Document:

Exhibit 4.6B

                        SUPPLEMENT TO SECURITY AGREEMENT

            This  SUPPLEMENT  TO  SECURITY  AGREEMENT,  dated  June 16,  2004 is
delivered by the  undersigned  in favor of U.S.  Bank National  Association,  as
Trustee  (together  with any  successor  Trustee  pursuant  to the  terms of the
Indenture,  the "SECURED PARTY"), acting in the capacity of collateral agent for
the  benefit  of itself and the  Holders,  pursuant  to the Pledge and  Security
Agreement,  dated as of April 16, 2004 (as it may be from time to time  amended,
restated, modified or supplemented, the "SECURITY AGREEMENT"), among Diamond Jo,
LLC, a Delaware  limited  liability  company  ("DJL"),  The Old Evangeline Downs
Capital Corp., a Delaware  corporation  ("CAPITAL"  and,  together with DJL, the
"ISSUERS"), OED Acquisition, LLC, a Delaware limited liability company ("OEDA"),
Peninsula  Gaming  Corporation,  a Delaware  corporation  ("PG CORP."),  The Old
Evangeline Downs,  L.L.C., a Louisiana  limited  liability company ("OED"),  and
each additional  Guarantor (as defined in the Indenture referred to therein) and
Issuer (as defined in the Indenture) from time to time party thereto pursuant to
Section 5.2 thereof,  and the Secured Party.  Capitalized  terms used herein not
otherwise  defined  herein  shall  have the  meanings  ascribed  thereto  in the
Security Agreement.

            The  undersigned  does hereby grant to the Secured  Party a security
interest in, all of the  undersigned's  right,  title and interest in and to all
Collateral to secure the Secured  Obligations of the  undersigned,  in each case
whether  now or  hereafter  existing  or in  which  the  undersigned  now has or
hereafter  acquires  an  interest  and  wherever  the same may be  located.  The
undersigned  hereby further  agrees,  as of the date first written above,  to be
bound  by all  of the  terms  and  provisions  of  the  Security  Agreement,  as
supplemented by this Supplement to Security  Agreement.  The undersigned  hereby
makes  all of the  representations  and  warranties  set  forth in the  Security
Agreement,  and hereby represents and warrants that the attached  supplements to
Schedules  accurately and completely set forth all information required pursuant
to the Security  Agreement and hereby agrees that such  Supplements to Schedules
shall constitute part of the schedules to the Security Agreement.

            IN WITNESS  WHEREOF,  the  undersigned has caused this Supplement to
Security  Agreement  to be duly  executed and  delivered by its duly  authorized
officer.

                                               PENINSULA GAMING, LLC

                                               By:/s/M. BRENT STEVENS
                                                  ------------------------------
                                                  Name:  M. Brent Stevens
                                                  Title: Chief Executive Officer

ACCEPTED AND AGREED TO BY:
U.S. BANK NATIONAL ASSOCIATION,
   as Trustee, as Secured Party

By: /s/FRANK P. LESLIE, II
   ----------------------------
   Name:  Frank P. Leslie, II
   Title: Vice PresidentExhibit 4.7

                          TRADEMARK SECURITY AGREEMENT

      THE OLD EVANGELINE  DOWNS,  L.L.C., a Louisiana  limited liability company
("DEBTOR"),  owns  the  Trademarks,   Trademark  registrations,   and  Trademark
applications listed on Schedule 1 annexed hereto; and ----------

      Debtor has entered  into an  Indenture  dated as of April 16, 2004 (as the
same may be amended, restated,  supplemented or otherwise modified and in effect
from time to time, the  "INDENTURE")  among Diamond Jo, LLC, a Delaware  limited
liability  company  ("DJL"),  The Old Evangeline Downs Capital Corp., a Delaware
corporation ("CAPITAL" and, together with DJL, the "ISSUERS"),  OED Acquisition,
LLC,  a  Delaware  limited   liability   company   ("OEDA"),   Peninsula  Gaming
Corporation, a Delaware corporation ("PG CORP."), Debtor, and U.S. Bank National
Association,  solely in its capacity as trustee ("TRUSTEE") for the holders (the
"HOLDERS") of Issuers 8-3/4% Senior Secured Notes due 2012;

      Pursuant to the terms of a Pledge and Security Agreement dated as of April
16,  2004 (as the same  may be  amended,  restated,  supplemented  or  otherwise
modified  and in effect from time to time,  the  "SECURITY  Agreement"),  among,
inter alia, the Issuers, Debtor and Trustee (in such capacity, "SECURED PARTY"),
Debtor has,  subject to Section 2.2 thereof,  granted to Secured Party,  for the
benefit of Secured Party and the Holders,  a security  interest in substantially
all the assets of Debtor  including all right,  title and interest of Debtor in,
to and under all now owned and hereafter acquired  Trademarks (as defined in the
Security  Agreement)  and all  proceeds  thereof,  to secure the  payment of all
amounts owing by Debtor under the Indenture Documents to which it is a party;

      For good and valuable consideration,  the receipt and sufficiency of which
are hereby  acknowledged,  Debtor does hereby  grant to Secured  Party,  for the
benefit of Secured Party and the Holders a continuing  security  interest in all
of Debtor's right, title and interest in, to and under the following (all of the
following  items or types of property being herein  collectively  referred to as
the "TRADEMARK COLLATERAL"),  whether presently existing or hereafter created or
acquired:

      (1) each  Trademark,  Trademark  registration  and Trademark  application,
      including,  without limitation,  the Trademarks,  Trademark  registrations
      (together  with any reissues,  continuations  or  extensions  thereof) and
      Trademark  applications  referred to in Schedule 1 annexed hereto, and all
      of the goodwill of the business  connected with the use of, and symbolized
      by, each Trademark, Trademark registration and Trademark application; and

      (2)  all  products  and  proceeds  of the  foregoing,  including,  without
      limitation, any claim by Debtor against third parties for past, present or
      future  (a)  infringement  or  dilution  of  any  Trademark  or  Trademark
      registration including,  without limitation,  the Trademarks and Trademark
      registrations  referred to in  Schedule 1 annexed  hereto,  the

<PAGE>

      Trademark  registrations issued with respect to the Trademark applications
      referred in Schedule 1 and the  Trademarks  licensed  under any  Trademark
      license,  or (b) injury to the  goodwill  associated  with any  Trademark,
      Trademark registration or Trademark licensed under any Trademark license.

Notwithstanding anything herein to the contrary, in no event shall the Trademark
Collateral  include,  and no Debtor  shall be deemed to have  granted a security
interest in, any of such Debtor's right,  title or interest in any of its assets
to the extent such asset would be excluded  from the  definition  of  Collateral
pursuant to Section 2.2 of the Security Agreement.

This security  interest is granted in  conjunction  with the security  interests
granted to Secured  Party  pursuant to the  Security  Agreement.  Debtor  hereby
acknowledges  and affirms  that the rights and  remedies  of Secured  Party with
respect to the security  interest in the Trademark  Collateral  made and granted
hereby  are more  fully  set  forth in the  Security  Agreement,  the  terms and
provisions of which are  incorporated by reference  herein as if fully set forth
herein.

