Lakes Entertainment, Inc.

Even though Lakes Entertainment doesn't own a casino, it still keeps its eye on the slots. The company manages Indian-owned casinos, including the Four Winds Casino Resort in New Buffalo Township, Michigan (approximately 75 miles east of Chicago) for the Pokagon Band of Potawatomi Indians; and the Red Hawk Casino in El Dorado County, California (some 30 miles east of Sacramento) for the Shingle Springs Band of Miwok Indians. Nearly all of Lakes Entertainment's revenues come from management fees. The company is also exploring other development projects through agreements with tribes for additional casinos in Michigan and California, and a possible non-Indian casino project in Mississippi.

The amount of management fees Lakes Entertainment earns is dependent on how much revenue its casinos generate. Not surprisingly, its managed casinos have been feeling the negative effects of a down economy. At Red Hawk, the casino is hurting from an especially challenging market in California, and in 2009 the property cut 250 of its 1,750 full-time staff positions.  Lakes Entertainment is also hurting from new competition that entered the Four Winds Casino Resort market that year.

Then, in 2010 the Iowa Tribe of Oklahoma terminated its contract with the company for the management of its Cimarron Casino in Perkins, Oklahoma. Cimarron houses approximately 375 slot machines and a snack bar. The end of that agreement put a dent in one of Lakes Entertainment's main revenue streams -- Lakes had been receiving an annual management fee that amounted to 30% of Cimarron's total revenues in excess of $4 million.

Chairman and CEO Lyle Berman owns more than 15% of Lakes Entertainment.

▲ Show Less▼ Show Full Description


Lakes Entertainment, Inc.


130 Cheshire Ln Ste 101
Minnetonka, MN 55305-1052
Phone: 1 (952) 449-9092
Fax: 1 (952) 4499353
www.lakesgaming.com

STATS


  • Employer Type: Public
  • Stock Symbol: LACO
  • Stock Exchange: NASDAQ
  • Chairman and CEO: Lyle Berman
  • President, CFO, Treasurer, and Director: Timothy Cope
  • Managing Director: Lisa Jolicoeur

Major Office Locations

  • Minnetonka, MN

Become a Vault Basic Member

Complete your Vault Profile and get seen by top employers