EXHIBIT 99.1
NEWS RELEASE
LAKES ENTERTAINMENT, INC.
130 CHESHIRE LANE
MINNETONKA, MN 55305
[LAKES ENTERTAINMENT, INC. LOGO] 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:
Monday, June 21, 2004
LAKES ENTERTAINMENT, INC. ANNOUNCES NIPMUC NATION
DENIED FEDERAL RECOGNITION
MINNEAPOLIS, JUNE 21, 2004 -- LAKES ENTERTAINMENT, INC. (NASDAQ "LACO") today
announced that the Nipmuc Nation of Massachusetts has been denied recognition as
an Indian Tribe and sovereign government within the meaning of federal law by
the Bureau of Indian Affairs (BIA). The BIA had previously denied recognition of
the Nipmuc Nation in September 2001, and the current ruling was based on BIA's
reconsideration after the submission of additional information by the Nation.
The ruling means the Nation will not qualify at this time for numerous federal
programs and benefits to help them achieve self-sufficiency, as well as the
opportunity to pursue the possibility of Native American gaming. Lakes currently
has a development and management agreement with the Nipmuc Nation for a
potential gaming operation if the Nation were to become recognized and receive
all additional necessary approvals for such a project. Lakes currently has
approximately $6 million invested in this project which is anticipated to be
written off in the second quarter of 2004.
Lyle Berman, Chairman and CEO of Lakes stated, "The Nipmuc Nation has been
fighting for decades to receive federal recognition and we are extremely
disappointed for them. The Nation has told us that it feels strongly that this
ruling is incorrect and that its petition has been misinterpreted. It is
currently determining its next course of action."
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 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 media and entertainment company principally engaged in
the development, production and marketing of gaming themed televised
programming, the licensing and sale of branded products and the sale of
corporate sponsorships.
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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