I. Brent Stevens – Chief Executive Officer

I. Peninsula – Our Company, Our Success, Our Performance

II. Elizabeth Tranchina – Vice President of Legal Affairs, Compliance Officer

I. Regulatory Compliance and Responsible Gaming

III. Jonathan Swain – Chief Operating Officer

IV. Todd Gralla – Principal, Populous

I. Equestrian Center

V. Susan Sieger, President, Crossroads Consulting Services

I. Equine Event Center Economic and Fiscal Impact Analysis

VI. Greg Schwerdt – President, Schwerdt Design Group

I. Traffic

II. Drainage

III. Utilities

VII. Brent Stevens – Chief Executive Officer

I. Site Plans and Architectural Renderings

Chief Executive Officer

Peninsula Gaming

Capital Invested ……………………....................$260 million

Initial Opening Date…………….............……..…December 2011

Contractual Completion Date………..........…..4 Years

Contingency on Tribal……………..……...……...No

A True Destination Resort

Visitation outside 100 miles………………..…..291,000

Stabilized annual revenue…………………...….$226 million

Financing

Management Expertise

Development Expertise

Vision

Integrity

Founded in 1999 in Iowa

Privately owned

Conservative growth company

Developed three greenfield land based casinos

Operates in two states

Market leading gaming properties

Community partner

Be passionate about service

Hiring, training and leadership

Be passionate about quality

Physical spaces, food and entertainment

Be passionate about community

Leadership, volunteerism and sponsorship

Patient

Deliberate

Successful

Isle of Capri

Casinos(2)

Pinnacle

Entertainment(3)

Ameristar

Casinos(3)

Harrah's

Entertainment(3)

Peninsula

Gaming(1)

No. of

Properties………………………. 15 7 8 52 4

LFY Revenue Growth -10% 3% -6% -13% 5%

LTM EBITDA

Margin………………………. 18% 16% 27% 18% 31%

Net Debt / LTM

EBITDA…………………. 6.6x 5.8x 4.8x 12.3x 5.2x

Ownership Status…………… Public Public Public Private Private

Credit Rating B/B2 B+/B2 BB/Ba3 B-/Caa3 B+/B1

1) Data as of 6/30/2010. Pro forma for Amelia Belle acquisition. 2) Source: Wells Fargo Securities. Data as of 7/25/10. 3) Source: Wells Fargo Securities. Data as of 6/30/10.

Bar & Entertainment

Best New Construction Project - 2009

Best Public Improvement Project - 2009 Awarded by Iowa Economic Development

Best new development project in the state 2009

Iowa Department of Economic Development

Peninsula Corporate Construction

YWS Architects

Conlon Construction

Schwerdt Design Group

MKEC

TranSystems

Poe & Associates

Our Management Team Regulated Experience (Years)

Regulated Markets

Brent Stevens, CEO 11 Iowa, Louisiana

Michael Luzich, President 25 Nevada, Iowa, Louisiana

Jonathan Swain, COO 22 New Jersey, Nevada, Iowa, Louisiana

Natalie Schramm, CFO 19 Iowa, Illinois, Louisiana

Elizabeth Tranchina, VP of Legal Affairs,

Compliance Officer 12

Missouri, Nevada, Iowa, Louisiana, Colorado, Mississippi, Florida

Scott Cooper, VP and General Manager

30 Illinois, Iowa, Louisiana, Nevada, Colorado, West

Virginia, Indiana, New York

Karen Greene, VP of Advertising 12 Nevada, Louisiana, Iowa

All operate in a regulated environment

Emphasis on training

Designed to ensure a proper, safe and inviting environment

Voted Iowa’s friendliest staff nine consecutive years

Extensive service training program

Recruit top local talent

Transfer experienced management from our facilities

On site gaming and technical school

Peninsula Leadership Institute

Signature management program at all Peninsula

properties

Conducted by local community colleges

Focus on leadership skills and advancement

$100 million equity investment from parent company

$145 million debt from combination of the following:

$42 million slot vendor and equipment financing

$130 million credit facility (existing Wells Fargo credit facility of $58.5 million expanded by $71.5 million)

$50 million add-on to our Senior Notes

Total debt sources of $222 million

Excess funding of $77 million

Strong Investor Base:

• T. Rowe Price

• Fidelity

• Mass Mutual • Principal

• Trans America

Reflected in the price of our publicly traded securities:

