EXHIBIT 99.1
NEWS RELEASE
LAKES ENTERTAINMENT, INC.
[LAKES ENTERTAINMENT, INC. LOGO] 130 CHESHIRE LANE
MINNETONKA, MN 55305
952-449-9092
952-449-9353 (fax)
WWW.LAKESENTERTAINMENT.COM
TRADED: NASDAQ "LACO"
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FOR FURTHER INFORMATION CONTACT:
Timothy J. Cope 952-449-7030
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FOR IMMEDIATE RELEASE:
Wednesday, January 28, 2004
LAKES ENTERTAINMENT, INC. ANNOUNCES SALE OF RANCH LAND
MINNEAPOLIS, JANUARY 28, 2004 -- LAKES ENTERTAINMENT, INC. (NASDAQ "LACO")
announced today that the sale of the 2022 Ranch land located near San Diego has
been completed. Approximately 1,978 acres was sold to the Riverside Land
Conservancy, a California non-profit public benefit corporation.
Lakes received cash in the amount of approximately $1,370,000 after payment of
the existing land loan and related closing costs and after sharing 50% of the
sale proceeds with its joint venture partner, Land Baron West LLC. An agreement
is also in place to sell the remaining approximately 44 acres within the next
thirty days for approximately $700,000. The proceeds from that sale will be
divided equally between Lakes and Land Baron West.
Lyle Berman, Chairman and CEO of Lakes stated, "This land represents a non-core
asset of the company. The sale of the land provides additional cash to Lakes,
which can be used for the development of its Native American owned casino
projects. "
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,
which is currently being disputed by the Tribe. 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 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, 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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