Issue 236
March 21 - 27, 2005
Volume 5
page 2
 

Lakes Entertainment, Inc. Signs Development Consulting Agreements and Management Contracts for Two Gaming Projects with the Iowa Tribe of Oklahoma
Press Release

MINNEAPOLIS, Minnesota - Lakes Entertainment, Inc. announced today that it has signed development consulting agreements and management contracts with the Iowa Tribe of Oklahoma in connection with assisting the Tribe in developing, equipping and managing two separate casino destinations

The Iowa plans include the development and operation of a new first class casino resort facility located on Indian land along historical Route 66 approximately 25 miles northeast of Oklahoma City. The project which will be one of the closest to the Oklahoma City market, is master planned to include a large first class casino, hotel and meeting space, a child care and arcade facility, entertainment and events center, parking, a golf course, multiple restaurant and bar venues and other casino resort amenities. The first phase of the project is planned to include approximately 1,500 gaming devices, various restaurant and bar outlets, approximately 40 table games and a large poker room.

As soon as regulatory approval has been received, Lakes will provide consulting services, and subject to approval of the NIGC, management services to assist the Tribe with the Tribe's Cimarron Casino located in Perkins, Oklahoma, which currently consists of approximately 200 gaming devices and a bingo hall.

Subject to regulatory approval, the company will provide management services for the Tribe's casino operations at each location. Under the terms of the management contracts, Lakes will provide overall operational direction at each of the casinos in exchange for a fee equivalent to 30% of net revenues from the new casino project and 30% of incremental net revenues produced at the Cimarron Casino.

Lyle Berman, Chairman and CEO of Lakes stated, "We are very excited about teaming up with the Iowa Tribe to help them build a new, dynamic and first class casino operation and to assist them with their current operations. Chairwoman Phoebe O'Dell and the members of the Iowa Business Committee have been extremely good to work with and we look forward to a long term business relationship. We appreciate the efforts of Kevin Kean who was instrumental in bringing the Iowa Tribe and Lakes together. Subject to regulatory approval, Mr. Kean will consult on the projects for a fee equivalent to approximately 20% of the management fees received by Lakes."

Tim Cope, President and CFO of Lakes commented, "Lakes is very proud to be selected by the Iowa Tribe as its casino management company. The new casino development, along with continued improvements at the existing facility, will provide the Iowa Tribe a tremendous opportunity to enhance the Tribe's economic self-sufficiency and business diversification. As soon as regulatory approval is received, we will immediately help the Tribe with operations at the Cimarron Casino. As soon as regulatory approval is received for the new casino location, we will begin the development and construction of that project. We currently estimate the first phase of the new casino to be open in early 2007."

 

 

 

AngelCiti Enters Into Definitive Agreement to Acquire Largest Land-Based Casino in Turks and Caicos
Press Release

PEMROKE PINES, Florida - AngelCiti Entertainment, Inc., an online casino software company, announced today that a definitive Agreement has been signed in connection with its pending acquisition, previously announced on February 2, 2005. The Company's internal accountants are in the midst of preparing the Company's overall financial statements for the requisite audit. The closing is planned to occur once an audit has been completed, which is anticipated within 60 days.

AngelCiti President George Gutierrez stated, "The signature of this agreement is the next step in the growth of our Company. By combining land- based and online gaming assets, AngelCiti will maximize its potential to increase revenues and enhance services. Already, Midas Entertainment has produced favorable results for our Company. The acquisition of the largest land-based casino in the Turks and Caicos will enable us to leverage online and land-based casino operations to increase our top line."


Regal signs Macau resort agreement with Sands
As reported by Reuters

HONG KONG - Regal Hotels International Holdings Ltd. said on Monday it signed an agreement with a unit of Las Vegas Sands Corp. to develop a 3,000-room hotel and casino project in Macau.

Hong Kong-based Regal said in a statement the parties would negotiate in good faith with a view to finalising and signing definitive agreements for the project as soon as practicable.
Macau, the only place in China where casinos are legal, is drawing a record numbers of visitors, fueling a boom in hotel and gaming projects.

The Regal project, the latest in a series of Macau investments by Hong Kong companies, will include a hotel, casino and entertainment and conference facilities.

It will be built in two phases with 1,500 guest rooms in each phase.

Sands, which operates casinos including the Venetian Casino Resort in Las Vegas and the Sands Macao Casino in Macau, will lease and operate the casino. The first phase of development is expected to be completed by late 2007.

Regal gave no financial details of the project.


Sands is already developing its second Macau casino, the Macao Venetian Casino Resort, situated in an area of the former Portuguese enclave known as the Cotai strip.

The Wall Street Journal reported on Monday that the Las Vegas company is in advanced discussions with a number of hotel operators, including Marriott International Inc., Starwood Hotels & Resorts Worldwide Inc., and Intercontinental Hotels Group Plc to develop additional casino resorts in Macau.

Officials at Sands could not be immediately reached for comment.

The Killers

Hard Rock Hotel: Vegas' own, The Killers rock The Joint on April 15.

Dates: April 15, 2005

Time: 8:00pm

For more information please call:1- 888-413-7625
 
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