                                      -2-

<PAGE>

      IN WITNESS WHEREOF, Debtor has caused this Trademark Security Agreement to
be duly  executed  by its duly  authorized  officer as of the date  first  above
written.

                                        THE OLD EVANGELINE DOWNS, L.L.C., a
                                        Louisiana limited liability company

                                        By:    /s/  M. Brent Stevens
                                           -------------------------------------
                                        Name:  M. Brent Stevens
                                        Title: Chief Executive Officer

<PAGE>

                                                       Schedule 1
                                                       to Trademark
                                                       Security Agreement

                                   TRADEMARKS

--------------------------------------------------------------------------------
                       SERIAL      FILING
       MARK            NUMBER       DATE       COUNTRY            STATUS
--------------------------------------------------------------------------------
"Races & Aces"        76518029     3/26/03       USA      Debtor applied to the
(Trade Name)                                              USPTO for
                                                          registration of this
                                                          mark; however, the
                                                          USPTO has issued a
                                                          non-final action
                                                          letter rejecting the
                                                          registration of the
                                                          mark.
--------------------------------------------------------------------------------Exhibit 4.8

                                 [FORM OF NOTE]

                                 DIAMOND JO, LLC

                     THE OLD EVANGELINE DOWNS CAPITAL CORP.

              8 3/4% [SERIES A] [SERIES B](1) SENIOR SECURED NOTE
                                    DUE 2012

                                                              CUSIP:  __________
No.                                                           $_________________

      Diamond Jo, LLC, a Delaware limited  liability company (the "Company") and
The Old Evangeline Downs Capital Corp., a Delaware  corporation  ("Capital" and,
together with the Company,  the  "Issuers,"  which term includes any  successors
under,  and any  additional  "Issuers"  that may become a party to the Indenture
hereinafter  referred to), for value  received,  hereby promise to pay to Cede &
Co, or registered assigns, the principal sum of __________ Dollars, on April 15,
2012.

      Interest Payment Dates:  April 15 and October 15, commencing October
15, 2004.

      Interest Record Dates:  April 1 and October 1

      Reference  is made to the further  provisions  of this Note on the reverse
side,  which shall,  for all  purposes,  have the same effect as if set forth at
this place.

      Upon  request,  the Issuers shall  promptly make  available to a holder of
this Note  information  regarding the issue price,  the amount of original issue
discount, the issue date, and the yield to maturity of this Note. Holders should
contact  Diamond Jo, LLC, 400 East Third Street,  P.O. Box 1750,  Dubuque,  Iowa
52004-1750, Attention: Michael S. Luzich.

________________________
(1)     Series A should be replaced with Series B in the Exchange Notes.

                                      A-1
<PAGE>

      IN WITNESS  WHEREOF,  the Issuers have caused this  instrument  to be duly
executed.

                         Diamond Jo, LLC,
                         a Delaware limited liability company

                         By: ___________________________
                              Name:
                              Title:

                         By: ___________________________
                              Name:
                              Title:

                         The Old Evangeline Downs Capital Corp.,
                         a Delaware corporation

                         By: ___________________________
                              Name:
                              Title:

                         By: ___________________________
                              Name:
                              Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

      This is one of the Notes described in the within-mentioned Indenture.

                         U.S. Bank National Association

                         By: ____________________________
                              Authorized Signatory

Dated: _______________

<PAGE>

                               (Reverse of Note)

          8 3/4% [Series A] [Series B](2) Senior Secured Note due 2012

[THIS  GLOBAL  NOTE IS HELD  BY THE  DEPOSITARY  (AS  DEFINED  IN THE  INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF,  AND IS NOT  TRANSFERABLE  TO ANY PERSON UNDER ANY  CIRCUMSTANCES
EXCEPT THAT (I) THE TRUSTEE  MAY MAKE SUCH  NOTATIONS  HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 2.6 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED
IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.6(a) OF THE INDENTURE, (III) THIS
GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
2.11 OF THE  INDENTURE  AND  (IV)  THIS  GLOBAL  NOTE  MAY BE  TRANSFERRED  TO A
SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS.](3)

[UNLESS AND UNTIL IT IS  EXCHANGED  IN WHOLE OR IN PART FOR NOTES IN  DEFINITIVE
FORM, THIS NOTE MAY NOT BE TRANSFERRED  EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY,  OR BY A NOMINEE OF THE DEPOSITARY, TO THE DEPOSITARY
OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO
A SUCCESSOR  DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR  DEPOSITARY.  UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (55 WATER STREET,  NEW YORK, NEW YORK) ("DTC"),  TO THE ISSUERS OR THEIR
AGENT FOR  REGISTRATION  OF TRANSFER,  EXCHANGE OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO. OR SUCH  OTHER  NAME AS MAY BE
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  & CO.  OR  SUCH  OTHER  ENTITY  AS  MAY  BE  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC),  ANY TRANSFER,  PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.](4)

[THE  RIGHTS  ATTACHING  TO THIS  REGULATION  S  TEMPORARY  GLOBAL  NOTE AND THE
CONDITIONS AND PROCEDURES  GOVERNING ITS EXCHANGE FOR DEFINITIVE  NOTES,  ARE AS
SPECIFIED  IN THE  INDENTURE  (AS  DEFINED  HEREIN).  NEITHER THE HOLDER NOR THE
BENEFICIAL  OWNERS OF THIS REGULATION S TEMPORARY  GLOBAL NOTE SHALL BE ENTITLED
TO RECEIVE CASH  PAYMENTS OF INTEREST  DURING THE PERIOD WHICH SUCH HOLDER HOLDS
THIS NOTE.  NOTHING IN THIS

______________________
(2)   Series A should be replaced with Series B in the Exchange Notes.
(3)   To be included only on Global Notes deposited with DTC as Depositary.
(4)   To be included only on Global Notes deposited with DTC as Depositary.

                                      A-3
<PAGE>

LEGEND SHALL BE DEEMED TO PREVENT INTEREST FROM ACCRUING ON THIS NOTE.](5)

 [THIS  SECURITY HAS NOT BEEN  REGISTERED  UNDER THE  SECURITIES ACT OF 1933, AS
AMENDED (THE  "SECURITIES  ACT"),  OR ANY STATE  SECURITIES  LAWS.  NEITHER THIS
SECURITY  NOR ANY  INTEREST  OR  PARTICIPATION  HEREIN MAY BE  REOFFERED,  SOLD,
ASSIGNED,  TRANSFERRED,  PLEDGED,  ENCUMBERED  OR  OTHERWISE  DISPOSED OF IN THE
ABSENCE OF SUCH  REGISTRATION OR UNLESS SUCH  TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, REGISTRATION.

