Lakes Entertainment (LACO) Announces BIA Approval of Shingle Springs Amended Compact
Lakes Entertainment, Inc. (NASDAQ: LACO) announced that the amendment to the Tribal-State Gaming Compact between the Shingle Springs Band of Miwok Indians and the State of California for the Red Hawk Casino ("Amendment") has been approved by the Bureau of Indian Affairs ("BIA"). The Amendment will take effect when the notice of the BIA's approval is published in the Federal Register.
The amended Compact runs through 2029 and allows for a maximum of 5,000 Class III slot machines at one gaming facility. In consideration for the increased number of slot machines, the Shingle Springs Tribe will share revenues with the State based on a sliding scale percentage of net win - ranging from 20 percent to 25 percent - from the operation of the slot machines. The Tribe will also contribute $4.6 million per year to the Revenue Sharing Trust Fund, which pays up to $1.1 million each year to non-gaming tribes in California.
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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