Casino developer might sell poker tour stake to keep running - Sunday 27th of November 2005
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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