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Lakes previously announced that it joined with Chisholm in its application currently pending before the Kansas Lottery to develop and operate a casino project in the South Central Zone of the State of Kansas. The management contract will now be forwarded by the Kansas Lottery Commission to the Lottery Gaming Review Board for its ultimate decision of awarding the Lottery Gaming Facility Management Contract (LGFMC), the decision of which is expected to be made within the next 60 days, the company noted.
Lakes will own approximately 17 percent of Chisholm and will be the manager of the development and operation of the casino. For its management services, Lakes will receive approximately 6.8 percent of the casino's earnings before interest, taxes, depreciation, amortization and management fee, subject to certain conditions. Lakes plans to obtain additional sources of financing to fully fund its portion of development costs related to the project through either a secondary public offering, debt or a combination thereof.
Phase one of the proposed casino is planned to feature 1,300 to 1,500 slot machines, 30 table games and other amenities, which may include a number of restaurants and a hotel to be developed by a third party hotel developer. Additional phases of the development could include expanded gaming positions, an entertainment center, and other market driven amenities.
"We are pleased that the Kansas Lottery Commission approved the management contract and look forward to the final decision by the Lottery Gaming Review Board," stated Lyle Berman, Lakes' Chief Executive Officer. "We have started pre-development work and if the Lottery Gaming Review Board awards the LGFMC to Chisholm, we intend to open the casino within the next 20 months," added Tim Cope, President and Chief Financial Officer of Lakes.
Lakes Entertainment, Inc. currently has development and management or financing agreements with four separate Tribes for casino operations in Michigan, California, and Oklahoma, for a total of five separate casino sites. Lakes is currently managing the Cimarron Casino for the Iowa Tribe of Oklahoma, the Four Winds Casino Resort for the Pokagon Band of Potawatomi Indians and the Red Hawk Casino for the Shingle Springs Band of Miwok Indians. Lakes is also involved in other business activities, including the development of new table games for licensing to Tribal and non-Tribal casinos.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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