |   |              |
| (c)                                                                                                                        | Reflects      the pushdown of deferred financing costs related to the issuance of the      Discount Notes of Majestic Holdco, net of amortization, pursuant      to SEC Staff Accounting Bulletin 73 Topic 5(J).                                                   |   |
| (d)                                                                                                                        | The      Majestic Star Casino Capital Corp. is a co-obligor of the Senior Secured      Notes issued by the Company. Accordingly, such indebtedness      has been presented as an obligation of both the issuer and the co-obligor      in the above balance sheet. |   |
| (e)                                                                                                                        | Reflects      the pushdown of Majestic Holdco’s Discount Notes pursuant to SEC Staff      Accounting Bulletin 73 Topic 5(J).                                                                                                                                 |   |

----

|                                                           |                                                                                                                                                                                                                                        |   |              |        |   |               |   |   |         |   |       |        |   |   |       |         |   |
|----------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|-------------|--------|--------------------|--------|--------|--------------|--------|------------|-------------|--------|--------|------------|--------------|--------|
|                                                           |                                                                                                                                                                                                                                        |   | The      Majestic |        |   | The      Majestic  |   |   |         |   |       |        |   |   |       |         |   |
|                                                           |                                                                                                                                                                                                                                        |   | Star      Casino, |        |   | Star      Casino   |   |   | Guarantor    |   |       | Eliminating |   |   |       | Total        |   |
|                                                           |                                                                                                                                                                                                                                        |   | LLC               |        |   | Capital      Corp. |   |   | Subsidiaries |   |       | Entries     |   |   |       | Consolidated |   |
| OPERATING      REVENUES:                                       |                                                                                                                                                                                                                                        |   |              |        |   |               |   |   |         |   |       |        |   |   |       |         |
|          Casino                                 |                                                                                                                                                                                                                                        | $      | 29,087,809        |        |   | $                  | -      |   |         | $      | 52,283,672 |        |   | $      | -          |         |   |   | $ | 81,371,481 |   |
|          Rooms                                  |                                                                                                                                                                                                                                        |   | -                 |        |   |               | -      |   |         |   | 2,603,731  |        |   |   | -          |         |   |   |   | 2,603,731 |   |
|          Food and beverage                      |                                                                                                                                                                                                                                        |   | 1,905,837         |        |   |               | -      |   |         |   | 3,878,085  |        |   |   | -          |         |   |   |   | 5,783,922 |   |
|          Other                                  |                                                                                                                                                                                                                                        |   | 979,296           |        |   |               | -      |   |         |   | 1,001,853  |        |   |   | -          |         |   |   |   | 1,981,149 |   |
|                                                           | Gross      revenues                                                                                                                                                                                                                         |   |              | 31,972,942  |   |               |   | -      |         |   |       | 59,767,341  |   |   |       | -            |   |   |   |   | 91,740,283 |   |
|          Less promotional allowances            |                                                                                                                                                                                                                                        |   | 3,007,220         |        |   |               | -      |   |         |   | 7,299,916  |        |   |   | 141,985    |         | (a)    |   |   | 10,449,121 |   |
|                                                           | Net      operating revenues                                                                                                                                                                                                                 |   |              | 28,965,722  |   |               |   | -      |         |   |       | 52,467,425  |   |   |       | (141,985     | )      |   |   |   | 81,291,162 |   |
|                                                           |                                                                                                                                                                                                                                        |   |              |        |   |               |   |   |         |   |       |        |   |   |       |         |   |   |   |   |   |   |
| OPERATING      COSTS AND EXPENSES:                             |                                                                                                                                                                                                                                        |   |              |        |   |               |   |   |         |   |       |        |   |   |       |         |   |   |   |   |   |
|          Casino                                 |                                                                                                                                                                                                                                        |   | 8,067,556         |        |   |               | -      |   |         |   | 14,521,907 |        |   |   | -          |         |   |   |   | 22,589,463 |   |
|          Rooms                                  |                                                                                                                                                                                                                                        |   | -                 |        |   |               | -      |   |         |   | 474,380    |        |   |   | -          |         |   |   |   | 474,380 |   |
|          Food and beverage                      |                                                                                                                                                                                                                                        |   | 895,514           |        |   |               | -      |   |         |   | 1,181,371  |        |   |   | -          |         |   |   |   | 2,076,885 |   |
|          Other                                  |                                                                                                                                                                                                                                        |   | 129,905           |        |   |               | -      |   |         |   | 201,566    |        |   |   | -          |         |   |   |   | 331,471 |   |
|          Gaming taxes                           |                                                                                                                                                                                                                                        |   | 8,408,999         |        |   |               | -      |   |         |   | 10,290,342 |        |   |   | -          |         |   |   |   | 18,699,341 |   |
