Lakes Entertainment (LACO) Announces Ohio Ballot Referendum Defeated
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Lakes Entertainment, Inc. (NASDAQ: LACO) announced that Issue Six, a referendum to permit one casino in Ohio, was defeated in yesterday's statewide election.
"We are very disappointed that our MyOhioNow casino resort initiative was not approved by the voters of the State of Ohio in yesterday's election," said Lyle Berman, Chief Executive Officer of Lakes. "Unfortunately, we believe the opposition groups' negative campaign clouded and confused the issue to such an extent that the voters were truly misled as to the magnitude of the economic benefits that this project would have brought to the State of Ohio. We feel bad for the citizens who voted in favor of the referendum, for it will be Ohio that loses the tax revenues, the job creation and the $600 million investment that would have been a result of the casino."
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.
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