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EXHIBIT 99.2
Friday August 11, 9:02 am Eastern Time
Press Release
Lakes Gaming Enters Into Partnership Agreement for Two New California Casinos
MINNEAPOLIS--(BUSINESS WIRE)--Aug. 11, 2000--Lakes Gaming, Inc. (Nasdaq:LACO -
news) today announced that it has agreed to form a joint venture for the purpose
of developing two new gaming facilities on Indian owned land in California.
Under the agreement, Lakes will form two separate limited liability companies
with MRD Gaming, a limited liability company based in Las Vegas, NV. MRD and its
affiliates have successfully developed two other Indian casinos, one in Arizona
and one in Kansas. The partnership between Lakes and MRD will hold contracts to
develop and open two casino resort facilities with two separate American Indian
Tribes in California. Development at each casino resort location will start as
soon as various regulatory approvals are obtained by each applicable Tribe.
Lyle Berman, Chairman of the Board and Chief Executive Officer of Lakes
commented, "This agreement for the development of two new Indian owned casinos
indicates our continued commitment to the American Indian gaming industry. We
are very optimistic about the long-term results from the California market. With
the development of now four new California locations and our Michigan casino
project, we are in a good position to provide continued value to our
shareholders from these operations."
Lakes Gaming, Inc. is a publicly held casino management company that was formed
through a distribution to shareholders of Grand Casinos, Inc. effected in
December 1998. The company currently manages the largest casino resort in
Louisiana and has entered into development and management agreements with three
separate American Indian tribes for three new casino operations. Lakes Gaming,
Inc. common shares are traded on the Nasdaq National Market under the trading
symbol "LACO".
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statements. Certain information included in this press
release (as well as information included in oral statements or other written
statements made or to be made by the Company) contains statements that are
forward-looking, such as statements relating to plan for future expansion and
other business development activities as well as other capital spending,
financing sources and the effects of regulation (including gaming and tax
regulation) and competition. Such forward-looking information involves important
risks and uncertainties that could significantly affect anticipated results in
the future and, accordingly, such results may differ from those expressed in any
forward-looking statements made by or on behalf of the Company. These risks and
uncertainties include, but are not limited to, those relating to development and
construction activities, dependence on existing management, domestic or global
economic conditions, activities of competitors and the presence of new or
additional competition, fluctuations and changes in customer preferences and
attitudes, changes in federal or state tax laws of the administration of such
laws and changes in gaming laws or regulations (including the legalization of
gaming in certain jurisdictions). For more information, review the Company's
filings with the Securities and Exchange Commission.
Contact:
Lakes Gaming, Minneapolis
Timothy J. Cope
612-449-7030
