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LACO > SEC Filings for LACO > Form 8-K on 30-Sep-2009All Recent SEC Filings

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Form 8-K for LAKES ENTERTAINMENT INC

30-Sep-2009

Entry into a Material Definitive Agreement, Financial Statements and Exhi


Item 1.01. Entry into a Material Definitive Agreement.
On September 24, 2009, Lakes Kansas Casino Management, LLC ("Lakes"), an indirect wholly owned subsidiary of Lakes Entertainment, Inc. entered into a Limited Liability Company Agreement ("LLC Agreement") of Kansas Gaming Partners, LLC ("Kansas Partners"), with Kansas Gaming Holdings, LLC and CVG Kansas Gaming, LLC, which set forth the terms and conditions of the parties' ownership and governance rights in Kansas Partners. Kansas Partners wholly owns Chisholm Creek Casino Resort, LLC ("Chisholm Creek"), the owner of the proposed Chisholm Creek Casino Resort located in Sumner County, Kansas ("Casino"). The LLC Agreement initially requires that Lakes contributes $25 million in Kansas Partners in exchange for 16.67% ownership thereof. The capital investment requirement may be reduced subject to certain conditions as described in the LLC Agreement. As a 16.67% owner of Kansas Partners, Lakes shall have limited voting rights as described in the LLC Agreement.
Also on September 24, 2009, Lakes entered into a Development Services and Management Agreement ("Management Agreement") with Chisholm Creek, wherein Lakes agreed to perform certain development and management services for the development and management of the Casino. The term of the Management Agreement is for 15 years, subject to earlier termination as described in the Management Agreement. In exchange for its services, Lakes shall receive approximately 6.8% of the Casino's earnings before interest, taxes, depreciation, amortization and management fee.
A copy of these agreements is attached as Exhibit 10.1 and 10.2 to this Current Report on Form 8-K.



Item 9.01. Financial Statements and Exhibits.
(a) Not Applicable

(b) Not Applicable

(c) Not Applicable

(d) Exhibit

10.1 Limited Liability Company Agreement of Kansas Gaming Partners, LLC by and between Lakes Kansas Casino Management, LLC, Kansas Gaming Holdings, LLC and CVG Kansas Gaming, LLC, effective September 24, 2009.

10.2 Development Services and Management Agreement by and between Lakes Kansas Casino Management, LLC and Chisholm Creek Casino Resort, LLC, effective September 24, 2009.

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