Lakes Entertainment
Lakes Entertainment was an American gaming and casino-development company that operated tribal-casino management businesses and created the World Poker Tour before merging with Golden Gaming in 2015.
Last updated August 31, 2026
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Overview
Lakes Entertainment, Inc. was an American gaming company headquartered in Minnetonka, Minnesota. It emerged at the end of 1998 from the restructuring associated with the combination of Grand Casinos and Hilton's gaming businesses into Park Place Entertainment. Park Place acquired Grand's three Mississippi riverboat casinos, while other Grand Casinos assets were distributed to Grand shareholders through a newly formed company initially known as Lakes Gaming. At formation, the business included management agreements for two tribal casinos in Louisiana—Grand Casino Avoyelles and Grand Casino Coushatta—and ownership of approximately 10 acres of land on the Las Vegas Strip. The company's early strategy combined casino management, development partnerships, and real-estate interests. In 1999, Lakes agreed to acquire the Rainforest Cafe restaurant chain for $108 million, but the transaction did not close after Landry's submitted a higher offer. Lakes subsequently lost its operating foothold in Louisiana: its management agreement for Grand Casino Avoyelles was bought out in 2000, while its agreement for Grand Casino Coushatta expired in 2002. With no active casino operations at that point, the company pursued prospective developments with tribal partners and looked for businesses beyond conventional casino ownership and management. In 2002, Lakes launched the World Poker Tour, a televised poker tournament series that became the company's most recognizable non-casino venture. The company changed its name to Lakes Entertainment to reflect its involvement in the tour and its broader entertainment ambitions. Lakes sold a minority portion of the World Poker Tour through an initial public offering in 2004 while retaining majority ownership. In 2008, it separated the World Poker Tour from the parent company by distributing Lakes's remaining shares to its own shareholders. Lakes also returned to casino development and management. It developed Red Hawk Casino in Shingle Springs, California, for the Shingle Springs Band of Miwok Indians and managed the property from its opening in 2008 through 2013. In May 2013, Lakes opened Rocky Gap Casino Resort in Maryland. The company also held an interest in Dania Jai-Alai and a 10 percent interest in Rock Ohio Ventures, an owner of casinos and racetracks in Ohio and Kentucky. Lakes sold its Dania Jai-Alai interest in 2014 and disposed of its Rock Ohio Ventures stake as part of preparations for its later merger. In January 2015, Lakes agreed to combine with Golden Gaming. The transaction created Golden Entertainment, with Golden Gaming chief executive Blake Sartini becoming chief executive of the combined company. Lakes chief executive Lyle Berman was expected to serve as a board member and consultant. The merger was completed on August 3, 2015, ending Lakes Entertainment as an independent company and transferring its business activities into Golden Entertainment.
History
Lakes Entertainment was created on December 31, 1998, in connection with the merger of Grand Casinos and Hilton's gaming businesses into Park Place Entertainment. Park Place took ownership of Grand's three Mississippi riverboat casinos, while other Grand Casinos interests were spun off to Grand shareholders through Lakes Gaming. The new company initially held management agreements for Grand Casino Avoyelles and Grand Casino Coushatta in Louisiana, as well as roughly 10 acres of Las Vegas Strip land. The company's first years were marked by efforts to broaden its asset base. In 1999, it reached an agreement to buy Rainforest Cafe for $108 million, but the deal collapsed when Landry's offered more. Lakes's Louisiana operating agreements then declined in value: the Avoyelles management arrangement was bought out in 2000, and the Coushatta agreement ended in 2002. The loss of those agreements temporarily left Lakes without active operations, although it continued to seek casino-development opportunities with tribal partners. A major strategic shift came in 2002, when Lakes launched the World Poker Tour. The new entertainment property helped the company move beyond traditional casino management and prompted a name change from Lakes Gaming to Lakes Entertainment. The World Poker Tour became partially separated from the parent company through a 2004 initial public offering, in which Lakes retained majority ownership. In 2008, Lakes completed the separation by distributing its remaining World Poker Tour shares to Lakes shareholders. Lakes continued to develop and manage casino properties. It developed Red Hawk Casino for the Shingle Springs Band of Miwok Indians in California and managed the casino from its 2008 opening until 2013. The company opened Rocky Gap Casino Resort in Maryland in May 2013. Its portfolio and investments also included Dania Jai-Alai and a minority interest in Rock Ohio Ventures, which owned casinos and racetracks in Ohio and Kentucky. In 2014, Lakes sold its interest in Dania Jai-Alai. The following year, in preparation for a larger corporate combination, it sold its 10 percent interest in Rock Ohio Ventures. Lakes then agreed to merge with Golden Gaming in January 2015. The combination was completed on August 3, 2015, forming Golden Entertainment. Golden Gaming executive Blake Sartini became chief executive of the combined business, while Lakes leader Lyle Berman became a board member and consultant. The transaction concluded Lakes Entertainment's independent corporate history.
