Press Releases

NEW YORK, Dec. 2 /PRNewswire/ -- Platts -- U.S. Department of Energy Under Secretary for Science Steven Koonin asked a group of energy industry leaders today to analyze America's commitment to and progress toward sustainability against a challenging global backdrop, stating the need for engaged conversation about energy resources and how to use them in a more sustainable manner.

At the third annual Platts Global Energy Outlook Forum entitled "The Outlook for Sustainability: Charting a Course Amidst Economic, Geopolitical and Environmental Challenges" Koonin urged energy executives to apply a construct sense of balance in carving out such strategies, as "sustainability is about managing imbalances." Those imbalances include the gap between oil reserves and demand for oil, as well as those inherent in the current human relationship with the carbon cycle.

Koonin also told attendees: "Energy changes are slow unless there is a deliberate drive for acceleration."

The forum brought together globally renowned economists, analysts and business leaders to debate the viability of many of the sustainable solutions now under discussion or implementation worldwide. Koonin's keynote address was followed by roundtable discussions debating the politics and economics of -- and industry preparedness for -- future electric power and oil supply solutions.

As part of the Forum, leading economists participated today in a lively debate about the true economics of proposed sustainable solutions for future electric power and oil supply. Among the issues discussed: cap and trade schemes, demand response including "smart meter" and "smart grid," the renaissance of nuclear power, renewable energy such as wind and solar, clean coal technologies, OPEC, the Middle East and Russian oil supply, and biofuels.

Guerry Waters, vice president, industry strategy and marketing utilities global business unit, Oracle, led discussion surrounding the economics of sustainability, stating that achieving sustainability will be no small task or quick fix. Panelists included John Kingston, Platts global director of oil, who talked about how some U.S. companies are "betting their futures on what they believe will be a bonanza from shale natural gas." Kingston also pointed to analysts who question the ultimate efficacy of that strategy.

Sarah O. Ladislaw, fellow, Energy and National Security Program, Center for Strategic and International Studies, discussed the intersection of security and sustainability, pointing out how "consumer feelings of insecurity increased when the price of oil went up." Michael Mandel, former chief economist for BusinessWeek, "was optimistic, long-term" despite projections about the industry in the face of a global population crisis and global warming prospects that will exacerbate energy supply. Robert Murray, vice president of economic affairs, McGraw-Hill Construction, pointed to housing starts and transmission line expansion: "The leading indicators for the construction industry trend upward."

David Wyss, chief economist, Standard & Poor's, maintained that the U.S. economy has bottomed out after the longest and deepest recession since the 1930s, "but the recovery remains fragile." Wyss expects the recovery to be slow and uneven, because "there are too many internal and external imbalances to support robust growth."

James Parish, executive vice president, energy solutions and LEAN transformations, RWD, headed up the other panel on sustainability. Michael F. Mansfield, Sr., chief executive officer at Mansfield Oil Company, discussed the pre-eminent position of sustainable policy at Mansfield. Roberta Bowman, senior vice president and chief sustainability officer, Duke Energy Technology, maintained that "sustainability, on an industry basis, will only come about through dedication to efficiency, collaboration and capacity-building."

Curt L. Hebert, Jr., executive vice president, external affairs, Entergy Corp., approached sustainability from the perspective of "conduct," as well as creating proper incentives and price signals. Pedro Azagra, chief development officer, Iberdola, tied sustainability policy to the proper servicing of clients and communities.

John Caroselli, executive vice president of National Grid, discussed the innovative way the company tasks sustainability goals to its individual lines of business and how to mobilize customers to get on board.

R.W. Beck was the principal sponsor of the Forum joined by co-sponsors Oracle, RWD and Capgemini.

The names of winners of the Platts Global Energy Awards "Award of Excellence" can be found at: http://img.en25.com/Web/Platts/AOE_GEO_Forum_Final.pdf.

