SEARCH NEWS:

 

Nipmuc Nation Denied Federal Recognition

MINNEAPOLIS, Minnesota -- (PRESS RELEASE) -- Lakes Entertainment, Inc. (Nasdaq:LACO) today announced that the Nipmuc Nation of Massachusetts has been denied recognition as an Indian Tribe and sovereign government within the meaning of federal law by the Bureau of Indian Affairs (BIA). The BIA had previously denied recognition of the Nipmuc Nation in September 2001, and the current ruling was based on BIA's reconsideration after the submission of additional information by the Nation.

The ruling means the Nation will not qualify at this time for numerous federal programs and benefits to help them achieve self-sufficiency, as well as the opportunity to pursue the possibility of Native American gaming. Lakes currently has a development and management agreement with the Nipmuc Nation for a potential gaming operation if the Nation were to become recognized and receive all additional necessary approvals for such a project. Lakes currently has approximately $6 million invested in this project which is anticipated to be written off in the second quarter of 2004.

Lyle Berman, Chairman and CEO of Lakes stated, "The Nipmuc Nation has been fighting for decades to receive federal recognition and we are extremely disappointed for them. The Nation has told us that it feels strongly that this ruling is incorrect and that its petition has been misinterpreted. It is currently determining its next course of action."

Lakes Entertainment, Inc. currently has development and management agreements with four separate Tribes for four new casino operations, one in Michigan, two in California and with the Nipmuc Nation on the East Coast. Lakes Entertainment also has agreements for the development of one additional casino on Indian-owned land in California through a joint venture with MRD Gaming, which is currently being disputed by the Tribe. Additionally, the Company owns approximately 80% of World Poker Tour, LLC, a media and entertainment company principally engaged in the development, production and marketing of gaming themed televised programming, the licensing and sale of branded products and the sale of corporate sponsorships.

Lakes Entertainment, Inc. common shares are traded on the Nasdaq National Market under the trading symbol "LACO".

< Gaming News