• Eaton Vance

• Wells Fargo • Bank of America

• Northern Trust

Price at Issue Date

Price Today

8 3/8% Secured Notes $97.7 $106.0

10 3/4% Notes $97.4 $106.9

Reflects the success of delivering our core values:

• Deliver on time and budget • Predictable and achievable results

• Mackay Shields • Prudential • JP Morgan • Federated • TCW

Financing

Management Expertise

Development Expertise

Vision

Integrity

Vice President of Legal Affairs,

Compliance Officer

Peninsula Gaming

GAMING LICENSES & RELATIONSHIPS WITH REGULATORS - OUR MOST

IMPORTANT ASSETS

Long and successful track record

Commitment to ethics

Corporate compliance

Established audit procedures

Ethics Point hotline

EXPERIENCE

130+ years combined experience – CO, IA, IL, LA, MO, MS, NJ, FL,

WV, IN, NY and NV

We understand the challenges in newly established regulatory

jurisdictions

CHIEF EXECUTIVE OFFICER

CHIEF

FINANCIAL OFFICER

CHIEF

OPERATING OFFICER

GENERAL

MANAGER

VP, LEGAL AFFAIRS/

COMPLIANCE OFFICER

PROPERTY

DIRECTORS

PROPERTY

COMPLIANCE OFFICER

KRGC

Responsible gaming is an integral part of our daily operations

Responsible gaming – compulsive gambling, alcohol awareness, and underage gaming

Team member training

Promotion of responsible gaming

Chief Operating Officer

Peninsula Gaming

Branding

Advertising

Direct Mail

Social Media

www.kansasstarcasino.com

Fast, efficient, experts in field of casino advertising

93 years of Advertising/Design experience for companies/brands including: MGM Resorts International,

Mirage Resorts, Harrah’s, Bellagio, Beau Rivage, Golden

Nugget, Stations Casinos, Red Rock Casino, Green Valley

Ranch, Sunset Station, GM, Ford, NASCAR, Nickelodeon, Nordstrom, John Deere, Warner Brothers and Budweiser.

34 years of casino industry experience

60 years of experience in database analysis and slot performance

Expertise in targeted marketing to stimulate demand

Continuous market performance analysis

2013 2014 2015 2016

Gaming Spend $ 147,529,372 $ 165,812,555 $190,727,438 $ 202,342,739

Non-Gaming Spend $ 15,431,307 $ 17,296,026 $ 21,906,553 $ 23,601,434

Total Spend $ 162,960,679 $ 183,108,581 $ 212,633,991 $ 225,944,173

Tourism Trends

Outside 100 Miles

Revenue $ 20,653,670 $ 22,153,555 $ 30,298,510 $ 32,556,428

Visits 186,610 196,259 272,227 291,357

Recruit top local talent

Transfer experienced management from our facilities

On site gaming and technical school

Peninsula Leadership Institute

Signature management program at all Peninsula

properties

Conducted by local community colleges

Focus on leadership skills and advancement

Create a brand that connects

Use proven marketing techniques that stimulate demand

Focus on delivering STAR service

Measure performance – key metrics

Create a destination

Principal

Populous

• World’s leading equestrian & venue design firm

224 Fairgrounds & Expos 84 Arenas

64 Equestrian Centers 73 Racecourses

• World’s largest sports & entertainment design firm

National Western Stock Show & Rodeo, Denver, Colorado

Tulsa Expo Square

Oklahoma State Fairgrounds

Designers of the equestrian & rodeo industry benchmarks

Houston Livestock Show & Rodeo

Oklahoma State Fairgrounds

2012 London Olympic Equestrian Venues

Yankees Stadium

Intrust Arena

Kansas Star Facilities Overview

Why Kansas Star is the optimum Event/Equine venue • The Kansas Star “Experience” is unique in region

• Designed for Equine, Concert and Trade Shows

• All facilities interconnect to create synergy

• Only comparable is successful South Point in Las Vegas

• Industry’s best design, equipment and arena footings

• Owner understands and has resolved waste issues

• Exceptional Interstate access

• Extensive on-site exhibitor and guest services

• Kansas market is underserved with equine/rodeo venues

President

Crossroads Consulting Services

Market, Economic and Fiscal Impact Analysis for the Kansas Star Equine Event Center

Presentation

October 28, 2010

Crossroads Consulting is the Market Leader

Recognized market leader in providing advisory and development planning services to public and private sector clients

