The nightclub owner said he and his 30-year-old wife Bella will try for their second baby this year.
Peter, who was born in Sheffield, told Northern Life magazine: "I love being a dad and we're talking about having another baby this year.
"I don't just change nappies, I change poo nappies!
"I told my daughter Karen, who's 51 and my son Scott, now 49, and they laughed.
"That's not what I did when I was married back in the era. I don't remember every changing a nappy."
The lap dancing club boss, who became a dad for the third time two years ago when Bella had daughter Rosabella also spoke about his encounters with Royalty.
He said: "I've dined with Princess Diana and partied with Prince Harry. In fact, Harry took a shine to my wife and asked if he could dance with her.
"His then girlfriend, Chelsy [Davy] wasn't impressed."
He explained: "That's what my wife says. She's not marrying royalty, she's not marrying any rock stars, and she's not marrying any footballers. Maybe the odd scientist."
Peter has been running nightclubs since 1962 and now has lap dancing clubs in London and New York.