Peninsula Gaming Agrees to Acquire Amelia Belle Casino

DUBUQUE, Iowa--(Business Wire)--
Peninsula Gaming, LLC today announced that its wholly owned subsidiary, AB
Casino Acquisition LLC, has entered into a definitive purchase agreement, dated
June 18, 2009, with Columbia Properties New Orleans, L.L.C. to purchase 100% of
the outstanding limited liability company interests of Belle of Orleans, L.L.C.
for $106.5 million dollars, subject to certain adjustments. Belle of Orleans,
L.L.C. owns the riverboat casino commonly known as the Amelia Belle Casino,
located in Amelia, Louisiana. The Amelia Belle Casino has 823 slot machines and
25 table games, including a poker room. The Company looks forward to working
with current management to maintain the level of service and overall experience
that define Peninsula Gaming`s existing and future operations and continue to
ensure its ongoing competitiveness and growth in the industry.

The Amelia Belle is located 90 miles from Peninsula Gaming`s Evangeline Downs
Racetrack and Casino near Morgan City, Louisiana and is a natural growth
opportunity for the company. "We`ve been operating in South Central Louisiana
for five years at Evangeline and this facility fits perfectly in our portfolio"
said Brent Stevens, CEO of Peninsula. "The opportunity to improve performance by
creating synergies with our existing property attracted us to this acquisition.
The purchase price multiple fits our criteria and we`re confident it will
generate a compelling return."

The purchase agreement contains customary representations, warranties,
agreements and indemnification provisions for transactions of this nature. The
transaction is also subject to the satisfaction of customary closing conditions,
including the Company obtaining all requisite gaming and regulatory approvals.
The transaction is expected to be completed in September 2009.

White & Case LLP is serving as legal advisor to the Company in connection with
the transaction. Katz, Teller, Brant & Hild is serving as legal advisor to
Columbia Properties New Orleans, L.L.C.

About Peninsula Gaming

The Company, through its subsidiaries, engages in the ownership and operation of
casino and off-track betting parlors. It owns and operates the Diamond Jo
riverboat casino in Dubuque, Iowa; the Evangeline Downs Racetrack and Casino in
St. Landry Parish, Louisiana; four off-track betting parlors in Port Allen, New
Iberia, Henderson, and Eunice, Louisiana; and the Diamond Jo casino in Worth
County, Iowa. The Company was founded in 1999 and is based in Dubuque, Iowa. The
Company is a subsidiary of Peninsula Gaming Partners, LLC.

Forward Looking Statements

This press release contains forward-looking statements that are made pursuant to
the Safe Harbor Provisions of the Private Securities Litigation Reform Act of
1995. Forward-looking statements involve a number of risks, uncertainties or
other factors beyond the Company`s control, which may cause material differences
in actual results, performance or other expectations. These factors include, but
are not limited to general economic conditions, competition, risks associated
with new ventures, government regulation, including, licensure requirements,
legalization of gaming, availability of financing on commercially reasonable
terms, changes in interest rates, future terrorist acts, and other factors
detailed in the reports filed by the Company with the Securities and Exchange
Commission. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date thereof. The Company
assumes no obligation to update such information.

Peninsula Gaming, LLC
Natalie A. Schramm, 563-690-4977

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