The document provides information on the proposed Kansas Star casino and resort project, including: 1) Presentations from the CEO and other executives on the company's experience and plans for the economic benefits, amenities, and community impact of the project. 2) Analyses from consultants showing the projected tourism, economic, and fiscal impacts including hundreds of jobs and millions in annual spending and tax revenues. 3) Details on the design and plans for the equestrian center, entertainment facilities, and other attractions aimed at making it a regional destination.

2. 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

3. Chief Executive Officer
Peninsula Gaming

4.  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

5.  Financing
 Management Expertise
 Development Expertise
 Vision
 Integrity

6.  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

7.  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

8.  Patient
 Deliberate
 Successful

9. 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.

13. Bar & Entertainment

15.  Best New Construction Project - 2009
 Best Public Improvement Project - 2009
Awarded by Iowa Economic Development

25.  Peninsula Corporate Construction
 YWS Architects
 Conlon Construction
 Schwerdt Design Group
 MKEC
 TranSystems
 Poe & Associates

26. 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

27.  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

28.  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

29.  $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

30.  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

31.  Financing
 Management Expertise
 Development Expertise
 Vision
 Integrity

32. Vice President of Legal Affairs,
Compliance Officer
Peninsula Gaming

33. 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

34. CHIEF EXECUTIVE OFFICER
CHIEF
FINANCIAL OFFICER
CHIEF
OPERATING OFFICER
GENERAL
MANAGER
VP, LEGAL AFFAIRS/
COMPLIANCE
OFFICER
PROPERTY
DIRECTORS
PROPERTY
COMPLIANCE
OFFICER
KRGC

35.  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

36. Chief Operating Officer
Peninsula Gaming

37.  Branding
 Advertising
 Direct Mail
 Social Media

44. www.kansasstarcasino.com

47.  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

48.  60 years of experience in database analysis and slot
performance
 Expertise in targeted marketing to stimulate demand
 Continuous market performance analysis

49. 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

50.  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

51.  Create a brand that connects
 Use proven marketing techniques that stimulate demand
 Focus on delivering STAR service
 Measure performance – key metrics
 Create a destination

52. Principal
Populous

53. • 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

54. Tulsa Expo Square
Oklahoma State Fairgrounds
Designers of the equestrian & rodeo industry benchmarks
Houston Livestock Show & Rodeo
Oklahoma State Fairgrounds

55. 2012 London Olympic Equestrian Venues
Yankees Stadium
Intrust Arena

56. Kansas Star Facilities Overview

57. 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

58. President
Crossroads Consulting Services

59. Market, Economic and Fiscal Impact Analysis
for the Kansas Star Equine Event Center
Presentation
October 28, 2010

60. 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

61. 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

62. 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

63. 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

64. 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

65. 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

66. 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

69. 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

73. Kansan Sculptor

75. Kansan Landscape Artist

76. 76

77. 77

78. 78

79. 79

80. 80

81. 81

82. We believe the Kansas Star facility achieves all of
the legislative goals in SB 66

83.  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

84.  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

85.  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

86.  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