|          Advertising and promotion              |                                                                                                                                                                                                                                        |   | 1,478,461         |        |   |               | -      |   |         |   | 4,115,754  |        |   |   | (141,985   | )            | (a)    |   |   | 5,452,230 |   |
|          General and administrative             |                                                                                                                                                                                                                                        |   | 5,303,349         |        |   |               | -      |   |         |   | 8,342,592  |        |   |   | -          |         |   |   |   | 13,645,941 |   |
|          Corporate expense                      |                                                                                                                                                                                                                                        |   | 1,546,537         |        |   |               | -      |   |         |   | -          |        |   |   | -          |         |   |   |   | 1,546,537 |   |
|          Restructuring fees                     |                                                                                                                                                                                                                                        |   | 3,133,625         |        |   |               | -      |   |         |   | -          |        |   |   | -          |         |   |   |   | 3,133,625 |   |
|          Economic incentive tax - City of Gary  |                                                                                                                                                                                                                                        |   | 884,625           |        |   |               | -      |   |         |   | 710,084    |        |   |   | -          |         |   |   |   | 1,594,709 |   |
|          Depreciation and amortization          |                                                                                                                                                                                                                                        |   | 2,630,532         |        |   |               | -      |   |         |   | 5,363,206  |        |   |   | -          |         |   |   |   | 7,993,738 |   |
|          Loss (gain) on disposal of assets      |                                                                                                                                                                                                                                        |   | 355,581           |        |   |               | -      |   |         |   | (16,228    | )           |   |   | -          |         |   |   |   | 339,353 |   |
|                                                           | Total      operating costs and expenses                                                                                                                                                                                                     |   |              | 32,834,684  |   |               |   | -      |         |   |       | 45,184,974  |   |   |       | (141,985     | )      |   |   |   | 77,877,673 |   |
|                                                           |                                                                                                                                                                                                                                        |   |              |        |   |               |   |   |         |   |       |        |   |   |       |         |   |   |   |   |   |   |
|                                                           | Operating      (loss) income                                                                                                                                                                                                                |   |              | (3,868,962  | )      |               |   | -      |         |   |       | 7,282,451   |   |   |       | -            |   |   |   |   | 3,413,489 |   |
|                                                           |                                                                                                                                                                                                                                        |   |              |        |   |               |   |   |         |   |       |        |   |   |       |         |   |   |   |   |   |   |
| OTHER      (EXPENSE) INCOME :                                  |                                                                                                                                                                                                                                        |   |              |        |   |               |   |   |         |   |       |        |   |   |       |         |   |   |   |   |   |
|          Interest income                        |                                                                                                                                                                                                                                        |   | 41,078            |        |   |               | -      |   |         |   | 33,818     |        |   |   | -          |         |   |   |   | 74,896 |   |
|          Interest expense                       |                                                                                                                                                                                                                                        |   | (14,612,125       | )           |   |               | -      |   |         |   | (7,538     | )           |   |   | -          |         |   |   |   | (14,619,663 | ) |
|          Interest expense - Majestic Holdco (b) |                                                                                                                                                                                                                                        |   | (2,111,451        | )           |   |               | -      |   |         |   | -          |        |   |   | -          |         |   |   |   | (2,111,451 | ) |
|          Other non-operating expense            |                                                                                                                                                                                                                                        |   | (334              | )           |   |               | -      |   |         |   | -          |        |   |   | -          |         |   |   |   | (334 | ) |
|          Equity in net income of subsidiaries   |                                                                                                                                                                                                                                        |   | 7,308,731         |        |   |               | -      |   |         |   | -          |        |   |   | (7,308,731 | )            | (c)    |   |   | - |   |
|                                                           | Total      other (expense) income                                                                                                                                                                                                           |   |              | (9,374,101  | )      |               |   | -      |         |   |       | 26,280      |   |   |       | (7,308,731   | )      |   |   |   | (16,656,552 | ) |
|                                                           | Net      (loss) income                                                                                                                                                                                                                      |   | $                 | (13,243,063 | )      |               | $      | -      |         |   | $          | 7,308,731   |   |   | $          | (7,308,731   | )      |   |   | $ | (13,243,063 | ) |
|                                                           |                                                                                                                                                                                                                                        |   |              |        |   |               |   |   |         |   |       |        |   |   |       |         |   |   |   |   |   |   |
| (a)                                                            | To      eliminate intercompany transactions.                                                                                                                                                                                                |   |              |
| (b)                                                            | Includes      amortization of deferred financing costs and interest expense related to      the issuance of Majestic Holdco’s Discount Notes      pushed down pursuant to SEC Staff Accounting Bulletin 73      Topic 5(J). |
| (c)                                                            | To      eliminate equity in net income ofsubsidiaries.                                                                                                                                                                                      |