– Conducted more than 300 studies on five continents including projects for INTRUST Bank Arena, New York Yankees Stadium, Chicago Bears Stadium, Qwest Center, Meadowlands Sports Complex, San Antonio Spurs, Jacksonville Jaguars, Singapore Sports Hub and new Egyptian International Equestrian Center in Cairo

Experts in convention, sports and entertainment industry

– Specialized expertise with equestrian-related projects

Unparalleled reputation for providing credible, reliable advice

– Develops business plans that are actionable and executable

Purpose of the Study

Estimate the Annual Incremental New Economic and Fiscal Impacts Associated with the Kansas Star Equine Event Center in Sumner County, Kansas

Spending (Output)

Total direct, indirect, induced spending

effects generated by the project

Employment (Jobs)

Number of full and part-time jobs

supported by the project

Personal Earnings

Wages and salaries earned by employees

of businesses associated with or impacted by the

project

Tax Revenues (Fiscal)

Sales and use tax

Personal income tax

Equine Activities Represent a Significant Market Segment Where Potential Demand is Not Currently Being Met In Kansas

Opportunity to Capitalize on Unmet Demand

Limited Competition (Supply)

- No existing facility in Kansas can currently host this type and magnitude of event activity

Significant Market Potential

- 2.5 million equine in region

- 783,000 equine involved in shows/competitions

- 80 national and 45 state/regional potential users representing a minimum of 300 events

Market Analysis Demonstrates Quantifiable Demand

for the Kansas Star Equine Event Center

26 – 31 events

100 – 120 total usage days

215,700 – 255,150 total attendee days

Target is large, high profile state/regional/national events

Amount and type of usage/event activity drives economic impact

Diverse user base

– Horse shows/competitions, rodeos, concerts/festivals, trade/consumer shows

Estimated Usage/Event Activity Is Achievable and Conservative

21 – 24 projected equine events only represent 8% of the potential market

Surveys with potential users reinforced demand and spending patterns

– In aggregate, survey respondents alone could conservatively account for 85 event days and approximately 95,000 attendee days

– 54% of participants/spectators would stay overnight in hotels

– All overnight stays averaged 3.1 nights

– Average spending per person was $170/day

Other equine event centers host between 30 and 80 equestrian events annually

Direct Spending Related To On-Going Operations Is Estimated To Range From $17.5 Million To $20.5 Million Annually

Sources of Direct Spending

Facility Revenues Inside the Facility

Facility/Stall Rental

Food/Beverage

RV Hookup Rental

$1.4 million to $1.6 million

Attendee Spending Outside the Facility

Hotels/Lodging

Restaurants

Retail/Entertainment

Transportation

$16.1 million to $18.9 million

Average direct spending amount of $80 per person, per day is conservative

relative to survey responses

Annual Incremental New Benefits to the State from the Kansas Star Equine Event Center are Significant

TOTAL EQUINE EVENT CENTER SPENDING (INCLUDING GAMING)

$38.6 MILLION TO $44.6 MILLION

TOTAL EMPLOYMENT

400 TO 470 JOBS

TOTAL SPENDING

$29.1 MILLION TO $34.1 MILLION

USAGE

215,700 TO 255,150 ATTENDEE DAYS

Greg Schwerdt – President, Schwerdt Design Group

Kurt Yowell – Director of Development, MKEC Engineering Consultants

Steve Lackey – Senior Design Engineer, TranSystem

Mike Thompson – Senior Vice President, Poe & Associates

70

Kansan Sculptor

Kansan Landscape Artist

76

77

78

79

80

81

We believe the Kansas Star facility achieves all of

the legislative goals in SB 66

The Kansas Star begins generating revenue in 2011

Stabilized revenue $226 million

First five years of operation produces gaming tax revenue

totaling $223 million to the State of Kansas

Significant investment in other revenue generators

Investment in tourist generator lifts total visitation over three million annually

300 hotel rooms

Concert/live entertainment center seating 4,200

Due to its amenities, projected to attract 291,000 visits per

year from outside 100 miles

Commitment to the local community with $1.5 million

“Ad Astra” scholarship fund

Kansas Star has significant infrastructure development

with large employee payroll dollars to yield substantial

local economic impact

The total amenities will appeal to the widest range of

customers

The Most Capital Invested - $260 million

The Soonest - Within 4 Years

Not Contingent - Park City

The Highest Revenue

The Most Tourism - A True Destination Resort

The Best Choice For Kansas