Lakes
Entertainment Inc., which is working with a
local Indian tribe to develop a casino in El Dorado County, might sell its
stake in the World Poker Tour in order to raise the cash it needs to keep
operating.
Minnetonka, Minn.-based Lakes Entertainment, which owns about 62 percent of Los Angeles' WPT Enterprises Inc., said it needs $10 million in financing by Dec. 31 and another $10 million by March 1.
Lakes Entertainment (Pink Sheets: LACO) owns roughly 12.5 million shares of WPT Enterprises (NASDAQ: WPTE). Lakes Entertainment Chairman and CEO Lyle Berman is also chairman of WPT Enterprises.
Lakes is a development partner with the Shingle Springs Band of Miwok Indians, which is seeking to build a 380,000-square-foot-plus casino and hotel resort on tribe-owned land in Shingle Springs. Those plans have been opposed by neighbors and El Dorado County officials, most recently in a court appeal that required additional work on an environmental plan for an exit from Highway 50 that would serve the complex.
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Lakes Entertainment to file Q3 report late; shares down
John Vomhof Jr.Lakes Entertainment Inc. said Thursday that it will file its third-quarter financial results late.
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Appeals court: Work needed before exit to casino can be built
The California Court of Appeal has rejected most of the arguments presented by El Dorado County and a citizen group seeking to block a casino and hotel in Shingle Springs, but it agreed that more work is needed on an environmental report for a proposed highway exit that could bring millions of cars a year to the area.
The additional work potentially could add months or years to the schedule for the proposed Highway 50 exit to serve a casino on reservation land of the Shingle Springs Band of Miwok Indians.
The appeals court ruled Nov. 8 that an environmental impact report by the California Department of Transportation looked at the pollution from additional automotive traffic within a broad regional framework and deemed the levels acceptable, but it never provided specifics of how much additional pollution there would be.
In addition, while the court conceded that the state has no authority to require the tribe to build a smaller project, it said the environmental report should have considered the effects of an alternative, smaller casino and hotel.
More than a dozen other issues raised on appeal in 2004 by the county, Voices For Rural Living and Shingle Springs Neighbors for Quality Living were rejected by the court, which sent the matter back to the trial court.
It's the latest in the ongoing battle between residents and the county -- which has spent some $2 million to oppose the casino -- and the tribe and its backers.
The tribe offered gambling in a tent on its rancheria for a few months in 1997, and now wants a 380,000-square-foot-plus casino and hotel on tribe-owned land. It is willing to pay for a highway exit to bring in traffic, but the approval process for the road project has provided a battle ground for opponents of the casino.
Tribal chairman Nick Fonseca, in ...
August 9, 2005
Nasdaq sends delisting notice to Lakes Entertainment
John Vomhof Jr.Lakes Entertainment Inc. has received notice that its common stock will be delisted from the Nasdaq market on Wednesday, the company said late Tuesday.
The Minnetonka-based company has not filed its annual report for fiscal 2004 or its first-quarter 2005 report, resulting in noncompliance with Nasdaq rules.
Lakes Entertainment said the delay is due to an unresolved dispute with the Securities and Exchange Commission. The SEC has questioned the company's accounting for development costs and advances to Indian tribes for the development of casinos as assets on its balance sheet.
Lakes Entertainment said it is working to regain compliance, but cannot predict when it will be able to file the reports.
The company said it will appeal the delisting, but there is no guarantee it will be relisted on the Nasdaq market. Once delisted, Lakes Entertainment (Nasdaq: LACO) expects its stock to be listed in the Pink Sheets.
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