EXHIBIT 99.1
[LAKES ENTERTAINMENT, INC. LOGO] NEWS RELEASE
LAKES ENTERTAINMENT, INC.
130 CHESHIRE LANE
MINNETONKA, MN 55305
952-449-9092
952-449-9353 (FAX)
WWW.LAKESENTERTAINMENT.COM
TRADED: NASDAQ "LACO"
FOR FURTHER INFORMATION CONTACT:
Timothy J. Cope 952-449-7030
FOR IMMEDIATE RELEASE:
Monday, April 7, 2003
LAKES ENTERTAINMENT, INC. ANNOUNCES SIGNING LETTER OF
INTENT TO SELL LAND IN LAS VEGAS
MINNEAPOLIS, APRIL 7, 2003 - LAKES ENTERTAINMENT, INC. (NASDAQ "LACO") today
announced that it has signed a Letter of Intent to sell the approximate 3.5 acre
undeveloped site which had been previously designated for development of the
Chateau time share project with Diamond Resorts in Las Vegas, Nevada. Under the
terms of the Letter of Intent, Lakes will sell the property to an entity to be
managed and operated by Marriott Ownership Resorts, Inc. for a purchase price of
$15.0 million in cash. Certain terms and conditions of this Letter of Intent
will need to be satisfied prior to the completion of this sale. In addition to
the $15.0 million payment, Lakes will receive $1.0 million as repayment of a
loan previously made to Chateau by Lakes. Subject to the satisfaction of the
necessary terms and conditions, Lakes anticipates the closing will occur in
April or May 2003.
Lakes Entertainment, Inc. currently has development and management agreements
with four separate Tribes for four new casino operations, one in Michigan, two
in California and one with the Nipmuc Nation on the East Coast. Lakes
Entertainment also has agreements for the development of one additional casino
on Indian-owned land in California through a joint venture with MRD Gaming.
Additionally, the Company owns approximately 80% of World Poker Tour, LLC, a
joint venture formed to film and produce poker tournaments for television
broadcast.
Lakes Entertainment, Inc. common shares are traded on the Nasdaq National Market
under the trading symbol "LACO".
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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 plan 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, 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 contracts;
continued indemnification obligations to Grand Casinos; highly competitive
industry; possible changes in regulations; reliance on continued positive
relationships with Indian tribes and repayment of amounts owned 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 Commission.
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