THE HOLDER OF THIS SECURITY BY ITS  ACCEPTANCE  HEREOF AGREES TO OFFER,  SELL OR
OTHERWISE TRANSFER THIS SECURITY,  PRIOR TO THE DATE WHICH IS TWO YEARS (OR SUCH
OTHER  PERIOD  THAT MAY  HEREAFTER  BE  PROVIDED  UNDER  RULE  144(k)  UNDER THE
SECURITIES ACT AS PERMITTING RESALES OF RESTRICTED  SECURITIES BY NON-AFFILIATES
WITHOUT  RESTRICTION)  AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE
LAST DATE ON WHICH THE ISSUERS OR ANY  AFFILIATE OF THE ISSUERS WAS THE OWNER OF
THIS SECURITY (OR ANY  PREDECESSOR OF THIS  SECURITY)  (THE "RESALE  RESTRICTION
TERMINATION  DATE") ONLY (A) TO THE  ISSUERS,  (B)  PURSUANT  TO A  REGISTRATION
STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO
LONG AS THIS  SECURITY  IS ELIGIBLE  FOR RESALE  PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL
BUYER" AS DEFINED IN RULE 144A UNDER THE  SECURITIES  ACT THAT PURCHASES FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN  THAT THE  TRANSFER  IS BEING MADE IN  RELIANCE  ON RULE 144A UNDER THE
SECURITIES  ACT,  (D) PURSUANT TO OFFERS AND SALES TO NON-U.S.  PURCHASERS  THAT
OCCUR  OUTSIDE  THE UNITED  STATES IN  ACCORDANCE  WITH  REGULATION  S UNDER THE
SECURITIES ACT, (E) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE MEANING
OF  SUBPARAGRAPH  (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE  SECURITIES ACT
THAT IS ACQUIRING THIS SECURITY FOR ITS OWN ACCOUNT,  OR FOR THE ACCOUNT OF SUCH
AN INSTITUTIONAL  "ACCREDITED  INVESTOR," FOR INVESTMENT PURPOSES AND NOT WITH A
VIEW TO, OR FOR OFFER OR SALE IN CONNECTION  WITH, ANY DISTRIBUTION IN VIOLATION
OF THE  SECURITIES ACT OR (F) PURSUANT TO ANOTHER  AVAILABLE  EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUERS' AND THE
TRUSTEE'S  RIGHT  PRIOR TO ANY SUCH OFFER,  SALE OR TRANSFER  PURSUANT TO CLAUSE
(D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS
AND/OR  OTHER  INFORMATION  SATISFACTORY  TO  EACH OF  THEM,  AND IN

______________________
(5)   To be included only on Reg S Temporary Global Notes.

                                      A-4
<PAGE>

EACH OF THE FOREGOING  CASES, A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON
THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE AND IN
EACH CASE IN ACCORDANCE WITH APPLICABLE SECURITIES LAWS OF ANY U.S. STATE OR ANY
OTHER APPLICABLE JURISDICTION.](6)

      Capitalized  terms used herein shall have the meanings assigned to them in
the Indenture referred to below unless otherwise indicated.

      1. Interest.  The Issuers promise to pay Interest on the principal  amount
of this Note at 8 3/4% per annum from the Issue Date  until  maturity  and shall
pay the  Liquidated  Damages,  if any,  payable  pursuant  to  Section  4 of the
Registration  Rights Agreement referred to below. The Issuers shall pay Interest
and Liquidated Damages, if any, semi-annually on April 15 and October 15 of each
year, or if any such day is not a Business Day, on the next succeeding  Business
Day (each an "Interest Payment Date").  The first Interest Payment Date shall be
October 15,  2004.  Interest on the Notes shall accrue from the most recent date
to which Interest has been paid or, if no Interest has been paid, from the Issue
Date;  provided that if there is no existing Default in the payment of Interest,
and if this Note is  authenticated  between an  Interest  Record  Date  (defined
below) referred to on the face hereof and the next succeeding  Interest  Payment
Date, Interest shall accrue from such next succeeding Interest Payment Date. The
Issuers  shall  pay  Interest  (including  Accrued  Bankruptcy  Interest  in any
proceeding under any Bankruptcy Law) on overdue  principal and premium,  if any,
from time to time on demand at the rate then in  effect;  it shall pay  Interest
(including  Accrued  Bankruptcy  Interest in any proceeding under any Bankruptcy
Law) on  overdue  installments  of  Interest  and  Liquidated  Damages,  if any,
(without regard to any applicable  grace periods) from time to time on demand at
the same rate to the extent lawful. Interest shall be calculated on the basis of
a 360-day year consisting of twelve 30-day months.

      2. Method of  Payment.  The  Issuers  shall pay  Interest on the Notes and
Liquidated  Damages,  if any, to the Persons who are registered Holders of Notes
at the close of business on the April 1 or October 1 next preceding the Interest
Payment Date (each an "Interest Record Date"),  even if such Notes are cancelled
after such  Interest  Record Date and on or before such  Interest  Payment Date,
except as  provided in Section  2.12 of the  Indenture  (as defined  below) with
respect to  defaulted  interest.  The Notes  shall be  payable as to  principal,
Interest,  premium,  if any, and  Liquidated  Damages,  if any, at the office or
agency of the Issuers  maintained within the City and State of New York for such
purpose,  or, at the option of the Issuers,  payment of Interest and  Liquidated
Damages,  if any, may be made by check mailed to the Holders at their  addresses
set forth in the register of Holders, and provided that payment by wire transfer
of immediately  available  funds to an account within the United States shall be
required  with  respect to  principal  of and  Interest,  premium,  if any,  and
Liquidated  Damages,  if any, on all Global Notes. Such payment shall be in such
coin or  currency  of the United  States of America as at the time of payment is
legal tender for payment of public and private debts.

______________________
(6)   To be included only on Transfer Restricted Notes.

                                      A-5
<PAGE>

      3. Paying Agent and Registrar.  Initially, U.S. Bank National Association,
the Trustee under the Indenture,  shall act as Paying Agent and  Registrar.  The
Issuers may change any Paying Agent or Registrar  without  notice to any Holder.
The Company or any of its subsidiaries may act in any such capacity.

      4. Indenture. The Issuers issued the Notes under an Indenture, dated as of
the  Issue  Date  ("Indenture"),  by  and  among  the  Issuers,  the  Subsidiary
Guarantors  party thereto and the Trustee.  The terms of the Notes include those
stated in the Indenture and those made part of the Indenture by reference to the
Trust Indenture Act of 1939, as amended (15 U.S. Code ss.ss. 77aaa-77bbbb).  The
Notes are subject to all such terms,  and Holders are referred to the  Indenture
and such Act for a statement of such terms.

      The Obligations  under the Indenture,  the  Intercreditor  Agreement,  the
Notes and the  Subsidiary  Guaranties  thereof  are  secured  by the  Collateral
described  in  the  Security  Documents,  subject  to  the  provisions  of  such
agreements and the Intercreditor Agreement. Holders are referred to the Security
Documents and the Intercreditor Agreement for a statement of such terms.