The forum precedes the energy industry's most prestigious annual awards program, now in its 11th year and hosted by Platts, the world's leading energy and metals information provider, which this year is celebrating its 100th anniversary. The awards showcase exemplary accomplishments by businesses and individuals worldwide.

As part of the program, winners will be announced on December 3 for several new or updated categories for 2009, including Green Energy Initiative of the Year, Deal of the Year; Infrastructure Project of the Year; and Energy Producer of the Year. The annual awards finalists and winners exemplify the spirit of innovation and an enduring commitment to employees, customers, shareholders, the environment, and the energy industry as a whole.

About Platts: Platts, a division of The McGraw-Hill Companies (NYSE: MHP), is a leading global provider of energy and commodities information. With a century of business experience, Platts serves customers across more than 150 countries. An independent provider, Platts serves the oil, natural gas, electricity, emissions, nuclear power, coal, petrochemical, shipping, and metals markets from 17 offices worldwide. Platts' real-time news, pricing, analytical services and conferences help markets operate with transparency and efficiency. Traders, risk managers, analysts, and industry leaders depend upon Platts to help them make better trading and investment decisions. Additional information is available at http://www.platts.com.

About The McGraw-Hill Companies: Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, McGraw-Hill Education, Platts, Capital IQ, J.D. Power and Associates, McGraw-Hill Construction and Aviation Week. The Corporation has more than 280 offices in 40 countries. Sales in 2008 were $6.4 billion. Additional information is available at www.mcgraw-hill.com.

SOURCE Platts

OTTAWA, ONTARIO--(Marketwire - Dec. 2, 2009) -

Editors note: Two photos are included with this press release on Marketwire's website.

Audio clips available at www.inspection.gc.ca/english/corpaffr/relations/indexaude.shtml.

The Canadian Food Inspection Agency (CFIA) and Liberte Natural Foods Ltd. are warning the public not to consume the Western brand cream cheese products described below because they may be contaminated with Salmonella.

The following products are affected by this alert:

---------------------------------------------------------------------------
Brand     Product                        Size   UPC             Best Before
---------------------------------------------------------------------------
Western   Original Cream Cheese Product  250 g  0 61641 00006 4       DE 28
Western   Light Cream Cheese Product     250 g  0 61641 01550 1       DE 28
---------------------------------------------------------------------------

These products have been distributed in Ontario, New Brunswick and Nova Scotia.

There have been no reported illnesses associated with the consumption of these products.

Food contaminated with Salmonella may not look or smell spoiled. Consumption of food contaminated with these bacteria may cause salmonellosis, a foodborne illness. In young children, the elderly and people with weakened immune systems, salmonellosis may cause serious and sometimes deadly infections. In otherwise healthy people, salmonellosis may cause short-term symptoms such as high fever, severe headache, vomiting, nausea, abdominal pain and diarrhea. Long-term complications may include severe arthritis.

The manufacturer, Liberte Natural Foods Ltd., Brampton, Ontario is voluntarily recalling the affected products from the marketplace. The CFIA is monitoring the effectiveness of the recall.

For more information consumers and industry can call the CFIA at 1-800-442-2342 / TTY 1-800-465-7735 (8:00 a.m. to 8:00 p.m. Eastern time, Monday to Friday).

For information on Salmonella, visit the Food Facts web page at: http://www.inspection.gc.ca/english/fssa/concen/cause/salmonellae.shtml.

For more information on all food recalls, visit the CFIA's Food Recall Report at: http://active.inspection.gc.ca/eng/corp/recarapp_dbe.asp

To find out more about receiving recalls by e-mail, and other food safety facts, visit our web site at: www.inspection.gc.ca

To view the photos associated with this press release, please visit the following links:

http://www.marketwire.com/library/20091202-Liberte_cream_cheese_800.JPG

http://www.marketwire.com/library/20091202-Light_Cream_Cheese_800.JPG

FOR FURTHER INFORMATION PLEASE CONTACT:
        Liberte Natural Foods Ltd.
        Caroline Spivak
        416-371-9740

        CFIA Media Relations
        613-773-6600

Source: Canadian Food Inspection Agency

OTTAWA, ONTARIO -- (MARKET WIRE) -- 12/02/09 -- Editors note: Two photos are included with this press release on Marketwire's website.

