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LACO > SEC Filings for LACO > Form 8-K on 21-May-2014All Recent SEC Filings

Show all filings for LAKES ENTERTAINMENT INC



Entry into a Material Definitive Agreement, Financial Statements and Exhi

Item 1.01. Entry into a Material Definitive Agreement.

On May 15, 2014, a wholly owned subsidiary of Lakes Entertainment, Inc. ("Lakes") entered into an Amended and Restated Option Agreement ("Amended Option Agreement") with Penn National Gaming, Inc. ("Penn") relating to land, currently under option by Penn, owned by Lakes and located in San Diego County, California, adjacent to the Jamul Indian Village reservation. The original option agreement by and between Lakes and Penn provided that the purchase price for the land would be $7.0 million, increasing 1% each year, but that Penn had no obligation to purchase the land. The Amended Option Agreement reduces the purchase price of the land to $5.5 million but requires Penn to purchase the land within ten days after the Jamul Indian Village opens a casino on its reservation.

A copy of the Amended and Restated Option Agreement is attached as Exhibit 10.1 to this Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(a) Not Applicable

(b) Not Applicable

(c) Not Applicable

(d) Exhibits

10.1 Amended and Restated Option Agreement by and between Lakes Kean Argovitz Resorts - California, LLC and Penn National Gaming, Inc. dated May 15, 2014.

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