Peninsula Gaming S-4 Registration of securities issued in business combination transactions

EXHIBIT 12.1

PENINSULA GAMING, LLC

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES

(In thousands of dollars)

	Year Ended December 31,													Nine Months Ended September 30,
	2008		2007			2006		2005			2004			2009			2008
Ratio of Earnings to Fixed Charges:
Earnings
Net income (loss)	$	22,756	$	(5,154	)	$	6,328	$	(3,384	)	$	(45,075	)	$	(11,347	)	$	21,647
Fixed charges excluding unamortized capitalized interest		42,149		42,931			35,235		31,117			66,456			59,982			31,609
Total earnings	$	64,905	$	37,777		$	41,563	$	27,733		$	21,381		$	48,635		$	53,256
Fixed charges:
Interest expense including capitalized interest	$	42,940	$	41,348		$	33,822	$	29,850		$	65,952		$	58,096		$	31,723
Portion of rental charges deemed to be interest		2,293		2,287			2,092		1,527			1,667			1,720			1,720
Total fixed charges	$	45,233	$	43,635		$	35,914	$	31,377		$	67,619		$	59,816		$	33,443
Ratio of earnings to fixed charges		1.4		0.9			1.2		0.9			0.3			0.8			1.6
Pro Forma Ratio of Earnings to Fixed Charges:
Earnings
Net income (loss)	$	23,988												$	11,981
Fixed charges excluding unamortized capitalized interest		61,615													46,450
Total earnings	$	85,603												$	58,431
Fixed charges:
Interest expense including capitalized interest	$	61,949												$	44,220
Portion of rental charges deemed to be interest		2,752													2,064
Total fixed charges	$	64,701												$	46,284
Ratio of earnings to fixed charges		1.3													1.3