      5. Optional Redemption.

      (a) Except as set forth in Section 5(b),  the Notes are not  redeemable at
the  Issuers'  option prior to April 15,  2008.  Thereafter,  the Notes shall be
subject to redemption,  in whole or in part, at the option of the Issuers at the
redemption  prices  (expressed  as  percentages  of principal  amount) set forth
below,  plus  accrued  and unpaid  Interest  (and  Liquidated  Damages,  if any)
thereon,  to the  applicable  redemption  date, if redeemed  during the 12-month
period beginning on April 15 of the years indicated below:

       Year                                                     Percentage
       ----                                                     ----------
       2008                                                       104.375%
       2009                                                       102.917%
       2010                                                       101.458%
       2011 and thereafter                                        100.000%

      (b)  Notwithstanding  Section 5(a), at any time or from time to time prior
to April 15, 2007,  the Issuers may redeem,  at their  option,  up to 35% of the
aggregate principal amount of the Notes then outstanding,  at a redemption price
of 108.75% of the principal  amount  thereof,  plus accrued and unpaid  Interest
(and  Liquidated  Damages,  if any) thereon,  through the applicable  redemption
date, with the net cash proceeds of one or more Equity Offerings; provided, that
(i) such  redemption  shall occur  within 60 days of the date of closing of such
Equity Offering and (ii) at least 65% of the aggregate principal amount of Notes
issued under the Indenture remains  outstanding  immediately after giving effect
to each such redemption.

      (c) Notice of  redemption  shall be mailed by first class mail at least 30
days but not more than 60 days before the  redemption  date to each Holder whose
Notes are to be  redeemed  at its  registered  address.  Notes in  denominations
larger than $1,000 may be  redeemed  in part but only in integral  multiples  of
$1,000,  unless  all of the Notes held by a

                                      A-6
<PAGE>

Holder are to be redeemed.  On and after the redemption date, Interest ceases to
accrue on Notes or portions  thereof  called for  redemption  unless the Issuers
default in such payments due on the redemption date.

      6. Regulatory  Redemption.  Notwithstanding  any other provisions  hereof,
Notes to be  redeemed  pursuant  to a Required  Regulatory  Redemption  shall be
redeemable  by the Issuers,  in whole or in part, at any time upon not less than
20 Business  Days nor more than 60 days notice (or such  earlier  date as may be
ordered by any applicable Governmental Authority) at a price equal to the lesser
of (a) the Holder's cost thereof and (b) 100% of the principal  amount  thereof,
plus in either case accrued and unpaid  Interest,  plus Liquidated  Damages,  if
any,  thereon,  if any, to the date of  redemption  (or such  earlier  period as
ordered by a  Governmental  Authority).  The Issuers are not  required to pay or
reimburse  any Holder or  beneficial  owner of the Notes for the expenses of any
such  Holder or  beneficial  owner  related  to the  application  for any Gaming
License,  qualification  or finding of suitability in connection with a Required
Regulatory  Redemption.  Such  expenses of any such Holder or  beneficial  owner
shall,  therefore,  be the  obligation of such Holder or beneficial  owner.  Any
Required  Regulatory  Redemption shall be made in accordance with the provisions
of  Section  3.3,  3.4 and 3.5 of the  Indenture  unless  other  procedures  are
required by any Governmental Authority.

      7.  Mandatory  Redemption.  The  Issuers  shall  not be  required  to make
mandatory  redemption  payments with respect to the Notes (except for a Required
Regulatory  Redemption  and any offer to  repurchase  Notes that the Issuers are
required to make in accordance  with  Sections 4.13 and 4.15 of the  Indenture).
The Notes shall not have the benefit of any sinking fund.

      8. Offers to Purchase.

            (a) Change of Control.  Upon the  occurrence of a Change of Control,
the Issuers shall offer to  repurchase  all of the Notes then  outstanding  (the
"Change of Control  Offer") at a purchase  price equal to 101% of the  principal
amount  thereof,  plus  accrued  and  unpaid  interest,  if any,  to the date of
repurchase  (the  "Change of Control  Payment").  Within 30 days  following  any
Change of Control,  the Issuers must mail or cause to be mailed a notice to each
Holder  stating,  among other  things:  (i) the purchase  price and the purchase
date,  which  shall be no  earlier  than 30 days nor later than 45 days from the
date such notice is mailed (the "Change of Control Payment Date"); (ii) that any
Holder  electing to have Notes  purchased  pursuant to a Change of Control Offer
shall be required to  surrender  the Notes,  with the form  entitled  "Option of
Holder to Elect Purchase" on the reverse of the Notes  completed,  to the Paying
Agent at the address  specified  in the notice prior to the close of business on
the third  Business Day preceding the Change of Control  Payment Date; and (iii)
that the Holder shall be entitled to withdraw  such election if the Paying Agent
receives,  not later  than the close of  business  on the  second  Business  Day
preceding  the Change of Control  Payment  Date,  a telegram,  telex,  facsimile
transmission  or letter  setting  forth the name of the  Holder,  the  principal
amount of Notes  delivered  for  purchase,  and a statement  that such Holder is
withdrawing his election to have such Notes purchased.

                                      A-7
<PAGE>

      (b) Asset Sale.  Subject to certain exceptions set forth in the Indenture,
the Issuers shall not, and shall not permit any  Restricted  Subsidiary to, make
any Asset Sale unless:  (i) such Issuer or such Restricted  Subsidiary  receives
consideration at the time of such Asset Sale not less than the fair market value
of the  assets  subject  to such  Asset  Sale (as  determined  by the  Company's
Managers in good faith);  (ii) at least 75% of the  consideration for such Asset
Sale is in the form of either (a) cash or Cash Equivalents or liabilities of the
Company or any Restricted  Subsidiary  (other than liabilities that are by their
terms subordinated to the Notes or any Subsidiary  Guaranty) that are assumed by
the transferee of such assets  (provided,  that following such Asset Sale, there
is no further  recourse to the  Company or the  Restricted  Subsidiaries  or the
Company and the Restricted  Subsidiaries  are fully  indemnified with respect to
such liabilities;  provided,  further, that the 75% limitation set forth in this
clause (ii) of this  paragraph  shall not apply to any  proposed  Asset Sale for
which an independent  certified accounting firm has certified to the Managers of
the Company and the Trustee that the after-tax cash portion of the consideration
to be received by the Company or such  Restricted  Subsidiary  in such  proposed
Asset  Sale is equal to or greater  than what the net  after-tax  cash  proceeds
would have been had such proposed  Asset Sale  complied with the 75%  limitation
set forth in this  clause  (ii) of this  paragraph),  or (b)  assets of the type
described  in clause  (iii)(a)  below;  and (iii)  within 360 days of such Asset
Sale,  the Net  Proceeds  thereof  are (a)  invested  in assets  related  to the
business of the Company or the Restricted Subsidiaries (which, in the case of an
Asset Sale of the Diamond Jo or any  replacement  Gaming Vessel (a  "Replacement
Vessel"),  must be a Gaming Vessel having a fair market value,  as determined by
an independent appraisal, at least equal to the fair market value of the Diamond
Jo or such  Replacement  Vessel  immediately  preceding  such Asset  Sale),  (b)
applied to repay  Indebtedness  under  Purchase  Money  Obligations  incurred in
connection with the assets so sold, (c) applied to repay  Indebtedness under the
Senior Credit Facility and permanently  reduce the commitment  thereunder in the
amount of the  Indebtedness  so repaid or (d) to the extent not used as provided
in clauses  (a),  (b),  or (c) or this  paragraph  or any  combination  thereof,
applied  to make an offer to  purchase  Notes as  described  below  (an  "Excess
Proceeds  Offer");  provided,  that the Company shall not be required to make an
Excess  Proceeds  Offer  until the amount of Excess  Proceeds  is  greater  than
$10,000,000.

