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Exhibit 99.1
Monday July 31, 2000, 5:34 p.m. Eastern Time
Company Press Release
LAKES GAMING ANNOUNCES JOINT VENTURE
FOR LAS VEGAS LAND DEVELOPMENT
MINNEAPOLIS--(BUSINESS WIRE)--July 31, 2000--Lakes Gaming, Inc. (Nasdaq: LACO -
news) today announced that it has formed a joint venture, Metroplex-Lakes, LLC
with Metroplex, LLC to develop Las Vegas real estate now controlled by Lakes.
Metroplex, LLC is owned by Las Vegas based real estate developer Brett Torino
who will manage the joint venture.
Metroplex-Lakes, LLC plans to develop an upscale retail, commercial, hotel and
entertainment complex on approximately 16 acres surrounding the corner of Harmon
Avenue and Las Vegas Boulevard (the "Strip"') in Las Vegas. The joint venture
has a two-year option to buy the majority of the site from Lakes at a price that
will approximately equal Lakes' investment in the property plus the assumption
of Lakes' future obligations under a long-term ground lease. The joint venture
will also assume Lakes' option to purchase the remainder of the site from a
third party.
Lakes will have voting control of the joint venture, however, development
decisions affecting the real estate purchased by the joint venture must be
mutually agreed upon. Lakes and Metroplex will share results from the joint
venture equally. Lyle Berman, Chief Executive Officer of Lakes and a member of
the Board of Governors of the new joint venture stated, "We see this as an
excellent opportunity to develop what is possibly the best site available
remaining for development of the center of the Las Vegas Strip."
The Torino Companies over the last two decades have developed a reputation for
excellence in the development, construction and management of award-winning
residential and commercial communities in Arizona, California, Colorado and
Southern Nevada.
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
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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, Inc., Minneapolis
Timothy J. Cope
612-449-7030
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