Audio clips available at www.inspection.gc.ca/english/corpaffr/relations/indexaude.shtml.

The Canadian Food Inspection Agency (CFIA) and Liberte Natural Foods Ltd. are warning the public not to consume the Western brand cream cheese products described below because they may be contaminated with Salmonella.

The following products are affected by this alert:

---------------------------------------------------------------------------
Brand     Product                        Size   UPC             Best Before
---------------------------------------------------------------------------
Western   Original Cream Cheese Product  250 g  0 61641 00006 4       DE 28
Western   Light Cream Cheese Product     250 g  0 61641 01550 1       DE 28
---------------------------------------------------------------------------

These products have been distributed in Ontario, New Brunswick and Nova Scotia.

There have been no reported illnesses associated with the consumption of these products.

Food contaminated with Salmonella may not look or smell spoiled. Consumption of food contaminated with these bacteria may cause salmonellosis, a foodborne illness. In young children, the elderly and people with weakened immune systems, salmonellosis may cause serious and sometimes deadly infections. In otherwise healthy people, salmonellosis may cause short-term symptoms such as high fever, severe headache, vomiting, nausea, abdominal pain and diarrhea. Long-term complications may include severe arthritis.

The manufacturer, Liberte Natural Foods Ltd., Brampton, Ontario is voluntarily recalling the affected products from the marketplace. The CFIA is monitoring the effectiveness of the recall.

For more information consumers and industry can call the CFIA at 1-800-442-2342 / TTY 1-800-465-7735 (8:00 a.m. to 8:00 p.m. Eastern time, Monday to Friday).

For information on Salmonella, visit the Food Facts web page at: http://www.inspection.gc.ca/english/fssa/concen/cause/salmonellae.shtml.

For more information on all food recalls, visit the CFIA's Food Recall Report at: http://active.inspection.gc.ca/eng/corp/recarapp_dbe.asp

To find out more about receiving recalls by e-mail, and other food safety facts, visit our web site at: www.inspection.gc.ca

To view the photos associated with this press release, please visit the following links:

http://www.marketwire.com/library/20091202-Liberte_cream_cheese_800.JPG

http://www.marketwire.com/library/20091202-Light_Cream_Cheese_800.JPG

Contacts:
Liberte Natural Foods Ltd.
Caroline Spivak
416-371-9740

CFIA Media Relations
613-773-6600

Trial Lawyer Mark S. Adams Wins Verdict for Client Scott C. Moody Inc. against Staar Surgical Company

COSTA MESA, Calif.--(BUSINESS WIRE)-- Trial lawyer Mark S. Adams, a partner with Jeffer Mangels Butler & Marmaro LLP, and his team won a verdict yesterday for Scott C. Moody Inc. ("SMI"), in a 6 week jury trial in Orange County Superior Court. Plaintiff SMI will recover $6.5 million, including $2.5 million in punitive damages, from STAAR Surgical Company ("STAAR"). Members of Adams's litigation team included lawyers Eudeen Y. Chang and Monica Q. Vu, of Jeffer Mangels Butler & Marmaro LLP, and co-counsel Isaac R. Zfaty of Davis Zfaty APC.

SMI was a former authorized independent sales company for STAAR. STAAR manufactures and sells specialized lenses for surgical vision correction, such as replacement lenses for the eye's natural crystalline lens in cataract surgery. SMI prevailed against STAAR for intentional and negligent interference with SMI's prospective economic advantage to sell the products of one of STAAR's competitors.

"This is a well-deserved result for SMI, whose business was decimated by STAAR," said Mark Adams. "It is always an honor to represent a client who will not back down from having its day in court."

