Lakes Entertainment (LACO) Terminates Developing, Financing Agreement with Jamul Tribe
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Lakes Entertainment, Inc. (Nasdaq: LACO) has terminated the Pre-Development, Development and Financing Arrangement Agreement (the “Agreement”) by and between Lakes Jamul Development, LLC, a wholly owned subsidiary of Lakes, and the Jamul Indian Village (“Tribe”). While this Agreement was executed on November 22, 2011, Lakes has been working with the Jamul Tribe under various other previous agreements since 1999 to assist with the development of a casino on the Tribe’s reservation outside of San Diego, California.
Due to Lakes’ corporate strategic objectives, Lakes determined that it would not continue to move forward with the project with the Tribe and terminated the Agreement, effective March 13, 2012. Lakes has a continuing obligation to fund Tribal support payments equal to approximately $0.6 million subsequent to the termination date and provide funding of certain professional fees for a period of thirty days from the termination date.
Due to Lakes’ corporate strategic objectives, Lakes determined that it would not continue to move forward with the project with the Tribe and terminated the Agreement, effective March 13, 2012. Lakes has a continuing obligation to fund Tribal support payments equal to approximately $0.6 million subsequent to the termination date and provide funding of certain professional fees for a period of thirty days from the termination date.
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