----

|                                                           |                                                                                                                                                                                                                                        |   | The      Majestic |       |   | The      Majestic  |   |   |         |   |       |        |   |   |       |         |   |
|----------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|------------|--------|--------------------|--------|--------|--------------|--------|------------|-------------|--------|--------|------------|--------------|--------|
|                                                           |                                                                                                                                                                                                                                        |   | Star      Casino, |       |   | Star      Casino   |   |   | Guarantor    |   |       | Eliminating |   |   |       | Total        |   |
|                                                           |                                                                                                                                                                                                                                        |   | LLC               |       |   | Capital      Corp. |   |   | Subsidiaries |   |       | Entries     |   |   |       | Consolidated |   |
| OPERATING      REVENUES:                                       |                                                                                                                                                                                                                                        |   |              |       |   |               |   |   |         |   |       |        |   |   |       |         |
|          Casino                                 |                                                                                                                                                                                                                                        | $      | 31,422,809        |       |   | $                  | -      |   |         | $      | 57,929,487 |        |   | $      | -          |         |   |   | $ | 89,352,296 |   |
|          Rooms                                  |                                                                                                                                                                                                                                        |   | -                 |       |   |               | -      |   |         |   | 2,988,731  |        |   |   | -          |         |   |   |   | 2,988,731 |   |
|          Food and beverage                      |                                                                                                                                                                                                                                        |   | 2,444,640         |       |   |               | -      |   |         |   | 4,012,393  |        |   |   | -          |         |   |   |   | 6,457,033 |   |
|          Other                                  |                                                                                                                                                                                                                                        |   | 912,159           |       |   |               | -      |   |         |   | 1,127,850  |        |   |   | -          |         |   |   |   | 2,040,009 |   |
|                                                           | Gross      revenues                                                                                                                                                                                                                         |   |              | 34,779,608 |   |               |   | -      |         |   |       | 66,058,461  |   |   |       | -            |   |   |   |   | 100,838,069 |   |
|          Less promotional allowances            |                                                                                                                                                                                                                                        |   | 3,418,200         |       |   |               | -      |   |         |   | 8,238,642  |        |   |   | 187,757    |         | (a)    |   |   | 11,844,599 |   |
|                                                           | Net      operating revenues                                                                                                                                                                                                                 |   |              | 31,361,408 |   |               |   | -      |         |   |       | 57,819,819  |   |   |       | (187,757     | )      |   |   |   | 88,993,470 |   |
|                                                           |                                                                                                                                                                                                                                        |   |              |       |   |               |   |   |         |   |       |        |   |   |       |         |   |   |   |   |   |   |
| OPERATING      COSTS AND EXPENSES:                             |                                                                                                                                                                                                                                        |   |              |       |   |               |   |   |         |   |       |        |   |   |       |         |   |   |   |   |   |
|          Casino                                 |                                                                                                                                                                                                                                        |   | 8,806,046         |       |   |               | -      |   |         |   | 16,091,486 |        |   |   | -          |         |   |   |   | 24,897,532 |   |
|          Rooms                                  |                                                                                                                                                                                                                                        |   | -                 |       |   |               | -      |   |         |   | 580,014    |        |   |   | -          |         |   |   |   | 580,014 |   |
|          Food and beverage                      |                                                                                                                                                                                                                                        |   | 761,075           |       |   |               | -      |   |         |   | 1,335,602  |        |   |   | -          |         |   |   |   | 2,096,677 |   |
|          Other                                  |                                                                                                                                                                                                                                        |   | 232,550           |       |   |               | -      |   |         |   | 210,372    |        |   |   | -          |         |   |   |   | 442,922 |   |
|          Gaming taxes                           |                                                                                                                                                                                                                                        |   | 9,177,561         |       |   |               | -      |   |         |   | 11,836,770 |        |   |   | -          |         |   |   |   | 21,014,331 |   |
|          Advertising and promotion              |                                                                                                                                                                                                                                        |   | 1,679,704         |       |   |               | -      |   |         |   | 4,193,992  |        |   |   | (187,757   | )            | (a)    |   |   | 5,685,939 |   |
|          General and administrative             |                                                                                                                                                                                                                                        |   | 6,254,318         |       |   |               | -      |   |         |   | 8,489,713  |        |   |   | -          |         |   |   |   | 14,744,031 |   |
|          Corporate expense                      |                                                                                                                                                                                                                                        |   | 1,635,719         |       |   |               | -      |   |         |   | -          |        |   |   | -          |         |   |   |   | 1,635,719 |   |
|          Economic incentive tax - City of Gary  |                                                                                                                                                                                                                                        |   | 924,967           |       |   |               | -      |   |         |   | 827,987    |        |   |   | -          |         |   |   |   | 1,752,954 |   |
|          Depreciation and amortization          |                                                                                                                                                                                                                                        |   | 3,127,876         |       |   |               | -      |   |         |   | 5,156,783  |        |   |   | -          |         |   |   |   | 8,284,659 |   |
|          Gain on disposal of assets             |                                                                                                                                                                                                                                        |   | (13,278           | )          |   |               | -      |   |         |   | -          |        |   |   | -          |         |   |   |   | (13,278 | ) |
|                                                           | Total      operating costs and expenses                                                                                                                                                                                                     |   |              | 32,586,538 |   |               |   | -      |         |   |       | 48,722,719  |   |   |       | (187,757     | )      |   |   |   | 81,121,500 |   |
|                                                           |                                                                                                                                                                                                                                        |   |              |       |   |               |   |   |         |   |       |        |   |   |       |         |   |   |   |   |   |   |
|                                                           | Operating      (loss) income                                                                                                                                                                                                                |   |              | (1,225,130 | )      |               |   | -      |         |   |       | 9,097,100   |   |   |       | -            |   |   |   |   | 7,871,970 |   |
|                                                           |                                                                                                                                                                                                                                        |   |              |       |   |               |   |   |         |   |       |        |   |   |       |         |   |   |   |   |   |   |
| OTHER      (EXPENSE) INCOME :                                  |                                                                                                                                                                                                                                        |   |              |       |   |               |   |   |         |   |       |        |   |   |       |         |   |   |   |   |   |
|          Interest income                        |                                                                                                                                                                                                                                        |   | 59,905            |       |   |               | -      |   |         |   | 49,819     |        |   |   | -          |         |   |   |   | 109,724 |    |
|          Interest expense                       |                                                                                                                                                                                                                                        |   | (13,433,344       | )          |   |               | -      |   |         |   | (373       | )           |   |   | -          |         |   |   |   | (13,433,717 | ) |
|          Interest expense - Majestic Holdco (b) |                                                                                                                                                                                                                                        |   | (1,888,249        | )          |   |               | -      |   |         |   | -          |        |   |   | -          |         |   |   |   | (1,888,249 | ) |
|          Other non-operating expense            |                                                                                                                                                                                                                                        |   | (15,151           | )          |   |               | -      |   |         |   | -          |        |   |   | -          |         |   |   |   | (15,151 | ) |
|          Equity in net income of subsidiaries   |                                                                                                                                                                                                                                        |   | 9,146,546         |       |   |               | -      |   |         |   | -          |        |   |   | (9,146,546 | )            | (c)    |   |   | - |   |
|                                                           | Total      other (expense) income                                                                                                                                                                                                           |   |              | (6,130,293 | )      |               |   | -      |         |   |       | 49,446      |   |   |       | (9,146,546   | )      |   |   |   | (15,227,393 | ) |
|                                                           |                                                                                                                                                                                                                                        |   |              |       |   |               |   |   |         |   |       |        |   |   |       |         |   |   |   |   |   |   |
|                                                           | Net      (loss) income                                                                                                                                                                                                                      |   | $                 | (7,355,423 | )      |               | $      | -      |         |   | $          | 9,146,546   |   |   | $          | (9,146,546   | )      |   |   | $ | (7,355,423 | ) |
|                                                           |                                                                                                                                                                                                                                        |   |              |       |   |               |   |   |         |   |       |        |   |   |       |         |   |   |   |   |   |   |
| (a)                                                            | To      eliminate intercompany transactions.                                                                                                                                                                                                |   |
| (b)                                                            | Includes      amortization of deferred financing costs and interest expense related to      the issuance of Majestic Holdco’s Discount Notes      pushed down pursuant to SEC Staff Accounting Bulletin 73      Topic 5(J). |
| (c)                                                            | To      eliminate equity in net income ofsubsidiaries.                                                                                                                                                                                      |

