Key Developments For Lakes Entertainment, Inc.
Lakes Entertainment, Inc. (LACO.O) (Consolidated Issue listed on NASDAQ Global Market)
Lakes Entertainment, Inc. Announces New Kansas Joint Venture
Lakes Entertainment, Inc. announced it is joining the Chisholm Creek Casino Resort, LLC (Chisholm) application currently pending before the Kansas Lottery to develop and operate a casino project in the South Central Zone of the State of Kansas. As a result of this new venture Lakes will withdraw its original application for a gaming site in the State of Kansas submitted in April of this year. Phase one of the proposed casino is planned to feature 1,300 to 1,500 slot machines, 30 table games and other amenities, which may include a number of restaurants and a hotel to be developed by a third party hotel developer. Additional phases of the development could include expanded gaming positions, an entertainment center, and other market driven amenities.
Lakes Entertainment, Inc. Closes on $8 Million Non-Revolving Line of Credit Loan Agreement
Lakes Entertainment, Inc. announced that it has closed on a two-year interest only $8 million non-revolving line of credit loan agreement with the First State Bank of Arkansas. The interest rate of the loan is 8.95%. Upon closing, the Company initially drew $2 million from the line of credit.
Lakes Entertainment, Inc. Announces Dividend of WPT Enterprises, Inc. Common Stock
Lakes Entertainment, Inc. announced that on October 1, 2008, its Board of Directors declared a stock dividend of all of the Company's shares in WPT Enterprises, Inc. . The record date for the dividend will be 5:00 PM Central Daylight Time on October 24, 2008. The record date establishes the shareholders of record entitled to the dividend and will be used to determine the ratio of WPTE shares to be distributed per Lakes share. The date of distribution will be November 21, 2008. Lakes currently owns 12,480,000 shares, or approximately 61%, of the outstanding common stock of WPTE. The number of shares of WPTE common stock that each holder of a share of Lakes common stock will receive will be based on the actual number of shares of Lakes common stock outstanding on the record date. Based on the approximately 26.0 million shares of Lakes common stock outstanding as of October 7, 2008, the distribution ratio would be approximately 0.4795348696 shares of WPTE for every share of Lakes.
Lakes Entertainment, Inc. Partners With Myohionow.com, LLC To Pursue Development Of Casino In Ohio
Lakes Entertainment, Inc. announced that it has partnered with Myohionow.com, LLC to pursue the development of a first class $600 million casino resort in Clinton County, Ohio. Initial plans call for the casino to feature approximately 220,000 square feet of gaming space, including up to 5,000 slot machines, 100 table games such as Blackjack, Craps, Baccarat, Pai Gow Poker and Three and Four Card Poker, and a 20 table poker room.
Lakes Entertainment, Inc. Enters Into Credit Arrangement With UBS Financial Services
Lakes Entertainment, Inc. announced that effective April 11, 2008, it entered into a client agreement with UBS Financial Services, Inc. dated April 4, 2008,for the purpose of borrowing and/or obtaining credit in a principal amount not to exceed $11.0 million (Margin Account Agreement). The Margin Account Agreement is secured by Lakes' auction rate securities (ARS) held at UBS. On April 11, 2008, made an initial draw under the Margin Account Agreement in the principal amount of $3.0 million to be used for working capital purposes.
