Exhibit 4.7

                          TRADEMARK SECURITY AGREEMENT


      THE OLD EVANGELINE  DOWNS,  L.L.C., a Louisiana  limited liability company
("DEBTOR"),  owns  the  Trademarks,   Trademark  registrations,   and  Trademark
applications listed on Schedule 1 annexed hereto; and ----------

      Debtor has entered  into an  Indenture  dated as of April 16, 2004 (as the
same may be amended, restated,  supplemented or otherwise modified and in effect
from time to time, the  "INDENTURE")  among Diamond Jo, LLC, a Delaware  limited
liability  company  ("DJL"),  The Old Evangeline Downs Capital Corp., a Delaware
corporation ("CAPITAL" and, together with DJL, the "ISSUERS"),  OED Acquisition,
LLC,  a  Delaware  limited   liability   company   ("OEDA"),   Peninsula  Gaming
Corporation, a Delaware corporation ("PG CORP."), Debtor, and U.S. Bank National
Association,  solely in its capacity as trustee ("TRUSTEE") for the holders (the
"HOLDERS") of Issuers 8-3/4% Senior Secured Notes due 2012;

      Pursuant to the terms of a Pledge and Security Agreement dated as of April
16,  2004 (as the same  may be  amended,  restated,  supplemented  or  otherwise
modified  and in effect from time to time,  the  "SECURITY  Agreement"),  among,
inter alia, the Issuers, Debtor and Trustee (in such capacity, "SECURED PARTY"),
Debtor has,  subject to Section 2.2 thereof,  granted to Secured Party,  for the
benefit of Secured Party and the Holders,  a security  interest in substantially
all the assets of Debtor  including all right,  title and interest of Debtor in,
to and under all now owned and hereafter acquired  Trademarks (as defined in the
Security  Agreement)  and all  proceeds  thereof,  to secure the  payment of all
amounts owing by Debtor under the Indenture Documents to which it is a party;

      For good and valuable consideration,  the receipt and sufficiency of which
are hereby  acknowledged,  Debtor does hereby  grant to Secured  Party,  for the
benefit of Secured Party and the Holders a continuing  security  interest in all
of Debtor's right, title and interest in, to and under the following (all of the
following  items or types of property being herein  collectively  referred to as
the "TRADEMARK COLLATERAL"),  whether presently existing or hereafter created or
acquired:

      (1) each  Trademark,  Trademark  registration  and Trademark  application,
      including,  without limitation,  the Trademarks,  Trademark  registrations
      (together  with any reissues,  continuations  or  extensions  thereof) and
      Trademark  applications  referred to in Schedule 1 annexed hereto, and all
      of the goodwill of the business  connected with the use of, and symbolized
      by, each Trademark, Trademark registration and Trademark application; and

      (2)  all  products  and  proceeds  of the  foregoing,  including,  without
      limitation, any claim by Debtor against third parties for past, present or
      future  (a)  infringement  or  dilution  of  any  Trademark  or  Trademark
      registration including,  without limitation,  the Trademarks and Trademark
      registrations  referred to in  Schedule 1 annexed  hereto,  the





      Trademark  registrations issued with respect to the Trademark applications
      referred in Schedule 1 and the  Trademarks  licensed  under any  Trademark
      license,  or (b) injury to the  goodwill  associated  with any  Trademark,
      Trademark registration or Trademark licensed under any Trademark license.

Notwithstanding anything herein to the contrary, in no event shall the Trademark
Collateral  include,  and no Debtor  shall be deemed to have  granted a security
interest in, any of such Debtor's right,  title or interest in any of its assets
to the extent such asset would be excluded  from the  definition  of  Collateral
pursuant to Section 2.2 of the Security Agreement.

This security  interest is granted in  conjunction  with the security  interests
granted to Secured  Party  pursuant to the  Security  Agreement.  Debtor  hereby
acknowledges  and affirms  that the rights and  remedies  of Secured  Party with
respect to the security  interest in the Trademark  Collateral  made and granted
hereby  are more  fully  set  forth in the  Security  Agreement,  the  terms and
provisions of which are  incorporated by reference  herein as if fully set forth
herein.


                                      -2-





      IN WITNESS WHEREOF, Debtor has caused this Trademark Security Agreement to
be duly  executed  by its duly  authorized  officer as of the date  first  above
written.

                                        THE OLD EVANGELINE DOWNS, L.L.C., a
                                        Louisiana limited liability company

                                        By:    /s/  M. Brent Stevens
                                           -------------------------------------
                                        Name:  M. Brent Stevens
                                        Title: Chief Executive Officer




                                                       Schedule 1
                                                       to Trademark
                                                       Security Agreement


                                   TRADEMARKS


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                       SERIAL      FILING
       MARK            NUMBER       DATE       COUNTRY            STATUS
--------------------------------------------------------------------------------
"Races & Aces"        76518029     3/26/03       USA      Debtor applied to the
(Trade Name)                                              USPTO for
                                                          registration of this
                                                          mark; however, the
                                                          USPTO has issued a
                                                          non-final action
                                                          letter rejecting the
                                                          registration of the
                                                          mark.
--------------------------------------------------------------------------------