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Shingle Springs agrees to amended compact21 November 2012MINNEAPOLIS -- (PRESS RELEASE) -- Lakes Entertainment, Inc. (LACO) today announced that the Shingle Springs Band of Miwok Indians (“Tribe”) has agreed to an amended tribal-state gaming compact (“Compact”) with the State of California (“State”). The Compact has been signed by the Governor and the Tribe and requires final approval by the State legislature and the Secretary of the Interior approval published in the Federal Registor. The Compact, once effective, will reduce the required revenue share payments to the State. The Compact requires the Tribe to restructure its payment obligations due and payable to Lakes by December 31, 2015. Until the Tribe and Lakes reach a mutually acceptable resolution, the existing agreements between the Tribe and Lakes will remain in effect. About Lakes Entertainment Lakes Entertainment, Inc. currently owns the Rocky Gap Lodge & Golf Resort near Cumberland, Maryland. Lakes has a management agreement with the Shingle Springs Band of Miwok Indians to manage the Red Hawk Casino. Lakes has an investment in Rock Ohio Ventures, LLC’s casino developments in Ohio. |