Lakes Entertainment (LACO) Unit Acquires Rocky Gap Resort in $6.8M Deal
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Lakes Entertainment, Inc. (Nasdaq: LACO) announced that Evitts Resort, LLC (“Evitts”), a wholly owned subsidiary of Lakes, closed on the purchase of the Rocky Gap Lodge & Golf Resort near Cumberland Maryland (“Rocky Gap”) today.
Rocky Gap is a AAA four-diamond resort which includes a 215-room hotel, convention center, spa, two restaurants and the only Jack Nicklaus signature golf course in Maryland. The purchase price of approximately $6.8 million was paid at closing. Contemporaneous with the closing, Evitts entered into a lease with the Maryland Department of Natural Resources for approximately 260 acres of real property on which Rocky Gap is situated (“Lease”). The initial term of the lease is for 40 years.
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Rocky Gap is a AAA four-diamond resort which includes a 215-room hotel, convention center, spa, two restaurants and the only Jack Nicklaus signature golf course in Maryland. The purchase price of approximately $6.8 million was paid at closing. Contemporaneous with the closing, Evitts entered into a lease with the Maryland Department of Natural Resources for approximately 260 acres of real property on which Rocky Gap is situated (“Lease”). The initial term of the lease is for 40 years.
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