Lakes Entertainment Announces Shingle Springs Decision
MINNEAPOLIS, MI, November 8, 2006. Lakes Entertainment, Inc. (NASDAQ:LACO) announced today that on Friday, November 3, 2006, the Superior Court of California, County of Sacramento ("Court") issued its decision upholding the Supplemental Environmental Impact Report ("SEIR") pertaining to the California Department of Transportation's ("CalTrans") proposed interchange that will connect Highway 50 to the Shingle Springs Band of Miwok Indians Rancheria. The Court's decision effectively dismisses the Voices for Rural Living ("VRL") lawsuit against CalTrans, Shingle Springs Band of Miwok Indians and Lakes Entertainment, Inc. ("Lakes"). The Court also sustained CalTrans's demurrer in VRL's subsequent lawsuit, putting an end to that lawsuit as well.
Finally, the Court denied VRL's request to stay the project. Although VRL has filed for a motion requesting an injunction, the Court has not ruled whether it will even consider the motion. The Court did instruct VRL that it could file its motion directly with the Court of Appeal. The Court's decision will allow CalTrans to issue the permit to allow construction of the interchange to commence.
As Shingle Springs Tribal Chairman Nick Fonseca noted, "this is a tremendous decision for the Tribe. We didn't expect a ruling for a couple of months but the judge, knowing the history of the parties, chose to end the litigation now which will allow us to fully utilize our Tribal lands to become self sufficient. We applaud the Judge for his insight and wisdom in this matter." Tim Cope, President of Lakes added, "The Court's decision will finally allow the Tribe to fulfill its dream of becoming a viable and self-sustaining sovereign nation. Barring any unforeseen circumstances we anticipate commencing construction within four to six months and opening the casino approximately 14 months later."
Lakes has an agreement with the Shingle Springs Tribe which has been approved by the National Indian Gaming Commission, to develop and manage the casino and is ready to proceed with securing financing and starting construction when the permit is issued and the construction plans are finalized.
About Lakes Entertainment
Lakes Entertainment, Inc. currently has development and management agreements with five separate Tribes for new casino operations in Michigan, California, and Oklahoma, a total of eight separate casino sites. In addition, Lakes has announced plans to develop a company owned casino resort project in Vicksburg, Mississippi. The Company also owns approximately 61% of WPT Enterprises, Inc. (NASDAQ "WPTE"), a separate publicly held media and entertainment company principally engaged in the development, production and marketing of gaming themed televised programming including the World Poker Tour(R) television series, the licensing and sale of branded consumer products and the sale of corporate sponsorships.
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