Using his own marketing strategies, his own independent sales subcontractors and his own customer lists, Scott Moody, principal of SMI, generated sales of over $60 million for STAAR and was paid on a commission basis. When SMI and STAAR failed to negotiate a new contract in August 2007, STAAR launched a campaign designed to prevent SMI from working with any of STAAR's competitors. STAAR tortiously interfered with SMI's opportunity to sell Bausch & Lomb lenses by asserting an unenforceable non-compete provision, and then attempted to hire away all of SMI's sales force. The jury took less than a day in deliberations to find in favor of SMI and against STAAR.

"The recession has seen many businesses resort to illegal 'unfair business practices' which increasingly can only be rectified or compensated by litigation," said Adams, who predicted more such cases will be filed in 2010. Earlier this year, in another tortious interference case, Adams and his team won a jury verdict of $4.9 million, including $2.7 million in punitive damages for plaintiff Parallax Medical Systems, Inc.

Adams represents a broad range of businesses, including manufacturers, distributors, financial institutions, developers, and retailers, both domestically and abroad. His litigation practice focuses on contracts, products liability, corporate and partnership disputes, and employment litigation.

About Jeffer Mangels Butler & Marmaro LLP

Jeffer Mangels Butler & Marmaro LLP is a full-service law firm committed to providing clients with outstanding results. From our offices in Los Angeles, San Francisco and Orange County, we serve our clients' needs worldwide. The Firm's Orange County office is active in the areas of litigation, real estate, workouts, corporate transactions, taxation, and trusts and estates. For more information about our attorneys and practice areas, visit www.JMBM.com.

    Source: Jeffer Mangels Butler & Marmaro LLP

LAS VEGAS, Dec. 2 /PRNewswire/ -- The Majestic Star Casino, LLC today released financial results for the three and nine months ended September 30, 2009. The Majestic Star Casino, LLC and its subsidiaries (collectively, the "Company") operate two adjacent dockside gaming facilities ("Majestic Star" and "Majestic Star II" and together the "Majestic Properties") located in Gary, Indiana, and two Fitzgeralds brand casinos located in Tunica, Mississippi ("Fitzgeralds Tunica") and Black Hawk, Colorado ("Fitzgeralds Black Hawk").

On November 23, 2009 (the "Petition Date"), the Company, its parent entity, Majestic Holdco, LLC ("Parent"), and a separate subsidiary of the Parent, Majestic Star Holdco, Inc. (and together with the Parent and the Company, the "Debtors") filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware. The primary purpose for commencing the Chapter 11 proceedings is to facilitate the restructuring of the indebtedness of both the Company and the other Debtors. Since the Petition Date, the Debtors have operated their businesses and managed their financial affairs as debtors-in-possession subject to the jurisdiction of the Bankruptcy Court. The accompanying financial information does not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.

The following discussion should be read in conjunction with the financial information contained herein.

Consolidated Results: Three Months Ended September 30, 2009

For the three months ended September 30, 2009, consolidated net operating revenues were $74.8 million compared to $82.7 million for the same period in 2008, a decrease of approximately $7.9 million, or 9.5%. Consolidated casino revenues, which comprised 87.5% of consolidated gross revenues, decreased $8.2 million, or 9.9%, to $75.1 million from $83.3 million. Our consolidated net operating and casino revenues were negatively impacted by the economic recession and increased competition in our markets, which reduced gambling activity by our customers.

Operating expenses decreased $42.3 million, or 35.5%, to $76.8 million from $119.1 million. In the third quarter of 2009 the Company recorded an estimated impairment loss on assets related to its Fitzgeralds Black Hawk property of $1.9 million. Similarly, in the third quarter of 2008, the Company recorded a $41.5 million impairment loss on assets related to its Majestic Properties. The Company incurred restructuring fees of $3.1 million in the three months ended September 30, 2009 compared to none for the same period in 2008. In addition, economic incentive taxes related to the Company's Majestic Properties increased $1.6 million in the third quarter of 2009. In the prior year, the Company received $3.2 million pursuant to a settlement agreement with the City of Gary, Indiana regarding a dispute over incentive taxes, of which $1.6 million reduced the incentive tax expense in the third quarter of 2008.