      9.  Denominations,  Transfer,  Exchange.  The Notes are in registered form
without coupons in denominations of $1,000 and integral multiples of $1,000. The
transfer of Notes may be  registered  and Notes may be  exchanged as provided in
the Indenture.  The Registrar and the Trustee may require a Holder,  among other
things,  to furnish  appropriate  endorsements and transfer  documents,  and the
Issuers  may  require  a Holder to pay any  taxes  and fees  required  by law or
permitted  by the  Indenture.  The Issuers  need not  exchange  or register  the
transfer of any Note or portion of a Note  selected for  redemption,  except for
the  unredeemed  portion of any Note being  redeemed in part.  Also, it need not
exchange or register  the transfer of any Notes for a period of 15 days before a
selection  of Notes to be  redeemed  or during  the period  between an  Interest
Record Date and the corresponding Interest Payment Date.

      10. Persons Deemed Owners.  The registered Holder of a Note may be treated
as its owner for all purposes.

                                      A-8
<PAGE>

      11. Amendment,  Supplement and Waiver. Subject to certain exceptions,  the
Indenture,  the  Notes  or  the  Subsidiary  Guaranties,   or,  subject  to  the
Intercreditor  Agreement, the Security Documents, may be amended or supplemented
with the consent of the Holders of a majority  in  principal  amount of the then
outstanding  Notes, and any existing Default or compliance with any provision of
the  Indenture,  the Notes or the  Subsidiary  Guaranties may be waived with the
consent of the Holders of a majority in principal amount of the then outstanding
Notes.  Without the consent of any Holder of a Note, the  Indenture,  the Notes,
the Subsidiary Guaranties,  the Registration Rights Agreement or, subject to the
Intercreditor  Agreement,  the Security Documents may be amended or supplemented
to cure any ambiguity,  defect or inconsistency,  to provide for  uncertificated
Notes in  addition  to or in place of  certificated  Notes,  to provide  for the
assumption of the Issuers' or the Subsidiary Guarantors'  obligations to Holders
of  the  Notes  in  case  of a  merger  or  consolidation  or  sale  of  all  or
substantially  all of its assets in accordance  with the Indenture,  to evidence
the release of any Subsidiary  Guaranty permitted to be released under the terms
of the Indenture  and the Security  Documents or to evidence the addition of any
new Subsidiary  Guarantor,  to make any change that would provide any additional
rights or benefits to the Holders of the Notes  (including  the  addition of any
Subsidiary  Guarantor)  or that does not  adversely  affect the rights under the
Indenture,  the  Notes,  the  Subsidiary  Guaranties,  the  Registration  Rights
Agreement,  the Security  Documents or the  Intercreditor  Agreement of any such
Holder,  to  comply  with  the  provisions  of  the  Depositary,   Euroclear  or
Clearstream  or the Trustee with respect to the  provisions  of the Indenture or
the Notes  relating to transfers and exchanges of Notes or beneficial  interests
therein,  to  comply  with the  requirements  of the SEC in order to  effect  or
maintain the  qualification  of the Indenture  under the TIA, to provide for the
issuance of Additional Notes in accordance with the limitations set forth in the
Indenture,  to comply with  applicable  gaming laws and racing laws, or to enter
into additional or supplemental  Security  Documents.  Notwithstanding  Sections
9.2(a), (b) and (c) of the Indenture and subject to the Intercreditor Agreement,
no portion  of the  Collateral  may be  released  from the Lien of the  Security
Documents  (except in accordance  with the  provisions of this Indenture and the
Security Documents), and none of the Security Documents or the provisions of the
Indenture  relating to the  Collateral may be amended or  supplemented,  and the
rights of any Holders thereunder may not be waived or modified, without, in each
case, the consent of the Holders of at least 75% in aggregate  principal  amount
of the then outstanding Notes.

      12.  Defaults  and  Remedies.  The  Indenture  provides  that  each of the
following  constitutes  an Event of  Default:  (i) the  Issuers  default  in the
payment of  Interest  on any Note when the same  becomes due and payable and the
Default  continues  for a period of 30 days;  (ii) the  Issuers  default  in the
payment of the principal (or premium,  if any) on any Note when the same becomes
due and payable at maturity,  upon redemption,  by  acceleration,  in connection
with an Excess  Proceeds Offer or a Change of Control Offer or otherwise;  (iii)
either of the Issuers  default in the  performance of or breaches the provisions
of Section 4.13, Section 4.15 or Article V of the Indenture;  (iv) either of the
Issuers  or any  Subsidiary  Guarantor  fails to  comply  with any of its  other
agreements or covenants in, or  provisions  of, the Notes or this  Indenture and
the Default continues for 60 days after written notice thereof has been given to
the  Issuers by the  Trustee or to the Issuers and the Trustee by the Holders of
at least 25% in aggregate  principal amount of

