1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 31, 2000
LAKES GAMING, INC.
(Exact name of registrant as specified in its charter)
MINNESOTA 0-24993 41-1913991
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
130 CHESHIRE LANE, MINNETONKA, MINNESOTA 55305
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (612) 449-9092
NOT APPLICABLE
(Former name or former address, if changed since last report)
2
ITEM 5. OTHER EVENTS.
The Registrant has executed an Agreement to Terminate Management
Agreement (the "Termination Agreement") dated as of the 31st day of March 2000
between the Registrant, the Tunica-Biloxi Tribe of Louisiana, a federally
recognized Indian Tribe (the "Tribe") and Grand Casinos of Louisiana, LLC -
Tunica-Biloxi, a Minnesota limited liability company ("GCI-LLC") with respect to
the management and operation of Grand Casino Avoyelles.
Subject to the terms of the Termination Agreement, the Tribe has
elected to exercise its option for the early buyout of the Amended and Restated
Management and Construction Agreement (the "Management Agreement") dated as of
November 1, 1991. The Management Agreement was scheduled to expire on June 3,
2001. The early buyout of the Management Agreement is provided for under the
original terms of the Management Agreement and Lakes will be compensated for the
management fees it would have received had it managed Grand Casino Avoyelles
through June 3, 2001, discounted to present value.
In addition to the receipt of compensation for the management fees that
Lakes would have earned, pursuant to the terms of the Termination Agreement
Lakes will also be repaid all outstanding indebtedness owed by the Tribe, Lakes
will be released from certain bank guarantees and subordination agreements and
Lakes will convey to the Tribe certain real estate owned by Lakes which is
adjacent to Grand Casino Avoyelles.
The Termination Agreement and the Press Release dated March 31, 2000
issued by the Registrant have been filed as Exhibits 10.1 and 99.1,
respectively, to this Form 8-K and are incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits
10.1 Agreement to Terminate Management Agreement by and among the
Registrant, The Tunica-Biloxi Indian Tribe of Louisiana, and Grand
Casinos of Louisiana, LLC- Tunica- Biloxi dated as of March 31, 2000.
99.1 Press Release dated March 31, 2000.
-2-
3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
LAKES GAMING, INC.
(Registrant)
Date: April 3, 2000 By: /s/Timothy J. Cope
---------------------------------------------
Name: Timothy J. Cope
Title: Chief Financial Officer
-3-
4
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
10.1 Agreement to Terminate Management Agreement by and
among the Registrant, The Tunica-Biloxi Tribe of
Louisiana, and Grand Casinos of Louisiana, LLC-
Tunica- Biloxi dated as of March 31, 2000.
99.1 Press Release dated March 31, 2000.
-4-