January 12, 2011
Lakes Entertainment, Inc. announced that Rock Ohio Ventures, a company that owns the rights to develop a casino in each of Cleveland and Cincinnati, Ohio, recently entered into an agreement with Caesar's Ohio Investment, a subsidiary of Caesars Entertainment, Inc. providing for the joint ownership and management of Rock Ohio Caesar's, the entity that will ultimately own, develop and operate the two Ohio casinos.
According to a release, Lakes continues to have the right to own up to 10 percent of Rock's ownership in the two casinos, provided that Lakes funds a proportionate amount of the capital required from Rock to develop such casinos.
"We are pleased that Rock chose such a well established and reputable management company," said Lyle Berman, CEO of Lakes. "Caesar's has a rich history of casino gaming and operates some of the best casinos in the United States and we believe this enhances the value of our ownership in these casinos. We currently have the capital and intent to fund the amount required to maintain our ownership position and we look forward to being a part of this business venture in Ohio." added Berman.
Lakes Entertainment, Inc. currently has development and management or financing agreements with three separate Tribes for casino operations in Michigan and California, for a total of three separate casino sites.
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