Corporate Social Responsibility | Business Wire | PR NewsWire | Marketwire | Realwire | ACN/JCN newswire | 247pressrelease | PRWeb

Lakes Entertainment Announces Passage of Ohio Referendum

MINNEAPOLIS - 
      Lakes Entertainment, Inc. (NASDAQ: LACO) today announced that on 
      November 3, 2009, the Ohio voters approved Issue 3, the 
      citizen-initiated referendum to amend the Ohio constitution to authorize 
      one gaming facility in each of Cleveland, Cincinnati, Columbus and 
      Toledo, Oh
Posted : Thu, 05 Nov 2009 00:01:32 GMT
Author : Lakes Entertainment, Inc.
Category : Press Release
News Alerts by Email ( click here )
Press Release News | Home
MINNEAPOLIS - (Business Wire) Lakes Entertainment, Inc. (NASDAQ: LACO) today announced that on November 3, 2009, the Ohio voters approved Issue 3, the citizen-initiated referendum to amend the Ohio constitution to authorize one gaming facility in each of Cleveland, Cincinnati, Columbus and Toledo, Ohio. The approval of Issue 3 authorizes casino gaming for the first time in the State of Ohio.

Issue 3 was primarily backed by Rock Ohio Ventures, LLC (“Rock”), a group led by Dan Gilbert, owner of the Cleveland Cavaliers, and Penn Ventures, LLC (“Penn”), a subsidiary of Penn National Gaming, Inc. Lakes recently reached an agreement with Penn whereby it (1) agreed to fund 10% of Penn’s costs of the Issue 3 referendum (“Referendum”) and (2) has the option, but not the obligation, to fund up to 10% of equity required to develop potential casinos in Columbus and Toledo, in return for a corresponding equity stake up to 10% in such casinos. Similarly, Lakes recently entered into an agreement with Rock whereby it has the right, but not the obligation, to invest up to 10% of Rock’s costs of the Referendum and the equity required to develop potential casinos in Cleveland and Cincinnati, in return for a corresponding equity stake of up to 10% in such casinos.

“We are pleased that the voters of Ohio approved Mr. Gilbert’s and Penn’s casino plan which is expected to bring thousands of jobs and millions of dollars to the State of Ohio,” said Tim Cope, president of Lakes Entertainment. There is still much work to do before these casinos become a reality, but we believe this investment will add value to our company which will benefit our shareholders for many years to come.”

About Lakes Entertainment

Lakes Entertainment, Inc. currently has development and management or financing agreements with four separate Tribes for casino operations in Michigan, California, and Oklahoma, for a total of five separate casino sites. Lakes is currently managing the Cimarron Casino for the Iowa Tribe of Oklahoma, the Four Winds Casino Resort for the Pokagon Band of Potawatomi Indians and the Red Hawk Casino for the Shingle Springs Band of Miwok Indians. Lakes is also involved in other business activities, including the development of new table games for licensing to Tribal and non-Tribal casinos.

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; those relating to the inability to complete or possible delays in completion of Lakes' casino projects, including various regulatory approvals and numerous other conditions which must be satisfied before completion of these projects; possible termination or adverse modification of management or development contracts; Lakes operates in a highly competitive industry; possible changes in regulations; reliance on continued positive relationships with Indian tribes and repayment of amounts owed to Lakes by Indian tribes; possible need for future financing to meet Lakes' expansion goals; risks of entry into new businesses; and reliance on Lakes' management. For more information, review the company's filings with the Securities and Exchange.

Lakes Entertainment, Inc.
Timothy Cope, 952-449-7030


Copyright © 2008 Business Wire. All rights reserved.
Share/Save/Bookmark

Article : Lakes Entertainment Announces Passage of Ohio Referendum
Print this article
Share this article

Stay Updated

News gadget on your Google homepage
Subscribe to a news feed in Google Reader



Related News

RASIRC Granted Patent on Vaporizer for Delivery of Water Vapor and Other Low Vapor Pressure Gases
SAN DIEGO - RASIRC®, the steam purification company, announced today that the US Patent and Trademark Office has granted Patent #7,618,027 for a vaporizing device for control, delivery, and purification of water vapor in conjunction with a carrier g

Zynga Hits 100 Million Unique Visitors Per Month
SAN FRANCISCO - Zynga (www.zynga.com), the largest developer of social games, today announced that

PLX PCI Express Switch Enables Blinding Speed on New ATI Radeon Flagship Graphics Card
SUNNYVALE, Calif. - PLX Technology, Inc. (NASDAQ:PLXT), the leading global supplier of PCI Express® (PCIe®) switch and bridge solutions, today announced its PEX 8647 PCIe Gen 2 switch is the high-performance, peer-to-peer connectivity solution on the new premium ATI Radeon™ HD

ECOtality to Host Shareholder Update Conference Call on November 24, 2009
SCOTTSDALE, Ariz. - ECOtality, Inc. (OTCBB:ETLY), a leader in clean electric transportation and storage technologies, announced the Company will host a shareholder update conference call on Tuesday, November 24, 2008 at 4:30 PM EST. Jonathan Read, President and CEO of ECOtality, Barry Baer,

First Solar Sells California Solar Power Project to NRG
TEMPE, Ariz. - First Solar, Inc. (Nasdaq:FSLR), today announced the sale of the 21 megawatt (MW) AC solar energy project it has developed and constructed in Blythe, Calif., to NRG Energy, Inc. Located in Riverside County about 200 miles east of Los Angeles, the Blythe

Holiday Retailers Misdirecting Consumer Web Traffic
LOS ANGELES - Holiday retailers are not making the most strategic use of online search marketing dollars, a new study by CrownPeak, the market leader in Web content management for online marketing, today reveals. CrownPeak’s “Holiday PPC Ad Strategies” study, analyzing key

CrownPeak’s Launches New Online Marketing Tools
LOS ANGELES - CrownPeak, the market leader in Web Content Management for online marketers, today announced the launch of its Online Marketing Management Suite, with unique content management and marketing tools designed to enable online marketers to more easily and effectively engage target

Have your Say
Name
Email
Subject
Your Comment

Enter Verification code
 
  

 
Follow The Earth Times
Subscribe to RSS Follow Earth Times on TwitterNews by email
Share/Save/Bookmark
 
 



 
Subscribe to free Earthtimes
News Alerts by Email Click here
For RSS Feeds Click here
or Create your own RSS

Add to Google Toolbar
Breaking News
Press Releases

 


The Earth Times
News Category

© 2009 www.earthtimes.org, The Earth Times, All Rights Reserved | Privacy Policy
Earth Times accept no responsibility or liability either directly or indirectly for views or opinions expressed in articles or comments.