- 2015
Lakes agrees to combine with Golden Gaming
[1]Lakes agreed to merge with Golden Gaming and prepared for the transaction by selling its 10 percent interest in Rock Ohio Ventures.
- 2015
Golden Entertainment formed
[1]The merger with Golden Gaming was completed on August 3, 2015, forming Golden Entertainment and ending Lakes Entertainment as an independent company.
- 2014
Dania Jai-Alai interest sold
[1]Lakes sold its interest in Dania Jai-Alai.
- 2013
Rocky Gap Casino Resort opens
[1]Lakes opened Rocky Gap Casino Resort in Maryland in May 2013.
- 2008
World Poker Tour separated from Lakes
[1]Lakes distributed its remaining World Poker Tour shares to its shareholders, completing the property's separation from the company.
- 2008
Red Hawk Casino opens under Lakes management
[1]Red Hawk Casino opened in California after development by Lakes for the Shingle Springs Band of Miwok Indians. Lakes managed the property until 2013.
- 2004
World Poker Tour partially spun off through an initial public offering
[1]Lakes sold a portion of the World Poker Tour through an initial public offering while retaining majority ownership.
- 2002
World Poker Tour launched
[1]Lakes introduced the World Poker Tour and changed its corporate name to Lakes Entertainment to reflect its wider entertainment interests.
- 1999
Rainforest Cafe acquisition agreement fails
[1]Lakes agreed to acquire Rainforest Cafe for $108 million, but the transaction did not proceed after Landry's made a higher offer.
- 1998
Company created through the Grand Casinos restructuring
[1]Lakes Gaming was created on December 31, 1998, as part of the restructuring accompanying the combination of Grand Casinos and Hilton's gaming businesses into Park Place Entertainment.
Products and positioning
A diversified gaming and entertainment company focused on casino development, tribal-casino management, gaming-related investments, and poker media.
Televised poker and gaming entertainment · 2002
World Poker Tour
Launched by Lakes Entertainment in 2002, the World Poker Tour was a televised poker tournament and entertainment property that represented the company's principal expansion beyond casino development and management. Lakes changed its name to Lakes Entertainment partly to reflect this business. The company sold a portion through an initial public offering in 2004 and distributed its remaining shares to shareholders in 2008.
Tribal casino · 2008
Red Hawk Casino
A California casino developed by Lakes Entertainment for the Shingle Springs Band of Miwok Indians. The property opened in 2008, and Lakes provided management services through 2013.
Casino resort · 2013
Rocky Gap Casino Resort
A casino resort in Maryland opened by Lakes Entertainment in May 2013. It was one of the company's major casino-development projects during its final operating period.
Gaming property
Dania Jai-Alai
Brand decisions
2015
Merge with Golden GamingM&ABackground
Lakes pursued a combination with Golden Gaming while disposing of its Rock Ohio Ventures interest in preparation for the transaction.
Action taken
The companies agreed to merge in January 2015 and completed the transaction on August 3, 2015, under the Golden Entertainment name.
Aftermath
Lakes Entertainment ceased to operate as an independent company. Blake Sartini became chief executive of the combined company, while Lyle Berman became a board member and consultant.
2008
Distribute remaining World Poker Tour sharesStrategyBackground
Lakes had retained majority ownership after the World Poker Tour's 2004 initial public offering.
Action taken
Lakes distributed its remaining World Poker Tour shares to its own shareholders.
Aftermath
The World Poker Tour was spun off from Lakes Entertainment.
2002
Expand into poker and entertainmentStrategyBackground
After its Louisiana casino management agreements ended or were bought out, Lakes had no active operations and was seeking opportunities beyond its earlier tribal-casino activities.
Action taken
The company launched the World Poker Tour and changed its name from Lakes Gaming to Lakes Entertainment.
Aftermath
The World Poker Tour became Lakes's most prominent entertainment property and was later separated from the company through a partial offering and a 2008 distribution of remaining shares.
Sources1 sources
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