We recorded an operating loss of $1.9 million, an improvement of $34.5 million compared to an operating loss of $36.4 million for the prior year. Interest expense, net of interest income, was $17.5 million, an increase of $1.7 million, or 10.7%, due to our having increased debt outstanding and accruing default interest on our Senior Secured Credit Facility, and accruing default interest on the unpaid interest on the Senior Secured Notes, Senior Notes and Discount Notes, the latter of which was issued by our parent and pushed down to us. Consolidated net loss was $19.4 million for 2009, an improvement of $32.8 million, or 62.8%, compared to $52.2 million for the same period in 2008.

Consolidated Results: Nine Months Ended September 30, 2009

For the nine months ended September 30, 2009, consolidated net operating revenues were $232.0 million compared to $257.0 million for the same period in 2008, a decrease of $25.0 million, or 9.7%. Consolidated casino revenues, which comprised 88.1% of consolidated gross revenues, decreased $25.7 million, or 9.9%, to $232.8 million from $258.5 million. As with our three month results, the economic recession and increased competition in our markets negatively impacted our net operating and casino revenues.

Operating expenses decreased $54.9 million, or 19.7%, to $223.5 million from $278.4 million. Our nine month results through September 30, 2009 included an estimated $1.9 million impairment loss on assets related to our Fitzgeralds Black Hawk property while our nine month results through September 30, 2008 included a $41.5 million impairment loss on assets related to our Majestic Properties. Restructuring fees were $8.8 million for the first nine months of 2009 compared to none for the same period in 2008. Economic incentive tax increased $1.2 million due to the previously discussed settlement with the City of Gary in the third quarter of 2008 and the Majestic Properties recorded a $4.9 million credit for over-accrued property taxes. The credit results from the determination of previously uncertain property tax rates.

Operating income for the first nine months of 2009 was $8.5 million, an improvement of $29.9 million compared to an operating loss of $21.4 million for the prior year. Interest expense, net of interest income, was $51.4 million, an increase of $5.1 million, or 11.0%, due to our having increased debt outstanding and accruing default interest on our Senior Secured Credit Facility and our accruing default interest on the unpaid interest on the Senior Secured Notes, Senior Notes and Discount Notes. Consolidated net loss was $43.0 million for 2009, an improvement of approximately $24.8 million, or 36.6%, compared to $67.8 million for the same period in 2008.

The principal amount of debt outstanding at September 30, 2009 totaled $642.9 million, which includes $79.4 million drawn on our Senior Secured Credit Facility, $300.0 million of Senior Secured Notes, $200.0 million of Senior Notes and $63.5 million of Discount Notes issued by our parent, Majestic Holdco and pushed down to the Company, exclusive of accrued and unpaid interest. As of September 30, 2009, we had unrestricted cash and cash equivalents of $71.9 million, largely resulting from the failure to make interest payments on the Senior Secured Notes and Senior Notes and not paying down outstanding amounts on the Senior Secured Credit Facility.

The Company spent $12.3 million on improvements to its casino facilities in 2009 principally on slot machines at all our properties, remodeling the Majestic Star and Majestic Star II casino vessels, creating a new baccarat room and noodle bar on the Majestic Star casino vessel, remodeling the casino floor and buffet at Fitzgeralds Tunica, and creating a new deli/grill, also at Fitzgeralds Tunica.

Majestic Properties Results: Three Months Ended September 30, 2009

For the third quarter of 2009, net operating revenues at the Majestic Properties were $48.0 million compared to $54.2 million for 2008, a decrease of $6.2 million, or 11.4%. This decline was due to intensified competition related to new and remodeled gaming facilities unveiled by our competitors in 2008 and 2009, as well as the economic recession. Casino revenues, which comprised 91.1% of gross revenues in the third quarter of 2009, were $48.0 million, a decrease of $6.4 million, or 11.7%, compared to $54.4 million for the prior year, due to lower casino volumes and a lower hold percentage in table games.

