Lakes Entertainment

Lakes Entertainment, Inc. was an American gaming company based in Minnetonka, Minnesota. It merged with Golden Gaming in 2015 to form Golden Entertainment.

Lakes Entertainment
IndustryGaming
Successor
Founded1998 (1998)
DefunctAugust 3, 2015 (2015-08-03)
HeadquartersMinnetonka, Minnesota, U.S.

History

The company was created in 1998 as part of the merger between Grand Casinos and Hilton's gaming businesses to form Park Place Entertainment. Park Place received Grand's three riverboat casinos in Mississippi, while Grand's other businesses, including management of Indian casinos, were spun off as Lakes Gaming.[1][2] The name was changed to Lakes Entertainment in 2002 to reflect the company's involvement in the World Poker Tour and potentially other non-casino businesses.[3]

Lakes developed the Red Hawk Casino in Shingle Springs, California for the Shingle Springs Band of Miwok Indians, and managed the casino from its opening in 2008 until 2013.[4][5]

Lakes opened the Rocky Gap Casino Resort in Maryland in May 2013.[6]

Lakes sold its interest in Dania Jai-Alai in 2014.[7]

In January 2015, Lakes agreed to merge with Golden Gaming. The combined company would be named Golden Entertainment. Golden Gaming head Blake Sartini would own 35% of the company and serve as its chief executive officer, while Lakes head Lyle Berman would be a board member and consultant.[8] In preparation for the merger, Lakes sold its 10 percent interest in Rock Ohio Ventures, which owns five casinos and racetracks in Ohio and Kentucky.[9] The merger was completed on August 3, 2015.[10]

Properties

References
  1. Thompson, Gary (November 25, 1998). "Hilton, Grand shareholders approve spinoff, merger". Las Vegas Sun. Retrieved 2012-08-01.
  2. Simpson, Jeff (March 31, 2000). "Park Place plans to bounce Berman from its board". Las Vegas Review-Journal. Retrieved 2012-08-01.
  3. "Lakes Gaming changes name to Lakes Entertainment". Associated Press Newswires. June 7, 2002.  – via Factiva (subscription required)
  4. Mark Anderson (December 17, 2008). "Red Hawk Casino opens Wednesday". Sacramento Business Journal. Retrieved 2015-01-26.
  5. "Lakes Entertainment announces receipt of debt payment from Shingle Springs Band of Miwok Indians" (Press release). Lakes Entertainment. August 29, 2013. Retrieved 2015-01-26 – via BusinessWire.
  6. Jeff Barker (May 22, 2013). "Rocky Gap, state's fourth casino, opens in Western Maryland". Baltimore Sun. Retrieved 2013-05-22.
  7. "Lakes Entertainment, Inc. announces final transfer of Dania interest" (Press release). Lakes Entertainment. October 22, 2014. Retrieved 2015-01-26.
  8. Stutz, Howard (January 26, 2015). "Golden Gaming to merge with Lakes Entertainment, acquire Maryland casino". Las Vegas Review-Journal. Retrieved 2015-01-26.
  9. Form 8-K: Current Report (Report). Lakes Entertainment. January 25, 2015 – via EDGAR.
  10. Howard Stutz (August 3, 2015). "Golden Entertainment finalizes $341 million gaming industry merger". Las Vegas Review-Journal. Retrieved 2015-08-05.
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