|Lakes Gaming Inc last week announced that it has signed a letter of intent to invest in a joint venture with Steven Lipscomb, producer of televised poker tournaments. The Joint venture would be to launch the World Poker Tour and to establish poker as the next big televised mainstream sport. Lakes’ investment will be $100,000 for an approximate 78% ownership in the joint venture, with Lakes also chipping with up to $3.2 million of loans as needed. |
Lyle Berman, Chairman of the Board and Chief Executive Officer of Lakes said, 'It is estimated that well over fifty million people play poker on a regular basis - either in card rooms and casinos or in their own organized `home games' and we are very excited to be a part of the World Poker Tour.'
Lakes currently has development and management agreements with four separate Indian Tribes for four new casino operations in the US.