Operating expenses decreased $45.5 million, or 50.7%, to $44.3 million compared to $89.8 million. Operating expenses for 2008 included an impairment loss on assets of $41.5 million. Economic incentive tax increased $1.6 million due to the previously discussed settlement with the City of Gary. Reductions in payroll, slot machine lease expenses and gaming taxes also contributed to our lower operating expenses.

We recorded operating income of $3.7 million, an increase of $39.3 million compared to an operating loss of $35.6 million for 2008.

Majestic Properties Results: Nine Months Ended September 30, 2009

For the nine months of 2009, net operating revenues at the Majestic Properties were $150.4 million compared to $172.3 million for 2008, a decrease of $21.9 million, or 12.7%. Casino revenues, which comprised 91.3% of gross revenues in 2009, were $150.6 million, a decrease of $21.9 million, or 12.7%, compared to $172.5 million for the prior year, due to lower casino volumes and a lower hold percentage in table games

Operating expenses decreased $61.7 million, or 31.8%, to $132.0 million compared to $193.6 million in 2008. Operating expenses for 2008 included an impairment loss on assets of $41.5 million. As previously mentioned, contributing to the reduction in operating expenses was a $4.9 million credit for over-accrued property taxes. Economic incentive tax increased $1.2 million due to the settlement with the City of Gary. Reductions in payroll, slot machine lease expenses and gaming taxes also contributed to our lower operating expenses.

We recorded operating income of $18.4 million, an increase of $39.8 million compared to an operating loss of $21.4 million for 2008.

Fitzgeralds Tunica Results: Three Months Ended September 30, 2009

For the third quarter of 2009, net operating revenues at Fitzgeralds Tunica were $18.8 million compared to $19.5 million for 2008, a decrease of $0.7 million, or 3.4%. The decline was a result of the economic recession, enhanced promotions from our competitors, new and improved amenities at competitors' facilities and expanded gaming operations in the periphery of our markets. Casino revenues, which comprised 77.5% of gross revenues in 2009, were $17.9 million, a decrease of $0.9 million, or 4.6%, compared to $18.8 million for the prior year. The decline in casino revenues was the result of lower slot volumes.

Operating expenses were $18.3 million for 2009 compared to $19.6 million, a decrease of approximately $1.3 million, or 6.4%. Lower operating expenses were the result of reduced expenses in our casino operations, including lower payroll expense. We recorded operating income of $0.5 million compared to an operating loss of $0.1 million for 2008, an improvement of $0.6 million.

Fitzgeralds Tunica Results: Nine Months Ended September 30, 2009

For the nine months of 2009, net operating revenues at Fitzgeralds Tunica were $58.6 million compared to $62.4 million for 2008, a decrease of $3.8 million, or 6.1%. Casino revenues, which comprised 79.0% of gross revenues in 2009, were $56.0 million, a decrease of $4.8 million, or 7.9%, compared to $60.8 million for the prior year due to lower casino volumes and a lower hold percentage in table games.

Operating expenses were $54.2 million for 2009 compared to $59.6 million, a decrease of $5.4 million, or 9.0%. Our lower operating expenses were the result of reduced cost of providing complimentary food and beverages to our casino customers, lower payroll expense, reduced advertising and promotional expenses and lower gaming taxes as a result of our lower casino revenues. We recorded operating income of $4.4 million compared to $2.8 million for 2008, an increase of $1.6 million, or 55.4%.