----

|                                                                   |                                                                                                                                                               |   | The      Majestic |       |   | The      Majestic  |   |   |         |   |        |        |   |   |         |   |
|------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|------------|--------|--------------------|--------|--------|--------------|--------|-------------|-------------|--------|--------|--------------|--------|
|                                                                   |                                                                                                                                                               |   | Star      Casino, |       |   | Star      Casino   |   |   | Guarantor    |   |        | Eliminating |   |   | Total        |   |
|                                                                   |                                                                                                                                                               |   | LLC               |       |   | Capital      Corp. |   |   | Subsidiaries |   |        | Entries     |   |   | Consolidated |   |
|                                                                   |                                                                                                                                                               |   |              |       |   |               |   |   |         |   |        |        |   |   |         |   |
| NET      CASH (USED IN) PROVIDED BY                                    |                                                                                                                                                               |   |              |       |   |               |   |   |         |   |        |        |   |   |         |
| OPERATING      ACTIVITIES: (a)                                         |                                                                                                                                                               | $      | (4,778,000        | )          |   | $                  | -      |   |         | $      | 12,490,481  |        |   | $      | -            |   |   | $ | 7,712,481 |   |
|                                                                   |                                                                                                                                                               |   |              |       |   |               |   |   |         |   |        |        |   |   |         |   |   |   |   |   |   |
| CASH      FLOWS FROM INVESTING ACTIVITIES:                             |                                                                                                                                                               |   |              |       |   |               |   |   |         |   |        |        |   |   |         |   |   |   |   |   |
|          Increase in restricted cash                    |                                                                                                                                                               |   | (597,416          | )          |   |               | -      |   |         |   | -           |        |   |   | -            |   |   |   | (597,416 | ) |
|          Additions to property and equipment            |                                                                                                                                                               |   | (1,104,106        | )          |   |               | -      |   |         |   | (591,215    | )           |   |   | -            |   |   |   | (1,695,321 | ) |
|          Decrease in Lakefront Capital Improvement Fund |                                                                                                                                                               |   | (252,500          | )          |   |               | -      |   |         |   | -           |        |   |   | -            |   |   |   | (252,500 | ) |
|          Proceeds from disposal of equipment            |                                                                                                                                                               |   | 600               |       |   |               | -      |   |         |   | 100,867     |        |   |   | -            |   |   |   | 101,467 |   |
|                                                                   | Net      cash used in investing activities                                                                                                                         |   |              | (1,953,422 | )      |               |   | -      |         |   |        | (490,348    | )      |   |         | -      |   |   |   | (2,443,770 | ) |
|                                                                   |                                                                                                                                                               |   |              |       |   |               |   |   |         |   |        |        |   |   |         |   |   |   |   |   |   |
| CASH      FLOWS FROM FINANCING ACTIVITIES:                             |                                                                                                                                                               |   |              |       |   |               |   |   |         |   |        |        |   |   |         |   |   |   |   |   |
|          Proceeds from line of credit                   |                                                                                                                                                               |   | 1,433,688         |       |   |               | -      |   |         |   | -           |        |   |   | -            |   |   |   | 1,433,688 |   |
|          Repayment of line of credit                    |                                                                                                                                                               |   | (1,348,628        | )          |   |               | -      |   |         |   | -           |        |   |   | -            |   |   |   | (1,348,628 | ) |
|          Advances from (to) affiliates                  |                                                                                                                                                               |   | 11,125,000        |       |   |               | -      |   |         |   | (11,125,000 | )           |   |   | -            |   |   |   | - |   |
|          Repayment of debt                              |                                                                                                                                                               |   | (37,152           | )          |   |               | -      |   |         |   | (247,437    | )           |   |   | -            |   |   |   | (284,589 | ) |
|                                                                   | Net      cash provided by (used in) financing activities                                                                                                           |   |              | 11,172,908 |   |               |   | -      |         |   |        | (11,372,437 | )      |   |         | -      |   |   |   | (199,529 | ) |
|                                                                   |                                                                                                                                                               |   |              |       |   |               |   |   |         |   |        |        |   |   |         |   |   |   |   |   |   |
| Net increase      in cash and cash equivalents                    |                                                                                                                                                               |   | 4,441,486         |       |   |               | -      |   |         |   | 627,696     |        |   |   | -            |   |   |   | 5,069,182 |   |
|                                                                   |                                                                                                                                                               |   |              |       |   |               |   |   |         |   |        |        |   |   |         |   |   |   |   |   |   |
| Cash      and cash equivalents, beginning of period                    |                                                                                                                                                               |   | 8,044,826         |       |   |               | -      |   |         |   | 49,704,926  |        |   |   | -            |   |   |   | 57,749,752 |   |
|                                                                   |                                                                                                                                                               |   |              |       |   |               |   |   |         |   |        |        |   |   |         |   |   |   |   |   |   |
| Cash      and cash equivalents, end of period                          |                                                                                                                                                               | $      | 12,486,312        |       |   | $                  | -      |   |         | $      | 50,332,622  |        |   | $      | -            |   |   | $ | 62,818,934 |   |
|                                                                   |                                                                                                                                                               |   |              |       |   |               |   |   |         |   |        |        |   |   |         |   |   |   |   |   |   |
| (a)                                                                    | Includes      interest expense of $2.0 million and amortization of deferred financing      costs of $0.1 million related to Majestic      Holdco's Discount Notes. |

