Exhibit 99.1
![]() | NEWS RELEASE Lakes Entertainment, Inc. 130 Cheshire Lane, Suite 101 Minnetonka, MN 55305 952-449-9092 952-449-9353 (fax) www.lakesentertainment.com (NASDAQ: LACO) |
FOR FURTHER INFORMATION CONTACT:
Timothy Cope – 952-449-7030
Timothy Cope – 952-449-7030
FOR IMMEDIATE RELEASE:
August 24, 2009
August 24, 2009
LAKES ENTERTAINMENT ANNOUNCES NEW KANSAS JOINT VENTURE
MINNEAPOLIS August 24, 2009 – Lakes Entertainment, Inc. (NASDAQ: LACO) 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.
“We are excited to join with the partners in the Chisholm bid to have a fully equity financed program to develop a first class gaming facility in Sumner County. We believe our backgrounds and depth of experience will be invaluable in developing and operating the proposed casino,” stated Lyle Berman, Lakes’ Chief Executive Officer.
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.
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