Lakes Entertainment

Lakes Entertainment, Inc. was an American gaming company based in Minnetonka, Minnesota. It merged with Golden Gaming in 2015 to form Golden Entertainment.

Lakes Entertainment
IndustryGaming
Founded1998 (1998)
DefunctAugust 3, 2015 (2015-08-03)
Successor
HeadquartersMinnetonka, Minnesota, U.S.

History

The company was created on December 31, 1998 as part of the merger between Grand Casinos and Hilton's gaming businesses to form Park Place Entertainment.[1][2] Park Place acquired Grand's three riverboat casinos in Mississippi, while Grand's other businesses were spun off to Grand's shareholders as Lakes Gaming.[2][3] Lakes's business at the time of its formation included the management of two Indian casinos in Louisiana (Grand Casino Avoyelles and Grand Casino Coushatta) and ownership of 10 acres (4.0 ha) of land on the Las Vegas Strip.[2][4]

In 1999, Lakes struck a deal to buy the Rainforest Cafe chain for $108 million, but the agreement fell through after Landry's made a higher offer.[5][6]

Lakes's management agreement at the Grand Casino Avoyelles was bought out in 2000,[7] and its management agreement for the Grand Casino Coushatta expired in 2002.[8] This left the company with no active operations, though it had plans to develop casinos with several tribes.[8]

In 2002, Lakes launched the World Poker Tour (WPT).[9] The company changed its name to Lakes Entertainment to reflect its involvement in the WPT and potentially other non-casino businesses.[10] Lakes sold off a portion of the WPT through an initial public offering in 2004, but retained majority ownership.[11] In 2008, Lakes spun off WPT, distributing its remaining shares to shareholders.[12]

Lakes developed the Red Hawk Casino in Shingle Springs, California for the Shingle Springs Band of Miwok Indians, and managed the casino from its opening in 2008 until 2013.[13][14]

Lakes opened the Rocky Gap Casino Resort in Maryland in May 2013.[15]

Lakes sold its interest in Dania Jai-Alai in 2014.[16]

In January 2015, Lakes agreed to merge with Golden Gaming. The combined company would be named Golden Entertainment. Golden Gaming head Blake Sartini would own 35% of the company and serve as its chief executive officer, while Lakes head Lyle Berman would be a board member and consultant.[17] In preparation for the merger, Lakes sold its 10 percent interest in Rock Ohio Ventures, which owns five casinos and racetracks in Ohio and Kentucky.[18] The merger was completed on August 3, 2015.[19]

Properties

References
  1. Form 8-K: Current Report (Report). Lakes Gaming. January 8, 1999 – via EDGAR.
  2. Simpson, Jeff (March 31, 2000). "Park Place plans to bounce Berman from its board". Las Vegas Review-Journal. Archived from the original on 2003-12-20.
  3. Thompson, Gary (November 25, 1998). "Hilton, Grand shareholders approve spinoff, merger". Las Vegas Sun. Retrieved 2012-08-01.
  4. Form 10-K405: Annual Report (Report). Lakes Gaming. March 26, 1999. pp. 2–5 – via EDGAR.
  5. "Lakes Gaming to buy Rainforest". St. Paul Pioneer Press. December 23, 1999 – via NewsBank.
  6. Greg Hassell (February 10, 2000). "Preserving the Rainforest - Landry's deal hooks chain of cafes". Houston Chronicle – via NewsBank.
  7. "Tribe to manage casino in Marksville". The Advocate. Baton Rouge, LA. April 2, 2000 – via NewsBank.
  8. "Company posts loss on quarter". Las Vegas Sun. February 6, 2002. Retrieved 2021-09-26.
  9. "Indian gaming company launches TV production unit". Las Vegas Sun. June 6, 2002. Retrieved 2021-09-26.
  10. "Lakes Gaming changes name to Lakes Entertainment". Associated Press Newswires. June 7, 2002.  – via Factiva (subscription required)
  11. Tim Huber (August 11, 2004). "Deal loses: WPT's initial public stock offering looked like a winning hand, but shares tumbled 14 percent during the day". St. Paul Pioneer Press – via NewsBank.
  12. Form 8-K: Current Report (Report). Lakes Entertainment. November 26, 2008 – via EDGAR.
  13. Mark Anderson (December 17, 2008). "Red Hawk Casino opens Wednesday". Sacramento Business Journal. Retrieved 2015-01-26.
  14. "Lakes Entertainment announces receipt of debt payment from Shingle Springs Band of Miwok Indians" (Press release). Lakes Entertainment. August 29, 2013. Retrieved 2015-01-26 – via BusinessWire.
  15. Jeff Barker (May 22, 2013). "Rocky Gap, state's fourth casino, opens in Western Maryland". Baltimore Sun. Retrieved 2013-05-22.
  16. "Lakes Entertainment, Inc. announces final transfer of Dania interest" (Press release). Lakes Entertainment. October 22, 2014. Retrieved 2015-01-26.
  17. Stutz, Howard (January 26, 2015). "Golden Gaming to merge with Lakes Entertainment, acquire Maryland casino". Las Vegas Review-Journal. Retrieved 2015-01-26.
  18. Form 8-K: Current Report (Report). Lakes Entertainment. January 25, 2015 – via EDGAR.
  19. Howard Stutz (August 3, 2015). "Golden Entertainment finalizes $341 million gaming industry merger". Las Vegas Review-Journal. Retrieved 2015-08-05.
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