In 1999, Michael Luzich and two partners purchased Diamond Jo Casino and founded Peninsula Gaming, LLC, doing $16 million of annual EBITDA. Through additional acquisitions and developments, Michael Luzich and the team grew Peninsula into the United States' largest privately owned gaming company generating $205 million of EBTDA in 2012. In November that same year, Peninsula Gaming was sold to Boyd Gaming for $1.45 Billion plus an earn out.