                                      A-9
<PAGE>

the then  outstanding  Notes,  such  notice  to state  that it is a  "Notice  of
Default";  (v) an event of default  occurs  under  (after  giving  effect to any
waivers,  amendments,  applicable grace periods or any extension of any maturity
date) any mortgage,  indenture or instrument  under which there may be issued or
by which there may be secured or evidenced any  Indebtedness  for money borrowed
by the  Issuers  or any  Restricted  Subsidiary  (or the  payment  of  which  is
guaranteed  by  the  Issuers  or  any  Restricted   Subsidiary),   whether  such
Indebtedness  or guaranty now exists or is created  after the Issue Date, if (a)
either (1) such default results from the failure to pay principal of or interest
on such Indebtedness or (2) as a result of such event of default the maturity of
such  Indebtedness  has been  accelerated,  and (b) the principal amount of such
Indebtedness,  together with the principal amount of any other such Indebtedness
with respect to which such a payment event of default  (after the  expiration of
any applicable grace period or any extension of the maturity date) has occurred,
or the  maturity of which has been so  accelerated,  exceeds  $5,000,000  in the
aggregate;  (vi) a final non-appealable judgment or judgments for the payment of
money  (other  than to the  extent  of any  judgment  as to  which  a  reputable
insurance company has accepted liability) is or are entered by a court or courts
of competent  jurisdiction  against  either of the Issuers or any Subsidiary and
such judgment or judgments are not  discharged,  bonded or stayed within 60 days
after  entry,  provided  that  the  aggregate  of  all  such  judgments  exceeds
$5,000,000;;  (vii) the cessation of substantially  all gaming operations of the
Company  and the  Restricted  Subsidiaries,  taken as a whole,  for more than 90
days, except as a result of an Event of Loss; (viii) any revocation, suspension,
expiration  (without  previous  or  concurrent  renewal)  or loss of any  Gaming
License of the Company or any Restricted  Subsidiary for more than 90 days; (ix)
any  Subsidiary  Guaranty  of a  Subsidiary  Guarantor  which  is a  Significant
Subsidiary  ceases  to be in full  force  and  effect  or  shall  be held in any
judicial  proceeding to be unenforceable or invalid or is declared null and void
(other than in  accordance  with the terms of the  Subsidiary  Guaranty  and the
Indenture) or any Subsidiary Guarantor which is a Significant  Subsidiary denies
or disaffirms  its  Obligations  under its  Subsidiary  Guaranty or the Security
Documents  (in  each  case,  other  than by  reason  of the  termination  of the
Indenture or the release of any such Subsidiary  Guaranty in accordance with the
Indenture); (x) (A) any event of default under a Security Document (after giving
effect to any applicable grace periods,  applicable  notice periods,  waivers or
amendments)  or (B) the failure of the Issuers or any  Restricted  Subsidiary to
comply with any material agreement or covenant in, or material provision of, any
of the Security Documents, or any breach in any material respect of any material
representation  or warranty made by the Issuers or any Restricted  Subsidiary in
any  Security  Document,  and the  continuance  of such  failure or breach for a
period of 30 days after written notice is given to the Issuers by the Trustee or
to the  Issuers  and the  Trustee by the  Holders  of at least 25% in  aggregate
principal amount of the Notes  outstanding;  (xi) any of the Security  Documents
ceases to be in full force and effect or any of the Security Documents ceases to
give the Trustee  (or, in the case of a mortgage,  ceases to give the Trustee or
any other  trustee  under such  mortgage)  any of the Liens,  rights,  powers or
privileges  purported to be created thereby, or any of the Security Documents is
declared null and void, or any of the Issuers or any Subsidiary Guarantor denies
that it has any further  liability under any Security  Document to which it is a
party or gives  notice of such  effect (in each case other than by reason of the
termination  of the

                                      A-10
<PAGE>

Indenture  or any such  Security  Document in  accordance  with its terms or the
release of any  Subsidiary  Guarantor in accordance  with the Indenture) and the
continuance  of such  failure  for a period of 30 days after  written  notice is
given to the  Issuers by the  Trustee or to the  Issuers  and the Trustee by the
Holders of at least 25% in aggregate  principal amount of the Notes outstanding;
(xii) either of the Issuers or any  Subsidiary  Guarantor  pursuant to or within
the meaning of any Bankruptcy  Law: (1) commences a voluntary case, (2) consents
to the entry of an order for  relief  against  it in an  involuntary  case,  (3)
consents to the appointment of a custodian of it or for all or substantially all
of its  property,  (4)  makes  a  general  assignment  for  the  benefit  of its
creditors,  or (5)  admits in  writing  its  inability  to pay debts as the same
become due; and (xi) a court of competent jurisdiction enters an order or decree
under any  Bankruptcy  Law that: (1) is for relief against either of the Issuers
or any Subsidiary  Guarantor in an involuntary case, (2) appoints a custodian of
either of the Issuers or any  Subsidiary  Guarantor or for all or  substantially
all of their  property,  or (3) orders the liquidation of either of the Issuers,
or any Subsidiary  Guarantor,  and the order or decree  remains  unstayed and in
effect for 60 days.

      14. Trustee Dealings with Issuers.  The Trustee,  in its individual or any
other capacity,  may make loans to, accept  deposits from, and perform  services
for the Issuers or their Affiliates,  and may otherwise deal with the Issuers or
their Affiliates, as if it were not the Trustee.

      15.  No  Recourse  Against  Others.   No  director,   officer,   employee,
incorporator, stockholder, member or controlling person of any of the Issuers or
any Subsidiary  Guarantor,  as such, will have any liability for any Obligations
of any  of the  Issuers  or  any  Subsidiary  Guarantor  under  the  Notes,  the
Indenture,  the Security  Documents or the Registration  Rights Agreement or for
any claim based on, in respect of, or by reason of,  such  Obligations  or their
creation.  Each  Holder  by  accepting  a Note  waives  and  releases  all  such
liability. The waiver and release will be part of the consideration for issuance
of the Notes and the Subsidiary Guaranties.

      16.  Authentication.  This Note shall not be valid until  authenticated by
the manual signature of the Trustee or an authenticating agent.

      17.  Abbreviations.  Customary  abbreviations may be used in the name of a
Holder or an  assignee,  such as:  TEN COM (=  tenants  in  common),  TEN ENT (=
tenants by the  entireties),  JT TEN (= joint tenants with right of survivorship
and not as tenants in common), CUST (= Custodian),  and U/G/M/A (= Uniform Gifts
to Minors Act).

      18.  Additional  Rights of  Holders  of  Transfer  Restricted  Notes.7  In
addition to the rights provided to Holders of Notes under the Indenture, Holders
of  Transfer  Restricted  Notes  shall  have  all the  rights  set  forth in the
Registration  Rights  Agreement  dated as of the date of the  Indenture,  by and
among the Issuers,  the  Subsidiary  Guarantors  and the Initial  Purchaser (the
"Registration Rights Agreement").

_______________________
(7)   To be included only on Transfer Restricted Notes.

                                      A-11
<PAGE>

      19.  CUSIP  Numbers.  Pursuant  to a  recommendation  promulgated  by  the
Committee on Uniform Security Identification Procedures, the Issuers have caused
CUSIP  numbers to be printed on the Notes and the Trustee may use CUSIP  numbers
in notices of redemption as a convenience to Holders.  No representation is made
as to the  accuracy  of such  numbers  either  as  printed  on the  Notes  or as
contained  in any notice of  redemption  and  reliance may be placed only on the
other  identification  numbers placed thereon, and any such redemption shall not
be affected by any defect in or omission of such numbers.