Fitzgeralds Black Hawk Results: Three Months Ended September 30, 2009

For the third quarter of 2009, net operating revenues at Fitzgeralds Black Hawk were $8.0 million compared to $9.0 million for 2008, a decrease of $1.0 million, or 11.1%. Our net operating revenues were impacted by competition in the Black Hawk market, the economic recession and the continuing impact of the smoking ban implemented on January 1, 2008. Casino revenues, which comprised 91.6% of gross revenues in 2009, were $9.1 million, a decrease of $1.0 million, or 9.7%, compared to $10.1 million for the prior year, due to lower slot volumes, partially offset by higher table games volume and hold percentage from the July 2, 2009 implementation of expanded hours of our casino operation, the increase in the maximum wager from $5 to $100 and the introduction of craps and roulette.

Operating expenses were $9.5 million for 2009 compared to $8.3 million, an increase of $1.2 million, or 14.9%. Casino expenses decreased $0.5 million, offset by an estimated impairment loss on assets of $1.9 million. We recorded an operating loss of $1.5 million compared to operating income of $0.8 million for 2008, a decrease of $2.3 million, or 293.4%.

Fitzgeralds Black Hawk Results: Nine Months Ended September 30, 2009

For the nine months of 2009, net operating revenues at Fitzgeralds Black Hawk were $23.0 million compared to $22.3 million for 2008, an increase of $0.7 million, or 3.0%. The increase in net operating revenues is due to the opening of the expansion of the casino property in late June 2008. Growth in our net operating revenues was limited by competition in the Black Hawk market, the economic recession and the continuing effects of Colorado's smoking ban. Casino revenues, which comprised 91.8% of gross revenues in 2009, were $26.2 million, an increase of approximately $0.9 million, or 3.8%, compared to $25.3 million for the prior year. Casino revenues increased primarily due to a higher slot win percentage and the implementation of expanded gaming, which has primarily benefited table games.

Operating expenses were $23.7 million for 2009 compared to $20.6 million, an increase of $3.1 million, or 15.2%. Higher depreciation expense, as a result of our expansion project, and the estimated impairment loss on assets, were the main contributors to our higher operating expenses. We recorded an operating loss of $0.7 million compared to operating income of $1.8 million for 2008, a decrease of $2.5 million, or 137.8%.

Condensed Consolidated Statements of Operations and Operating Results by Entity

              Condensed Consolidated Statements of Operations
                               (Unaudited)

                  For The Three Months Ended  For The Nine Months Ended
                         September 30,              September 30,
                   -------------------------  --------------------------
                       2009         2008          2009          2008
                   ------------ ------------  ------------  ------------
OPERATING REVENUES:
  Casino            $75,076,651  $83,291,782  $232,814,240  $258,494,566
  Rooms               2,875,166    3,080,706     8,260,476     9,082,330
  Food and beverage   5,934,836    5,764,626    17,450,470    18,060,095
  Other               1,885,975    2,116,677     5,809,587     6,137,116
                   ------------ ------------  ------------  ------------
    Gross
     revenues        85,772,628   94,253,791   264,334,773   291,774,107
  Less:
   promotional
   allowances        10,940,874   11,582,217    32,337,327    34,760,187
                   ------------ ------------  ------------  ------------
    Net operating
     revenues        74,831,754   82,671,574   231,997,446   257,013,920
                   ------------ ------------  ------------  ------------

OPERATING COSTS
 AND EXPENSES:
  Casino             21,900,659   25,239,274    67,146,019    74,804,652
  Rooms                 315,226      419,034       795,045     1,025,774
  Food and beverage   1,693,839    1,798,326     4,867,463     5,481,873
  Other                 269,953      330,728       895,237     1,023,256
  Gaming taxes       17,601,968   19,794,869    54,329,659    61,462,748
  Advertising and
    promotion         5,790,170    6,016,163    16,216,267    17,103,457
  General and
    administrative   13,084,492   13,740,259    34,883,630    42,476,157
  Corporate expense   1,567,409    1,456,749     4,652,209     4,490,488
  Restructuring fees  3,080,190            -     8,830,541             -
  Economic
   incentive
   Tax - City of
   Gary, net of
   refund             1,549,419      (32,452)    4,704,069     3,486,299
  Depreciation and
   amortization       7,986,780    8,831,716    23,877,130    25,498,263
  Impairment loss on
   assets
   (estimated
   in 2009)           1,924,494   41,509,044     1,924,494    41,509,044
  Loss (gain) on
   disposal of
   assets                 9,617         (190)      396,404        70,289
                   ------------ ------------  ------------  ------------
    Total
     operating
     costs and
     expenses        76,774,216  119,103,520   223,518,167   278,432,300
                   ------------ ------------  ------------  ------------

