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Lakes Entertainment Announces Lottery Commission Approves Kansas Management Contract
February 18, 2010
MINNEAPOLIS, Feb 18, 2010 -- Lakes Entertainment, Inc. (NASDAQ: LACO) announced that on February 17, 2010, the Kansas Lottery executed an amendment to the management contract for Chisholm Creek Casino Resort, LLC. Lakes previously announced that the Kansas Lottery Gaming Facility Review Board returned the Contract to the Kansas Lottery for renegotiation at the request of both Chisholm and the Kansas Lottery. The Contract will now be sent to the Review Board for its consideration.
Phase one of the proposed casino is planned to feature a minimum of 1,300 slot machines, 30 table games, a poker room and other amenities, including a 100-room hotel to be developed by a third party hotel developer. Additional phases of the development could include expanded gaming positions, entertainment space, and other market driven amenities.
"We are pleased that the Kansas Lottery approved the amendment to Chisholm's 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 intend to open the casino within 18 months of receiving all necessary approvals," added Tim Cope, President and Chief Financial Officer of Lakes.