      20.  Notation  of  Subsidiary  Guaranty.  As more  fully  set forth in the
Indenture,  to the extent  permitted by law, each of the  Subsidiary  Guarantors
from  time  to  time,   in  accordance   with  Article  XI  of  the   Indenture,
unconditionally and jointly and severally  guarantees,  to each Holder of a Note
authenticated and delivered by the Trustee and to the Trustee and its successors
and assigns, that:

      By its  execution  of its  Subsidiary  Guaranty,  each  of the  Subsidiary
Guarantors  acknowledges and agrees that it receives  substantial  benefits from
the Issuers and that such party is providing  its  Subsidiary  Guaranty for good
and valuable  consideration,  including,  without  limitation,  such substantial
benefits and services.  Accordingly,  subject to the provisions of Article XI of
the Indenture, each Subsidiary Guarantor, jointly and severally, unconditionally
guarantees on a senior secured basis to each Holder of a Note  authenticated and
delivered by the Trustee and its  successors and assigns that: (i) the principal
of, premium,  if any,  Interest,  and Liquidated  Damages,  if any, on the Notes
shall be duly and  punctually  paid in full when due,  whether at  maturity,  by
acceleration, call for redemption, upon a Change of Control Offer, an Asset Sale
Offer,  or  otherwise,  and  Interest  on overdue  principal,  premium,  if any,
Liquidated Damages, if any, and (to the extent permitted by law) interest on any
Interest,  if any, on the Notes and all other  obligations of the Issuers to the
Holders or the Trustee under the Notes, the Indenture, the Security Documents or
the Registration  Rights Agreement  (including fees, expenses or other) shall be
promptly  paid in full or  performed,  all in  accordance  with the terms of the
Indenture;  and (ii) in case of any  extension  of time of payment or renewal of
any Notes or any of such other obligations  under the Notes, the Indenture,  the
Security Documents, or Registration Rights Agreement, the same shall be promptly
paid in full when due or performed in accordance with the terms of the extension
or renewal,  whether at stated maturity,  by acceleration,  call for redemption,
upon a Change of Control, an Asset Sale Offer, or otherwise,  subject,  however,
in the case of  clauses  (i) and (ii)  above,  to the  limitations  set forth in
Section 11.6 of the Indenture.

      When a successor  assumes all the obligations of its predecessor under the
Notes and the Indenture, the predecessor may be released from those obligations.

      21.  Governing  Law and Consent to  Jurisdiction.  THIS  INDENTURE AND THE
NOTES SHALL BE GOVERNED BY, AND  CONSTRUED IN ACCORDANCE  WITH,  THE LAWS OF THE
STATE OF NEW YORK  APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE
OF NEW YORK,  INCLUDING,  WITHOUT LIMITATION,  SECTIONS 5-1401 AND 5-1402 OF THE
NEW YORK  GENERAL  OBLIGATIONS  LAW AND NEW YORK CIVIL  PRACTICE

                                      A-12
<PAGE>

LAWS AND RULES 327(b); PROVIDED, THAT WITH RESPECT TO THE CREATION,  ATTACHMENT,
PERFECTION,  PRIORITY,  ENFORCEMENT  OF AND  REMEDIES  RELATING TO THE  SECURITY
INTEREST IN ANY REAL PROPERTY  COLLATERAL,  THE GOVERNING LAW MAY BE THE LAWS OF
THE  JURISDICTIONS  WHERE  SUCH  COLLATERAL  IS  LOCATED  WITHOUT  REGARD TO THE
CONFLICT OF LAW PROVISIONS THEREOF.

      ALL JUDICIAL  PROCEEDINGS BROUGHT AGAINST ANY OF THE ISSUERS OR GUARANTORS
ARISING OUT OF OR RELATING  HERETO OR ANY OF THE SECURITY  DOCUMENTS,  OR ANY OF
THE  OBLIGATIONS,  MAY BE  BROUGHT IN ANY STATE OR  FEDERAL  COURT OF  COMPETENT
JURISDICTION  IN THE  STATE,  COUNTY  AND CITY OF NEW  YORK.  BY  EXECUTING  AND
DELIVERING  THIS  AGREEMENT,  EACH  ISSUER  OR  GUARANTOR,  FOR  ITSELF  AND  IN
CONNECTION WITH ITS PROPERTIES, IRREVOCABLY SUBMITS TO AND ACCEPTS GENERALLY AND
UNCONDITIONALLY THE NONEXCLUSIVE  JURISDICTION AND VENUE OF SUCH COURTS;  WAIVES
ANY DEFENSE OF FORUM NON  CONVENIENS;  AGREES THAT SERVICE OF ALL PROCESS IN ANY
SUCH  PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED  MAIL,
RETURN RECEIPT  REQUESTED,  TO THE APPLICABLE ISSUER OR GUARANTOR AT ITS ADDRESS
PROVIDED IN ACCORDANCE  WITH SECTION 12.3 OF THE INDENTURE;  AGREES THAT SERVICE
AS  PROVIDED  ABOVE IS  SUFFICIENT  TO  CONFER  PERSONAL  JURISDICTION  OVER THE
APPLICABLE  ISSUER OR GUARANTOR IN ANY SUCH  PROCEEDING  IN ANY SUCH COURT,  AND
OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND AGREES
THE TRUSTEE RETAINS THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER  PERMITTED BY
LAW OR TO BRING  PROCEEDINGS  AGAINST  ANY OF THE ISSUERS OR  GUARANTORS  IN THE
COURTS  OF ANY  OTHER  JURISDICTION  HAVING  JURISDICTION  OVER  SUCH  ISSUER OR
GUARANTOR.

      20. Security.  This Note is Guaranteed and secured by substantially all of
the assets of the Issuer and the  Subsidiary  Guarantors  (other  than  Excluded
Assets),  subject to certain  exceptions and limitations more fully set forth in
the Indenture and Security Documents.

            The Issuers  shall  furnish to any Holder upon  written  request and
without charge a copy of the Indenture and/or the Registration Rights Agreement.
Requests may be made to:

                        DIAMOND JO, LLC
                        THE OLD EVANGELINE DOWNS CAPITAL CORP.
                        400 East Third Street
                        P.O. Box 1750
                        Dubuque, Iowa 52004-1750
                        Attention: Michael S. Luzich

                                      A-13
<PAGE>

                                 Assignment Form

To assign  this Note,  fill in the form below:  (I) or (We) assign and  transfer
this Note to

--------------------------------------------------------------------------------
                (Insert assignee's soc. sec. or tax I.D. no.)

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

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

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

--------------------------------------------------------------------------------
            (Print or type assignee's name, address and zip code)

and irrevocably appoint_________________________________________________________

to transfer this Note on the books of the Issuers.  The agent may substitute
another to act for it.

Date:  ___________________     Your Signature:__________________________________
                                              (Sign exactly as your name
                                               appears on the face of this Note)

Signature Subsidiary Guaranty*

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

*NOTICE: The Signature must be guaranteed by an Institution which is a member of
one of the following recognized signature Subsidiary Guaranty Programs:  (i) The
Securities  Transfer Agent Medallion  Program  (STAMP);  (ii) The New York Stock
Exchange  Medallion Program (MNSP);  (iii) The Stock Exchange  Medallion Program
(SEMP); or (iv) such other guaranty program acceptable to the Trustee.