----

|                                                                   |                                                                                                                                                                                                                      |   | The      Majestic |       |   | The      Majestic  |   |   |         |   |        |        |   |   |         |   |
|------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|------------|--------|--------------------|--------|--------|--------------|--------|-------------|-------------|--------|--------|--------------|--------|
|                                                                   |                                                                                                                                                                                                                      |   | Star      Casino, |       |   | Star      Casino   |   |   | Guarantor    |   |        | Eliminating |   |   | Total        |   |
|                                                                   |                                                                                                                                                                                                                      |   | LLC               |       |   | Capital      Corp. |   |   | Subsidiaries |   |        | Entries     |   |   | Consolidated |   |
| NET      CASH (USED IN) PROVIDED BY                                    |                                                                                                                                                                                                                      |   |              |       |   |               |   |   |         |   |        |        |   |   |         |
| OPERATING      ACTIVITIES: (a)                                         |                                                                                                                                                                                                                      | $      | (6,949,792        | )          |   | $                  | -      |   |         | $      | 17,487,187  |        |   | $      | -            |   |   | $ | 10,537,395 |   |
|                                                                   |                                                                                                                                                                                                                      |   |              |       |   |               |   |   |         |   |        |        |   |   |         |   |   |   |   |   |   |
| CASH      FLOWS FROM INVESTING ACTIVITIES:                             |                                                                                                                                                                                                                      |   |              |       |   |               |   |   |         |   |        |        |   |   |         |   |   |   |   |   |
|          Additions to property and equipment            |                                                                                                                                                                                                                      |   | (518,372          | )          |   |               | -      |   |         |   | (5,941,487  | )           |   |   | -            |   |   |   | (6,459,859 | ) |
|          Decrease in Lakefront Capital Improvement Fund |                                                                                                                                                                                                                      |   | (606,311          | )          |   |               | -      |   |         |   | -           |        |   |   | -            |   |   |   | (606,311 | ) |
|          Proceeds from disposal of equipment            |                                                                                                                                                                                                                      |   | 25,286            |       |   |               | -      |   |         |   | -           |        |   |   | -            |   |   |   | 25,286 |   |
|                                                                   | Net      cash used in investing activities                                                                                                                                                                                |   |              | (1,099,397 | )      |               |   | -      |         |   |        | (5,941,487  | )      |   |         | -      |   |   |   | (7,040,884 | ) |
|                                                                   |                                                                                                                                                                                                                      |   |              |       |   |               |   |   |         |   |        |        |   |   |         |   |   |   |   |   |   |
| CASH      FLOWS FROM FINANCING ACTIVITIES:                             |                                                                                                                                                                                                                      |   |              |       |   |               |   |   |         |   |        |        |   |   |         |   |   |   |   |   |
|          Proceeds from line of credit                   |                                                                                                                                                                                                                      |   | 9,721,713         |       |   |               | -      |   |         |   | -           |        |   |   | -            |   |   |   | 9,721,713 |   |
|          Repayment of line of credit                    |                                                                                                                                                                                                                      |   | (13,850,000       | )          |   |               | -      |   |         |   | -           |        |   |   | -            |   |   |   | (13,850,000 | ) |
|          Advances from (to) affiliates                  |                                                                                                                                                                                                                      |   | 12,950,000        |       |   |               | -      |   |         |   | (12,950,000 | )           |   |   | -            |   |   |   | - |   |
|          Repayment of debt                              |                                                                                                                                                                                                                      |   | (49,854           | )          |   |               | -      |   |         |   | (13,311     | )           |   |   | -            |   |   |   | (63,165 | ) |
|                                                                   | Net      cash provided by (used in) financing activities                                                                                                                                                                  |   |              | 8,771,859  |   |               |   | -      |         |   |        | (12,963,311 | )      |   |         | -      |   |   |   | (4,191,452 | ) |
|                                                                   |                                                                                                                                                                                                                      |   |              |       |   |               |   |   |         |   |        |        |   |   |         |   |   |   |   |   |   |
| Net increase      (decrease) in cash and cash equivalents         |                                                                                                                                                                                                                      |   | 722,670           |       |   |               | -      |   |         |   | (1,417,611  | )           |   |   | -            |   |   |   | (694,941 | ) |
|                                                                   |                                                                                                                                                                                                                      |   |              |       |   |               |   |   |         |   |        |        |   |   |         |   |   |   |   |   |   |
| Cash      and cash equivalents, beginning of period                    |                                                                                                                                                                                                                      |   | 8,055,172         |       |   |               | -      |   |         |   | 21,161,091  |        |   |   | -            |   |   |   | 29,216,263 |   |
|                                                                   |                                                                                                                                                                                                                      |   |              |       |   |               |   |   |         |   |        |        |   |   |         |   |   |   |   |   |   |
| Cash      and cash equivalents, end of period                          |                                                                                                                                                                                                                      | $      | 8,777,842         |       |   | $                  | -      |   |         | $      | 19,743,480  |        |   | $      | -            |   |   | $ | 28,521,322 |   |
|                                                                   |                                                                                                                                                                                                                      |   |              |       |   |               |   |   |         |   |        |        |   |   |         |   |   |   |   |   |   |
| (a)                                                                    | Includes      interest expense of $1.8 million and deferred financing costs of $0.1      million related to the amortization of bond      discount and deferred financing costs of Majestic Holdco's Discount      Notes. |

