Lakes Entertainment, Inc. (“Lakes”) (NASDAQ:LACO) announced that the Maryland Board of Public Works (“Board”) approved the Maryland Economic Development Corporation’s sale of the Rocky Gap Lodge & Golf Resort in Cumberland Maryland (“Rocky Gap”) to Evitts Resort, LLC (“Evitts”), Lakes’ wholly owned subsidiary. The Board also approved the lease between the Maryland Department of Natural Resources and Evitts for approximately 260 acres of real property on which Rocky Gap was built. The closing of these two transactions, which is expected to occur within 60 days, is necessary for Evitts to construct the 50,000 square foot gaming facility at Rocky Gap. Evitts was previously awarded a video lottery operation license for Rocky Gap by the State of Maryland Video Lottery Facility Location Commission. Evitts intends to expand upon 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, by initially constructing approximately 50,000 square feet of new space featuring a minimum of 850 video lottery terminals, an expansion of parking including the construction of a parking ramp, a new restaurant and a live-entertainment bar.
Lakes Entertainment’s Chairman and Chief Executive Officer, Lyle Berman stated, “We are very pleased that the Board of Public Works approved the asset purchase and the lease for the Rocky Gap project. This removes the final regulatory hurdle for us to commence construction. We look forward to closing on financing so we can start construction, which we anticipate will take approximately 10 to 12 months to complete.”
About Lakes Entertainment
Lakes 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 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 Evitts obtaining construction financing.
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