                                      A-14
<PAGE>

                       Option of Holder to Elect Purchase

      If you want to elect to have this Note  purchased by the Issuers  pursuant
to Section 4.13 or Section 4.15 of the Indenture, check the box below:

            Section 4.13  |_|                Section 4.15   |_|

      If you want to  elect to have  only  part of the Note  purchased  by the
Issuers  pursuant to Section 4.13 or 4.15 of the  Indenture,  state the amount
you elect to have purchased (in  denominations  of $1,000 only,  except if you
have elected to have all of your Notes purchased):  $___________

Date:  ___________________     Your Signature:__________________________________
                                              (Sign exactly as your name
                                               appears on the face of this Note)

                        Social Security or Tax Identification No.:______________

Signature Subsidiary Guaranty*

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

*NOTICE: The Signature must be guaranteed by an Institution which is a member of
one of the following recognized signature Subsidiary Guaranty Programs:  (i) The
Securities  Transfer Agent Medallion  Program  (STAMP);  (ii) The New York Stock
Exchange  Medallion Program (MNSP);  (iii) The Stock Exchange  Medallion Program
(SEMP); or (iv) such other guaranty program acceptable to the Trustee.

                                      A-15
<PAGE>

            SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE(8)

      The following exchanges of an interest in this Global Note for an interest
in another Global Notes or for a Definitive Note, or exchanges of an interest in
another  Global Note or a  Definitive  Note for an interest in this Global Note,
have been made:

                                 Amount of
                                 Increase        Principal          Signature of
               Amount of         in              Amount of          Authorized
               Decrease in       Principal       this Global        Officer
               Principal         Amount of       Note               of
               Amount of         this            Following          Trustee or
Date of        this Global       Global          Such Decrease      Note
Exchange       Note              Note            or Increase        Custodian
-------        -----------       --------        -------------      ------------

_____________________
(8)   This should be included only if the Note is issued in global form.

                                      A-16
<PAGE>

                                    GUARANTEE

            Each  of  the  entities   listed  on  the   signature   page  hereto
(hereinafter referred to as the "Subsidiary Guarantors," which term includes any
successors  or assigns  under the  Indenture,  dated the date hereof,  among the
Subsidiary Guarantors (as defined therein), the Issuers (defined below) and U.S.
Bank National  Association,  as trustee (the "Indenture") as supplemented by any
supplemental   indenture  thereto,  has  executed  either  the  Indenture  or  a
supplemental  indenture in  substantially  the form attached on Exhibit E to the
Indenture and has irrevocably and unconditionally guaranteed on a senior secured
basis the  Subsidiary  Guaranty  Obligations  (as defined in Section 11.1 of the
Indenture),  which include (i) the due and punctual payment of the principal of,
premium,  if any,  and Interest and  Liquidated  Damages,  if any, on the 8 3/4%
Senior  Secured  Notes due 2012 (the  "Notes")  of Diamond  Jo,  LLC, a Delaware
limited  liability  company (the "Company") and The Old Evangeline Downs Capital
Corp., a Delaware  corporation  ("Capital" and,  together with the Company,  the
"Issuers,"  which  term  includes  any  successors  under,  and  any  additional
"Issuers"  that may become a party to the  Indenture  hereinafter  referred to),
whether at maturity,  by  acceleration,  call for  redemption,  upon a Change of
Control  Offer,  an Asset Sale Offer,  or  otherwise,  and the due and  punctual
payment of Interest on the overdue  principal  and premium,  if any,  Liquidated
Damages,  if any, and (to the extent permitted by law) interest on any Interest,
if  any,  on the  Notes,  and  the due and  punctual  performance  of all  other
obligations  of the Issuers to the Holders or the Trustee  under the Notes,  the
Indenture,   the  Security  Documents  and  the  Registration  Rights  Agreement
(including  fees,  expenses or other) all in accordance with the terms set forth
in Article XI of the  Indenture,  and (ii) in case of any  extension  of time of
payment or renewal of any Notes or any such other  obligations  under the Noets,
the Indenture, the Security Documents or Registration Rights Agreement, that the
same shall be promptly paid in full when due or performed in accordance with the
terms of the extension or renewal,  whether at stated maturity, by acceleration,
call for  redemption,  upon a Change of Control Offer,  an Asset Sale Offer,  or
otherwise.

            The obligations of each  Subsidiary  Guarantor to the Holders and to
the Trustee pursuant to this Subsidiary Guaranty and the Indenture are expressly
set forth in Article XI of the  Indenture  and  reference is hereby made to such
Indenture for the precise terms of this Subsidiary Guaranty.

            No director, officer, employee, incorporator, stockholder, member or
controlling person of any of the Issuers or any Subsidiary  Guarantor,  as such,
will  have  any  liability  for any  Obligations  of any of the  Issuers  or any
Subsidiary  Guarantor under the Notes, the Indenture,  the Security Documents or
the  Registration  Rights Agreement or for any claim based on, in respect of, or
by reason of, such  Obligations  or their  creation.  Each Holder by accepting a
Note waives and releases all such liability. The waiver and release will be part
of the consideration for issuance of the Notes and the Subsidiary Guaranties.

            This is a  continuing  Subsidiary  Guaranty and shall remain in full
force and effect and shall be binding  upon each  Subsidiary  Guarantor  and its
successors  and  assigns

                                      A-17
<PAGE>

until full and final payment of all of the Issuers'  obligations under the Notes
and  Indenture  or until  released or legally  defeased in  accordance  with the
Indenture  and shall inure to the benefit of the  successors  and assigns of the
Trustee and the  Holders,  and, in the event of any  transfer or  assignment  of
rights by any Holder or the Trustee,  the rights and privileges herein conferred
upon that party shall  automatically  extend to and be vested in such transferee
or  assignee,  all  subject  to the  terms  and  conditions  hereof.  This  is a
Subsidiary Guaranty of payment and performance and not of collectibility.

            This  Subsidiary  Guaranty  shall not be valid or obligatory for any
purpose  until the  certificate  of  authentication  on the Note upon which this
Subsidiary  Guaranty is noted shall have been  executed by the Trustee under the
Indenture by the manual signature of one of its authorized officers.

            The obligations of each  Subsidiary  Guarantor under this Subsidiary
Guaranty  shall be limited to the extent  necessary  to insure  that it does not
constitute a fraudulent conveyance under applicable law.

            THE TERMS OF ARTICLE XI OF THE INDENTURE ARE INCORPORATED  HEREIN BY
REFERENCE.

            Capitalized  terms used herein have the same  meanings  given in the
Indenture unless otherwise indicated.

                            [signature page follows]

                                      A-18
<PAGE>

            IN WITNESS  WHEREOF,  each  Subsidiary  Guarantor  has  caused  this
instrument to be duly executed.

Dated: _____________

                                 [NAME OF SUBSIDIARY GUARANTOR]

                                 By: _________________________________
                                     Name:
                                     Title:

                                 [NAME OF SUBSIDIARY GUARANTOR]

                                 By: _________________________________
                                     Name:
                                     Title:

                                 [NAME OF SUBSIDIARY GUARANTOR]

                                 By: _________________________________
                                     Name:
                                     Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}]]