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| ITEM      2. | MANAGEMENT’S      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS      OF OPERATIONS. |
|--------------|--------------------------------------------------------------------------------------------------------|

----

| ·   | An      event of default exists under the indentures governing the Senior Secured      Notes and the Senior Notes, the Senior Secured Credit Facility and the      indenture which governs the Discount Notes (“Event of Default”) due to our      decision to not make the October 15, 2008 and April 15, 2009 interest      payments on the Senior Secured Notes and the Senior Notes. In addition,      our parent did not make the cash interest payment on the Discount Notes      due April 15, 2009.  Consequently, we have classified all debt,      including the debt of our parent, within current liabilities in the      Condensed Consolidated Balance Sheets as of March 31, 2009 and December      31, 2008. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We      have engaged financial advisors to assist in the evaluation of a broad      range of financial and strategic alternatives aimed at addressing trends      in our operating results and financial position. We continue our      evaluation of financial and strategic alternatives, which may include a      recapitalization, restructuring or reorganization of our obligations or a      sale of some or all of our business assets. We are actively working with      our advisors toward such a transaction that would modify our capital      structure, including our outstanding indebtedness. Given the current      valuations for regional gaming companies such as ours, the weak economic      environment, our diminishing cash flows, and the reduced availability of      debt and equity capital in the U.S. markets, it is unlikely that any      restructuring plan can be consummated outside a bankruptcy      proceeding. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We      have significant negative working capital. Our negative working capital is      the result of all of our debt and accrued and unpaid interest on our      Senior Secured Notes and Senior Notes and the Discount Notes issued by our      parent being reflected as current. As previously and further discussed, we      are in negotiations with our creditors regarding a recapitalization,      restructuring or reorganization of our obligations. As a result of not      paying interest on the Senior Secured Notes and Senior Notes, we have the      liquidity to pay our other current obligations, fund our capital      expenditure program and pay our restructuring advisors and the      restructuring advisors of our creditors. However, our only source of cash      is from operations. If there is a requirement that we should have to pay      down on the Senior Secured Credit Facility to reduce the amount      outstanding to an amount below the borrowing base (as defined in the loan      and security agreement to the Senior Secured Credit Facility), or if we do      not prevail on disputed property and income tax matters in Indiana, or if      our cash flows from operations should decline more rapidly, then our      liquidity could be adversely impacted if we do not further reduce expenses      and our capital expenditure program. (see discussions    below) |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The      spending and visitation habits of our casino customers have been      negatively impacted by the weakening economy, rising unemployment and      instability in the housing market. At this time we cannot project when the      spending/visitation habits of our customers will  improve. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The      results of our operations continue to be negatively impacted by the new or      renovated facilities opened in 2008 by our competitors, particularly in      northwest Indiana, the market in which our Majestic Properties competes.      We have seen casinos in northwest Indiana increase the number of lower      denomination slot machines on their casino floors, particularly penny slot      machines. Penny slot machines have been one of the best performing slot      denominations in the market and the Majestic Properties has seen good      revenue performance within this segment; however, our future performance      in the lower denomination slot machine segment is at risk as our      competitors add more lower denomination slot machines, and in particular      penny slot machines, to their casinofloors. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We      have been aggressive in reducing operating costs, particularly at the      Majestic Properties and Fitzgeralds Tunica, due to the impact that      competition and the weak economy have had on our net revenues. We have      reduced labor to be in alignment with casino volumes and have also reduced      labor in administrative areas by combining functions. We will continue to      evaluate reductions in our operating costs and will implement these      reductions as additional opportunities are identified. We are focused on      reducing slot machine lease expenses as we believe that with our 2009 slot      capital expenditure program (as discussed below) we will be able to reduce      the number of leased slot machines at our properties. Generally, leased      slot machines are more costly over time than slot machines that are      purchased. We are also looking at other agreements with vendors to see      which can be renegotiated to include more favorable terms. We will      continue to explore ways of reducing expenses that will not have a      detrimental impact on revenues. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ·   | We      have a $12.3 million capital expenditure budget for 2009. The budget      includes the acquisition of new slot machines and slot machine conversions      at all of our properties, relocation and expansion of the baccarat room      and a remodeling of the two casino vessels at the Majestic Properties, the      remodeling of the buffet, opening of a new deli/grill, development of a      high-end gaming room and VIP lounge, and remodeling of bathrooms, casino      stage and main casino bar at Fitzgeralds Tunica and relocation, expansion      and enhancement of our table games pit at Fitzgeralds Black Hawk. All of      these projects are currently underway. We are also considering increasing      our 2009 capital budget to include $0.5 million for remodeled bathrooms      and new slot machine bases at the Majestic Properties and $1.0 million for      additional new slot machines at Fitzgeralds Tunica. We believe that the      remodeled bathrooms and new slot bases at the Majestic Properties will be      complementary to our casino remodel projects and that new slot machines at      Fitzgeralds Tunica will allow us to further reduce slot machine lease      expense and provide a favorable return on  investment. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | At      the Majestic Properties we have made some significant changes in      management, including a new general manager, vice president of marketing      and a new food and beverage team. The new executives have many years of      gaming experience and know the market well. These new executives, along      with our current executives, are focused on enhancing revenue performance      by refining our marketing and promotional programs, modifying the slots      and table games offered to our gaming customers and improving the quality      and value our customers receive at our food and beverage outlets.      Additional changes, which we believe will increase revenues, include the      relocation and expansion of our baccarat room to better cater to and      attract Asian customers, which is anticipated to be completed in June      2009, remodeling the casino and modifying the casino floor to create      better sight lines and aisle space and adding more popular penny slot      machines. Management is focused on improving margins and has reduced our      labor to be more efficient and inline with our current casino volumes. We      are focused on reducing the number of leased slot machines with the      installation of new slot machines and conversions under our 2009 capital      expenditure program. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | At      Fitzgeralds Tunica we have started the buffet remodel. The new buffet will      have expanded seating, through elimination of the existing café, a new      décor and design and food preparation action stations. The new buffet      should greatly improve our customers’ dining experience and our ability to      utilize the buffet as a marketing tool. To complement our food offering,      we are also creating a deli/grill outlet that will cater to customers who      desire an expedited dining experience. We are also moving forward with a      casino remodel project that will create a new high limit table game room,      VIP lounge, remodeled casino bathrooms, new casino stage and improved main      casino bar. We also continue to focus on cost reduction, including      efficiencies through labor savings and guest service improvements that      will occur when we combine our cage and card center operations. We will      also reduce the number of leased slot machines with the installation of      new slot machines and conversions under our 2009 capital expenditure      program. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We      continue to focus on ways to enhance revenue by better utilizing the new      casino space and amenities at Fitzgeralds Black Hawk that were created      when we completed our $36.0 million expansion of the property in June of      2008. During the first quarter we relocated our table games pit to the      first floor of our expanded casino. The location of the pit brings greater      visibility to our table games operation, which is important as we approach      the start of expanded gaming in July 2009, which will allow for increased      betting limits from $5 to $100, 24-hour a day operation and the ability to      offer the table games of craps and roulette. Our current offering consists      of six table games. Once expanded gaming is implemented, we plan to offer      ten table games, including craps and roulette. The new table games pit is      adjacent to our new casino bar, and will include flat screen TVs to create      an area of energy and excitement, especially during sporting events. We      have moved the slot machines throughout our casino to improve sight lines,      increase aisle space and provide better accessibility to areas of the      casino floor. In terms of slot denomination mix, we continue to increase      the number of penny slot machines, which we feel is the slot denomination      most sought after by our customers. To enhance our marketing tools,      attract customers and increase casino volumes, we have expanded our menu      mix in our café, created value oriented food price points and implemented      a food coupon program. In the upcoming quarter we will begin hosting      regular slot tournaments for our best players and will continue to utilize      our expanded banquet facility for hosting and entertaining our casino      customers. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                          |                                                                                                                                                                                                                  |   | For      The Three Months Ended |   |   |    |   |