    Operating
     (loss)
     income          (1,942,462) (36,431,946)    8,479,279   (21,418,380)
                   ------------ ------------  ------------  ------------

OTHER (EXPENSE) INCOME:
  Interest income        40,518       75,493       156,245       250,132
  Interest expense  (15,246,310) (13,845,269)  (45,013,218)  (40,699,506)
  Interest
   expense -
   debt pushed down
   from Majestic
   Holdco            (2,245,396)  (1,994,611)   (6,579,919)   (5,859,743)
  Other
   non-operating
   expense                 (383)      (6,260)       (1,093)      (27,858)
                   ------------ ------------  ------------  ------------
    Total other
     expense        (17,451,571) (15,770,647)  (51,437,985)  (46,336,975)
                   ------------ ------------  ------------  ------------
    Net loss       $(19,394,033)$(52,202,593) $(42,958,706) $(67,755,355)
                   ============ ============  ============  ============

                       Operating Results by Entity
                               (Unaudited)

                                     For The             For The
                                Three Months Ended  Nine Months Ended
                                   September 30,      September 30,
                                ------------------  ------------------

($in thousands)                   2009      2008      2009      2008
                                --------  --------  --------  --------
Net revenues
  Majestic Properties            $48,029   $54,200  $150,389  $172,287
  Fitzgeralds Tunica              18,788    19,456    58,580    62,380
  Fitzgeralds Black Hawk           8,015     9,015    23,029    22,347
                                --------  --------  --------  --------
    Total                        $74,832   $82,672  $231,997  $257,014
                                ========  ========  ========  ========

Casino revenues
  Majestic Properties            $48,040   $54,410  $150,599  $172,466
  Fitzgeralds Tunica              17,900    18,761    55,987    60,771
  Fitzgeralds Black Hawk           9,137    10,121    26,228    25,258
                                --------  --------  --------  --------
    Total                        $75,077   $83,292  $232,814  $258,495
                                ========  ========  ========  ========

Operating income (loss)
  Majestic Properties             $3,743  $(35,587)  $18,403  $(21,359)
  Fitzgeralds Tunica                 486       (94)    4,378     2,818
  Fitzgeralds Black Hawk          (1,470)      760      (658)    1,781
  Corporate                       (4,701)   (1,511)  (13,644)   (4,658)
                                --------  --------  --------  --------
    Total                        $(1,942) $(36,432)    $8,479 $(21,418)
                                ========  ========  ========  ========

Net income (loss)
  Majestic Properties             $3,759  $(35,537)  $18,466  $(21,228)
  Fitzgeralds Tunica                 486       (90)    4,401     2,836
  Fitzgeralds Black Hawk          (1,470)      744      (667)    1,764
  Corporate                      (22,169)  (17,320)  (65,159)  (51,128)
                                --------  --------  --------  --------
    Total                       $(19,394) $(52,203) $(42,959) $(67,755)
                                ========  ========  ========  ========

Operating margin
  Majestic Properties               7.8%    -65.7%     12.2%    -12.4%
  Fitzgeralds Tunica                2.6%     -0.5%      7.5%      4.5%
  Fitzgeralds Black Hawk          -18.3%      8.4%     -2.9%      8.0%
    Total                          -2.6%    -44.1%      3.7%     -8.3%

(1) Operating margin is defined as operating income (loss) divided by
    net revenue.

SOURCE Majestic Star Casino, LLC