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Article: Lakes Entertainment Announces Passage of Ohio Referendum.
- Article from:
- Business Wire
- Article date:
- November 5, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MINNEAPOLIS -- Lakes Entertainment, Inc. (NASDAQ: LACO) today announced that on November 3, 2009, the Ohio voters approved Issue 3, the citizen-initiated referendum to amend the Ohio constitution to authorize one gaming facility in each of Cleveland, Cincinnati, Columbus and Toledo, Ohio. The approval of Issue 3 authorizes casino gaming for the first time in the State of Ohio.
Issue 3 was primarily backed by Rock Ohio Ventures, LLC ("Rock"), a group led by Dan Gilbert, owner of the Cleveland Cavaliers, and Penn Ventures, LLC ("Penn"), a subsidiary of Penn National Gaming, Inc. Lakes recently reached an agreement with Penn whereby it (1) agreed to fund 10% of ...