|-------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|--------|--------|---------|--------|
|                          |                                                                                                                                                                                                                  |   | March      31,                  |   |   | Percent |   |
|                          |                                                                                                                                                                                                                  |   | 2009                            |   |   | 2008    |   |   | Change |   |
| Gross      revenues:          |                                                                                                                                                                                                                  |   |                            |   |   |    |   |   |   |
| Majestic      Properties      |                                                                                                                                                                                                                  | $      | 56,941                          |   |   | $       | 64,855 |   |   |   | -12.2 | % |
| Fitzgeralds      Tunica       |                                                                                                                                                                                                                  |   | 25,276                          |   |   |    | 27,550 |   |   |   | -8.3 | % |
| Fitzgeralds      Black Hawk   |                                                                                                                                                                                                                  |   | 9,523                           |   |   |    | 8,433  |   |   |   | 12.9 | % |
|                          | Total                                                                                                                                                                                                                 |   | $                               | 91,740 |   |    | $      | 100,838 |   |   |   | -9.0 | % |
|                          |                                                                                                                                                                                                                  |   |                            |   |   |    |   |   |   |   |   |   |   |
| Net      revenues:            |                                                                                                                                                                                                                  |   |                            |   |   |    |   |   |   |   |   |   |
| Majestic      Properties      |                                                                                                                                                                                                                  | $      | 52,321                          |   |   | $       | 59,438 |   |   |   | -12.0 | % |
| Fitzgeralds      Tunica       |                                                                                                                                                                                                                  |   | 21,285                          |   |   |    | 22,727 |   |   |   | -6.3 | % |
| Fitzgeralds      Black Hawk   |                                                                                                                                                                                                                  |   | 7,685                           |   |   |    | 6,828  |   |   |   | 12.6 | % |
|                          | Total                                                                                                                                                                                                                 |   | $                               | 81,291 |   |    | $      | 88,993 |   |   |   | -8.7 | % |
|                          |                                                                                                                                                                                                                  |   |                            |   |   |    |   |   |   |   |   |   |   |
| Casino      revenues:         |                                                                                                                                                                                                                  |   |                            |   |   |    |   |   |   |   |   |   |
| Majestic      Properties      |                                                                                                                                                                                                                  | $      | 52,226                          |   |   | $       | 59,313 |   |   |   | -11.9 | % |
| Fitzgeralds      Tunica       |                                                                                                                                                                                                                  |   | 20,402                          |   |   |    | 22,338 |   |   |   | -8.7 | % |
| Fitzgeralds      Black Hawk   |                                                                                                                                                                                                                  |   | 8,743                           |   |   |    | 7,701  |   |   |   | 13.5 | % |
|                          | Total                                                                                                                                                                                                                 |   | $                               | 81,371 |   |    | $      | 89,352 |   |   |   | -8.9 | % |
|                          |                                                                                                                                                                                                                  |   |                            |   |   |    |   |   |   |   |   |   |   |
| Operating      income (loss): |                                                                                                                                                                                                                  |   |                            |   |   |    |   |   |   |   |   |   |
| Majestic      Properties      |                                                                                                                                                                                                                  | $      | 4,858                           |   |   | $       | 6,403  |   |   |   | -24.1 | % |
| Fitzgeralds      Tunica       |                                                                                                                                                                                                                  |   | 2,806                           |   |   |    | 2,518  |   |   |   | 11.4 | % |
| Fitzgeralds      Black Hawk   |                                                                                                                                                                                                                  |   | 483                             |   |   |    | 646    |   |   |   | -25.2 | % |
| Corporate      (1)            |                                                                                                                                                                                                                  |   | (4,734                          | )      |   |    | (1,695 | ) |   |   | -179.2 | % |
|                          | Total                                                                                                                                                                                                                 |   | $                               | 3,413  |   |    | $      | 7,872 |   |   |   | -56.6 | % |
|                          |                                                                                                                                                                                                                  |   |                            |   |   |    |   |   |   |   |   |   |   |
| (1)                           | Corporate      expenses reflect payroll, benefits, travel and other costs associated      with our corporate staff, plus restructuring fees of $3.1 million in      2009, and are not allocated to the    properties. |   |

