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Essay on Capstone Project
Lakes Entertainment Inc: An Overview
Lakes' main business is to develop and manage Indian-owned casino properties that offer the occasion for long-term development of related entertainment facilities, including hotels, theaters, leisure vehicle parks and other complementary amenities intended to improve the customers' total entertainment experience and to distinguish facilities managed by lakes from its rivals. Lakes Entertainment, Inc. common shares are traded on the Nasdaq National Market under the trading symbol "LACO".
The Company's main near term goal is to open several large, full-function, profitable casinos. New gaming developments require significant levels of government and other regulatory approvals. Besides, planned casinos usually face legal challenges from political activist groups or other opposition, which need to be resolved before these projects can begin construction and operation.
Lakes has made constant progress with its new casino projects during the past 18 to 24 months. As pointed out, the Company has a range of casino projects under contract, each in various stages of this process. However progress has been slower than expected, Lakes and their partners continue to proceed with design, development and architectural plans so they can start building as soon as possible after any final approvals are received.
Lakes has entered into agreement with the following Indian Tribes for the development, management and/or financing of new gaming resorts, all of which are dependent on various regulatory approvals and resolution of any existing litigation before construction can begin:
- Shingle Springs Band of Miwok Indians near Sacramento, California
- Pokagon Band of Potawatomi Indians near New Buffalo, Michigan
- Jamul Indian Village near San Diego, California
In November 2004, Lakes announced that it had entered into a letter of intent with an Indian tribe to discuss a consulting agreement and, subject to regulatory approval, a management contract, for a casino project in Texas. Lakes has also explained, and will continue to explore....
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