On May 1, 2013, Peninsula Gaming, LLC (PGL) entered into the first amendment to credit agreement among PGL, certain financial institutions and Bank of America, N.A. as administrative agent for the lenders. The amendment amends certain terms of the credit agreement dated as of November 14, 2012 among PGL, the lenders from time to time party thereto, the administrative agent, and Bank of America, as collateral agent, swing line lender and L/C issuer. Among other things, the amendment, decreases the applicable margin with respect to the Term B facility to 3.25% in the case of Eurodollar rate loans and 2.25% in the case of base rate loans, reduces the minimum Eurodollar rate with respect to the Term B facility to 1.00% per annum, requires PGL to pay a premium of 1.00% of the principal amount prepaid for full or partial repayments of Term B loans through the issuance of indebtedness having a lower interest rate than described in clause above during the period of six calendar months after the effective date of the amendment and requires payment of an amendment fee of 1.00% during such period payable to lenders who consent to any such reduced interest rate, extends the deadline for delivery of year-end reports to 90 days after the end of each fiscal year of PGL, clarifies the definition of consolidated adjusted EBITDA with respect to management fees and allows quarterly amortization installments to be paid prior to the last day of the applicable quarter.

Peninsula Gaming LLC announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2012. For the quarter, total net revenues were $130,281,000 against $83,873,000 for the same period a year ago. Income from operations was $33,980,000 against $12,760,000 for the same period a year ago. Net income was $17,213,000 against net loss of $3,757,000 for the same period a year ago. Adjusted EBITDA was $50,717,000 against $27,503,000 for the same period a year ago. Consolidated Adjusted EBITDA was $47,176,000 against $25,356,000 for the same period a year ago. During the third quarter of 2012, the company had cash outflows of $18.2 million related to capital expenditures. Of this amount, $16.3 million was related to the Kansas Star development. The company had maintenance capital expenditures of approximately $1.9 million in the aggregate, which consisted primarily of slot machines and slot machine conversions at each of the properties and racing equipment at EVD. For the nine months, total net revenues were $398,212,000 against $248,768,000 for the same period a year ago. Income from operations was $108,927,000 against $43,518,000 for the same period a year ago. Net income was $56,846,000 against net loss of $5,984,000 for the same period a year ago. Adjusted EBITDA was $158,686,000 against $82,604,000 for the same period a year ago. Consolidated Adjusted EBITDA was $149,799,000 against $75,927,000 for the same period a year ago.

Peninsula Gaming LLC reported consolidated unaudited earnings results for the second quarter and six months ended June 30, 2012. Consolidated total net revenues for the second quarter of 2012 were $133.1 million, consolidated property adjusted EBITDA was $52.0 million and consolidated adjusted EBITDA was $49.5 million. For the second quarter of 2011, consolidated total net revenues were $84.5 million, consolidated property adjusted EBITDA was $27.8 million and consolidated adjusted EBITDA was $25.5 million. For the second quarter 2012, on a generally accepted accounting principles (GAAP) basis, the company reported net income of $17.3 million. Net loss for the second quarter 2011 on a GAAP basis was $2.1 million. Income from operations was $34.689 million against $14.870 million a year ago. During the second quarter of 2012, the company had cash outflows of $21.2 million related to capital expenditures. Of this amount, $18.4 million was related to the Kansas Star development. The company had maintenance capital expenditures of approximately $2.8 million in the aggregate, which consisted primarily of slot machines and slot machine conversions at each of the properties. For the six months ended June 30, 2012, consolidated total net revenues were $267.9 million, consolidated property adjusted EBITDA was $108.0 million and consolidated adjusted EBITDA was $102.6 million. For the six months ended June 30, 2011, consolidated total net revenues were $164.9 million, consolidated property adjusted EBITDA was $55.1 million and consolidated adjusted EBITDA was $50.6 million. On a GAAP basis, for the six months ended June 30, 2012, the Company reported net income of $39.6 million. Net loss for the six months ended June 30, 2011 on a GAAP basis was $2.2 million. Income from operations was $74.950 million against $30.760 million a year ago.