----

----

----

----

ITEM3.   

ITEM4T. 

----

PARTII                      OTHERINFORMATION

ITEM 1.    

ITEM 1A.

----

ITEM6.     

| (a)   | The      following exhibits are filed as part of this  report: |
|-----------------|----------------------------------------------------------------|

| Exhibit      No. |                 | Description      of Document                                                                                                                                                                                                                                     |
|------------------|----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|             |                 |                                                                                                                                                                                                                                                             |
| 3.1              |                 | Amendment      Number One to the Fourth Amended and Restated Operating Agreement of The      Majestic Star Casino, LLC dated as of March 23, 2009 (filed as Exhibit 3.2      to the Company’s Current Report on Form 8-K dated March 27,      2009).  |
| 3.2              |                 | Amended      and Restated Operating Agreement of The Majestic Star Casino, LLC,      effective as of March 23, 2009 (filed as Exhibit 3.2 to the Company’s      Annual Report on Form 10-K for the year ended December 31,      2008).                |
| 10.1             |                 | The      Majestic Star Casino, LLC Amended and Restated Management Incentive Plan,      effective on January 1, 2009 (filed as Exhibit 10.7.1 to the Company’s      Annual Report on Form 10-K for the year ended December 31,      2008).                 |
|             |                 |                                                                                                                                                                                                                                                             |
| 31.1*            |                 | Certification      of Chief Executive Officer pursuant to Rule 15d-14 of the Securities      Exchange Act of 1934, as adopted pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002.                                                                    |
|             |                 |                                                                                                                                                                                                                                                             |
| 31.2*            |                 | Certification      of Chief Financial Officer pursuant to Rule 15d-14 of the Securities      Exchange Act of 1934, as adopted pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002.                                                                    |
|             |                 |                                                                                                                                                                                                                                                             |
| 32*              |                 | Certification      pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of      the Sarbanes-Oxley Act of 2002.                                                                                                                                |
|             |                 |
| *                | Filed      herewith. |

----

SIGNATURES

| Dated:      May 15, 2009                                          |
|-------------------------------------------------------------------|
|                                                              |   |
| THE      MAJESTIC STAR CASINO, LLC                                |
|                                                              |   |
|  /s/      Don H. Barden                                      |   |
| Don      H. Barden                                                |
| Chairman,      President and Chief Executive Officer              |
| (Principal      Executive Officer)                                |
|                                                              |   |
|  /s/ Jon S.      Bennett                                     |   |
| Jon      S. Bennett                                               |
| Senior      Vice President, Chief Financial Officer and Treasurer |
| (Principal      Financial and Accounting Officer)                 |
|                                                              |   |
|                                                              |   |
| THE      MAJESTIC STAR CASINO CAPITAL CORP.                       |
|                                                              |   |
|  /s/      Don H. Barden                                      |   |
| Don      H. Barden                                                |
| President      and Chief Executive Officer                        |
| (Principal      Executive Officer)                                |
|                                                              |   |
|  /s/ Jon S.      Bennett                                     |   |
| Jon      S. Bennett                                               |
| Senior      Vice President, Chief Financial Officer and Treasurer |
| (Principal      Financial and Accounting Officer)                 |
|                                                              |
|                                                              |
| THE      MAJESTIC STAR CASINO CAPITAL CORP. II                    |
|                                                              |
|  /s/ Don H.      Barden                                      |   |
| Don      H. Barden                                                |
| President      and Chief Executive Officer                        |
| (Principal      Executive Officer)                                |
|                                                              |
|  /s/Jon      S. Bennett                                      |   |
| Jon      S. Bennett                                               |
| Senior      Vice President, Chief Financial Officer and Treasurer |
| (Principal      Financial and Accounting Officer)                 |
|                                                              |

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