Lakes Entertainment, Inc. (“Lakes”) (NASDAQ: LACO) announced that it entered into a joint venture with Addy Entertainment, LLC to form Evitts Resort, LLC (“Joint Venture”), which submitted a response to a request for proposal by the State of Maryland Video Lottery Facility Location Commission (“Commission”) for a video lottery operation license (“License”) in Allegany County, Maryland. The Commission will evaluate applications and award the License to operate a video lottery operation at the Rocky Gap Lodge & Golf Resort in Cumberland, Maryland (“the Resort”). The License has an initial term of 15 years and is expected to be awarded in late 2011. Contemporaneous with the execution of the joint venture agreement, Lakes entered into a Development Services and Management Agreement (the “Management Agreement”) with the Joint Venture to develop and manage the gaming facility and existing facilities at the Resort, if the Joint Venture is awarded the License.
“The current facilities include a hotel, restaurants, convention center and Jack Nicklaus Signature golf course. The plan the Joint Venture submitted provides for new construction of a 50,000 square foot gaming facility which will feature approximately 850 video lottery terminals, a number of food and beverage outlets, and a retail component,” said Timothy Cope, President and Chief Financial Officer of Lakes.
“We believe the operating history of our company, the proposed scope of the Resort project, and the related benefits that will be provided to the State of Maryland make our application worthy of selection,” said Lyle Berman, Chairman and Chief Executive Officer of Lakes. “We look forward to working with officials from the Commission to bring to fruition this great plan for the County and State,” added Mr. Berman.
About Lakes EntertainmentLakes Entertainment, Inc. currently has development and management or financing agreements with two separate Tribes for casino operations in California, for a total of two separate casino sites. Lakes is currently managing the Red Hawk Casino for the Shingle Springs Band of Miwok Indians. Lakes has an investment in Rock Ohio Ventures, LLC for their planned casino developments in Cincinnati and Cleveland, Ohio. Lakes is also involved in other business activities, including the licensing of table games to Tribal and non-Tribal casinos.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV