MINNEAPOLIS--(BUSINESS WIRE)--Aug. 29, 2013--
Lakes Entertainment, Inc. (“Lakes”) (NASDAQ: LACO) announced that today,
it received a cash payment of $57.1 million per the terms of the Debt
Termination Agreement that Lakes entered into with the Shingle Springs
Band of Miwok Indians (“Tribe”) on July 16, 2013. Upon receipt of such
payment, the management agreement, under which Lakes had been managing
the Red Hawk Casino for the Tribe, was terminated.
Tim Cope, President and Chief Financial Officer of Lakes stated, “We are
proud to have been involved in the development and management of this
first-class casino property and we wish the Shingle Springs Tribe
continued success.” Mr. Cope added, “This payment gives us greater
financial flexibility as we continue to pursue new opportunities.”
About Lakes Entertainment
Lakes Entertainment, Inc. currently owns the Rocky Gap Casino Resort
near Cumberland, Maryland. Lakes also has an investment in Rock Ohio
Ventures, LLC’s casino and racino developments in Ohio, and an
investment in Dania Entertainment Center, LLC’s Dania Jai Alai fronton
in Dania Beach, Florida.
The Private Securities Litigation Reform Act of 1995 provides a safe
harbor for forward-looking statements. Certain information included in
this press release (as well as information included in oral statements
or other written statements made or to be made by Lakes Entertainment,
Inc.) contains statements that are forward-looking, such as statements
relating to plans for future expansion and other business development
activities as well as other capital spending, financing sources and the
effects of regulation (including gaming and tax regulation) and
competition. Such forward-looking information involves important risks
and uncertainties that could significantly affect anticipated results in
the future and, accordingly, such results may differ from those
expressed in any forward-looking statements made by or on behalf of the
company. These risks and uncertainties include, but are not limited to,
need for potential future financing to meet Lakes’ development needs;
Lakes operates in a highly competitive industry; possible changes in
regulations; possible need for future financing to meet Lakes' expansion
goals; risks of entry into new businesses; reliance on Lakes'
management; and litigation costs. For more information, review the
company's filings with the Securities and Exchange Commission.
Source: Lakes Entertainment, Inc.
Lakes Entertainment, Inc.
Investor Relations Contact:
Timothy
Cope, 952-449-7030
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