Lakes Entertainment Inc. (LACO)

[TradeForProfits]

Lakes Entertainment reported first quarter 2009 revenues of $7.3 million, a 58% increase in comparison to prior-year period revenues of $4.6 million. This increase was primarily due to improved results from the Four Winds Casino Resort during the current year period, as well as fees from the Red Hawk Casino which opened in December 2008.

[Teamlasvegas]

WPT Enterprises, Inc. creates internationally branded entertainment and consumer products driven by the development, production and marketing of televised programming based on gaming themes. The Company operates through four business segments: WPT Studios, WPT Global Marketing, WPT Online and WPT China. WPT Studios is the Company’s multi-media entertainment division. WPT Global Marketing includes branded consumer products, sponsorships, and event management divisions. WPT Online includes the Company’s international real money gaming Website at WorldPokerTour.com and domestic Website at WorldPokerTour.com, which includes poker tournament coverage and live updates thereof, statistics, poker player information, an online merchandise store, and ClubWPT.com, which was launched in January 2008. WPT China represents the Company’s efforts in China to help build the sport and Chinese national card game Tuo La Ji or Traktor Poker.

[Teamlasvegas]

WPTE spin off set as dividend
(October 14, 2008 7:05 AM)



by Ray Poirier | Lakes Entertainment Inc. (LACO), whose chairman Lyle Berman was instrumental in the founding of WPT Enterprises Inc. (WPTE), will spin off, as a dividend to its stockholders, its 61% holdings in WPT Enterprises stock.

LACO directors declared the stock dividend at a recent meeting.

The company said it will use the record date of Oct. 24 at 5 p.m. CDT to establish the shareholders who are entitled to the dividend. It also will establish the ratio to be used in the distribution.

Lakes Entertainment owns 12,480,000 shares of WPTE that has been trading at the $0.50 level in recent weeks.

"The spin-off of WPTE shares to our shareholders provides an option for them to monetize the value of WPTE shares if they so choose," explained Tim Cope, president and CFO of Lakes Entertainment.

"In addition, Lakes will benefit in that we will no longer be required to consolidate WPTE’s financial and business information in our SEC filings. This will enable us to provide greater transparency of Lakes’ operations and financial results to our shareholders and the public," Pope added.

The spin-off distribution will be based on the total number of WPTE common shares in existence on the day selected. At the current level, the company said, each LACO share would be entitled to approximately 0.4795 shares of WPTE.

Lakes Entertainment currently has development and management or financing agreements with four separate tribes for casino operations in Michigan, California, and Oklahoma. Also, the company manages two other tribal casinos.

On Election Day, Lakes Entertainment will be looking to Ohio voters to approve a casino in the southwest section of that state.

[INDY]

we will be updating the ibox this week thank you for your patience

also... please, if you have any questions that we could add to a couple of surveys, please feel free to share them with me.

thanks to everyone in advance!

[INDY]

excellent.. there are alot of treasures out there in my opinion

[jscot]

been following you around for the last hour. figured you were on a treasure hunt. :) You find em and I'll do the digging :)

[INDY]

you're up late on a sunday night...

i guess that i'm not the only one busy...

just stopping in to say hi here at LACO or is this going to be on your radar also?

[jscot]

Yeah I am sure there are many unrecognized COs out there with potential

[INDY]

imo there are a lot of good companies like LACO...

[jscot]

heh, You been busy

[INDY]

Recent Press Release 8/22

MyOhioNow.com, which is seeking to pass Issue Six which would allow a $600 million resort/casino in southwest Ohio, will be the only casino in Ohio if the initiative passes on November 4th.
"The definitive authority of Indian gaming is the Federal agency, the Bureau of Indian Affairs (BIA) which is under the auspices of the Department of Interior. They have told us that since there is no federally recognized tribe or tribal land in Ohio, there is no possibility of any tribal gaming in Ohio. We have also consulted experts in the field of Indian gaming to verify all facts," said Rick Lertzman, co-founder of MyOhioNow.com .

Kevin Quigley, an attorney of the law firm Hamilton, Quigley and Twait, specializes in Indian gaming law. Mr. Quigley has compiled a list of five areas on why Indian casinos will not be allowed in Ohio.

1. There are no federally recognized tribes located in Ohio.

2. Any tribe wanting to establish a gaming facility in Ohio (a) would first have to get the federal government to approve its acquisition for trust land in Ohio, and (b) the government has just announced new land policies that make it extremely difficult, if not impossible, to get such gaming lands approved.

3. No tribe has ever been approved for new off-reservation gaming lands outside the state where it is located.

4. The process for approving gaming lands is very complicated and time consuming, often taking 5 years or more.

5. Even if the federal government were to ever approve a gaming land application in Ohio many years down the road, the tribe (a) could not begin to conduct any gaming on the land unless and until the Governor first agreed to the trust land acquisition, and (b) could not conduct high stakes Vegas style gaming on the land until the Governor also has negotiated and agreed to sign a compact agreement permitting such gaming.

Dr. Bradford A. Pressman, co-founder of MyOhioNow.com concluded, "Our approach has always been to be open and honest about this project. From disclosure of our partners at Lakes Entertainment to clearly letting the voters know that this is a full-scale casino, our intent is to always respond to any questions or misinformation about this issue. Our facility will be built with private sector dollars and will be the largest private investment in Ohio in the 21st century, with NO tax abatements or credits. We are proud of this fact."

"Further, Ohio's General Assembly and Governor would have to pass a law, with majorities in both Houses, to approve any Tribal Petition. This has been tried multiple times over the years, and because there are no Federally recognized Tribes in Ohio, has failed. Only by an Act of The Legislature could the state recognize a Tribe in Ohio, and in 205 years, that has not happened and will not happen," said Dr. Pressman.

The MyOhioNow.com project is a joint venture with Lakes Entertainment (Nasdaq: LACO) of Minnesota who are operators of premier gaming facilities. The $600,000,000 casino/resort destination site that is located off I-71 (at State Route 73) that is centrally in Clinton County. The full text of the initiative and more information about the project is available at http://www.MyOhioNow.com

[INDY]

LACO Chart

[5times1]

Nice, this is a great company, been watching for a while.