Lakes Entertainment, Inc. (“Lakes”) (NASDAQ:LACO) announced that its subsidiary, Evitts Resort, LLC (“Evitts”) has been awarded a video lottery operation license (“License”) for the Rocky Gap Lodge & Golf Resort in Cumberland, Maryland (“Rocky Gap”) by the State of Maryland Video Lottery Facility Location Commission (“Commission”). The unanimous decision to award the License to Evitts was made April 26, 2012, by the Commission. The License is contingent on certain approvals by the Maryland State Board of Public Works as well as Evitts obtaining construction financing.
Lakes Entertainment’s President and Chief Financial Officer, Tim Cope stated, “We are very pleased that we have been awarded the License for the Rocky Gap project by the State of Maryland Video Lottery Facility Location Commission. The award of the License is critical, however, the Maryland State Board of Public Works still needs to take final action to approve our purchase of the Rocky Gap Lodge and Resort from the Maryland Economic Development Corporation, and our ground lease for the property with the Maryland Department of Natural Resources before we can proceed with the project. The Board of Public Works currently plans to meet in June to review this transaction.”
Lakes Entertainment’s Chairman of the Board and CEO, Lyle Berman stated, “Our proposal for this project includes purchasing the existing four-diamond Rocky Gap Lodge & Golf Resort which includes a 215-room hotel, convention center, spa, two restaurants and the only Jack Nicklaus golf course in Maryland. We also plan to expand parking and initially construct approximately 50,000 square feet of new space. This new space is expected to open with a minimum of 850 video lottery terminals, a new restaurant and a live-entertainment bar.”
About Lakes EntertainmentLakes Entertainment, Inc. currently has a management agreement with the Shingle Springs Band of Miwok Indians to manage the Red Hawk Casino. Lakes has an investment in Rock Ohio Ventures, LLC for their planned casino developments in Cincinnati and Cleveland, Ohio. Lakes’ subsidiary Evitts Resort, LLC, has been awarded a video lottery operation license for the Rocky Gap Lodge & Golf Resort in Cumberland, Maryland which is contingent on certain approvals by the Maryland State Board of Public Works as well as Evitts obtaining construction financing.
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