Lakes Announces Financing for Miwok Casino
JUNE 27, 2007. Lakes Entertainment, Inc. (Nasdaq:LACO) announced today that on June 28, 2007 an affiliate of the Shingle Springs Band of Miwok Indians ("Shingle Springs Tribe") is expected to close on a $450 million senior note financing to fund the Foothill Oaks Casino project in Shingle Springs, California.
Lakes, through a wholly-owned subsidiary, has management and development agreements with an affiliate of the Shingle Springs Tribe to develop and manage the Foothill Oaks Casino. The Foothill Oaks Casino will be an approximately 278,000 square foot full-service facility and is expected to include a 88,000 square foot gaming floor featuring 2,000 gaming devices, 100 table games and a high stakes gaming room; five high-quality restaurants; two casino bars; a childcare facility and arcade; retail space; enclosed parking and other casino amenities. A hotel and additional gaming space is planned for a second phase of the project. The Foothill Oaks Casino is located approximately 35 miles from Sacramento and will be the only casino facility in the U.S. Highway 50 corridor east of Sacramento, which is the major access route for traffic from the San Francisco Bay area to the South Lake Tahoe area.
"The Lenders recognized the potential of this project" said Lyle Berman, Chairman of the Board and Chief Executive Officer. "They loved the location, the size, the amenities and the potential for growth. Demand for the bonds far exceeded the supply."
Tim Cope, President and CFO stated, "We are very pleased for the Shingle Springs Tribe and congratulate them on securing the funds to develop the Foothill Oaks Casino. We have already started construction of the new highway interchange that will provide direct access from Highway 50 to the front door of the casino, and we expect to immediately commence construction of the casino and enclosed parking facilities. Web cams will soon be up and operating on the job site so that everyone can view progress of this exciting project. We look forward to opening the Foothill Oaks Casino late in the fourth quarter of 2008."
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