BNET Industries
Market Cap:$68.9M
Last Fiscal Year Sales:$24.3M
- Public
- US
Dow Jones Description
We develop, finance and manage Indian-owned casino properties. We currently have development and management or financing agreements with four separate tribes for casino operations in Michigan, California, and Oklahoma for a total of five separate casino projects as follows: We developed, and have a five-year contract to manage, the Four Winds Casino Resort for the Pokagon Band in New Buffalo Township, Michigan near Interstate 94. We began managing the Four Winds Casino Resort when it opened to the public on August 2, 2007. The Four Winds Casino Resort is located near the first Interstate 94 exit in southwestern Michigan and approximately 75 miles east of Chicago. The facility features approximately 3,000 slot machines, 72 table games, a 12-table poker room, a 165-room hotel, five restaurants, three bars, a child care facility and arcade, retail space and a parking garage. We developed, and have a seven-year contract to manage, the Red Hawk Casino that was built on the Rancheria of the Shingle Springs Tribe in El Dorado County, California, adjacent to U.S. Highway 50, approximately 30 miles east of Sacramento, California. We began managing the Red Hawk Casino when it opened to the public on December 17, 2008. The Red Hawk Casino features approximately 2,100 electronic gaming devices, 75 table games, six restaurants, six bars, retail space, a parking garage, a child care facility and arcade. ...
Chief Executive Officer
Lyle BermanNumber of Employees 50
Contact Information
130 Cheshire Ln Ste 101
Minnetonka, Minnesota 55305
(952) 449-9092
Peer Companies
NAICS Code Casino Hotels: 721120
Recent Events
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Gaming entrepreneur Berman still betting on turnaround
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Red Hawk Casino manager cites results 'below expectations'
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Lakes Entertainment Announces Passage of Ohio Referendum
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Red Hawk general manager Fordham leaves
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Lakes Entertainment, Inc. Announces Management Change at Red Hawk Casino
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Redstone names Ryback president, adds to boardWAYZATA, Minn. (Aug. 7, 2009)
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Lakes Entertainment hits jackpot with Red Hawk Casino
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Red Hawk Casino Announces the Addition of New Progressive Jackpots and Table Games
News & Analysis
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lakes entertainment inc. - All News and Analysis
Lakes Entertainment, Inc. Q3 2008 Earnings Call Transcript
Seeking Alpha
- 2008-11-24
Question-and-Answer SessionOperator Operator Instructions Your first question comes from the line of Justin Sebastiano with Morgan Joseph. Please proceed. Justin Sebastiano - Morgan Joseph Thanks, hi, guys. Do you expect a quarter-over-quarter gain of your Four Winds management revenue in the fourth quarter? Lyle Berman The answer is yes....
Lakes Entertainment Closes on $8 Million Non-Revolving Line of Credit Loan Agreement
- 2008-10-29
MINNEAPOLIS -- Lakes Entertainment, Inc. (NASDAQ: LACO) announced today that it has closed on a two-year interest only $8 million non-revolving line of credit loan agreement with the First State Bank of Arkansas. The interest rate of the loan is 8.95%. Upon closing, the company initially drew $2 million from...
Lakes Entertainment, Inc. Q2 2008 Earnings Call Transcript
Seeking Alpha
- 2008-08-06
Question-and-Answer SessionOperator Operator Instructions Our first question comes from Justin Sebastiano - Morgan Joseph & Co., Inc. Justin Sebastiano - Morgan Joseph & Co., Inc. You talk about Four Winds exceeding your expectations in the second quarter. Since you can’t give us the actual number for what...
Lakes Entertainment to Host Conference Call and Webcast on Second Quarter 2008 Results
- 2008-07-30
MINNEAPOLIS -- Lakes Entertainment, Inc. (NASDAQ: LACO) announced it will host a conference call and webcast to discuss the Company's second quarter 2008 financial results on Wednesday, August 6, 2008, at 1:00 p.m. CDT (2:00 p.m. EDT). The Company will issue financial results prior to the call. Chairman of...
Lakes Entertainment to Present at Oppenheimer & Co. 8th Annual Consumer Growth Conference Incorporating the Gaming, Lodging and Leisure Conference
- 2008-07-09
MINNEAPOLIS -- Lakes Entertainment, Inc. (NASDAQ: LACO) announced today that Lakes' President and Chief Financial Officer Tim Cope will present at the Oppenheimer & Co. 8th Annual Consumer Growth Conference incorporating the Gaming, Lodging and Leisure Conference at The Four Seasons Hotel in Boston, Massachusetts. The presentation is scheduled to...
Lakes Entertainment, Inc. Q1 2008 Earnings Call Transcript
Seeking Alpha
- 2008-05-20
Question-and-Answer SessionOperator Operator Instructions. And your first question comes from James Kayler. You may proceed. James Kayler Hey guys. How are you doing? Lyle Berman Good James. James Kayler Good. Can you – obviously, Pokagon is doing well and continues to ramp up and the...
Lakes Entertainment to Host Conference Call and Webcast on First Quarter 2008 Results
- 2008-05-02
MINNEAPOLIS -- Lakes Entertainment, Inc. (NASDAQ: LACO) announced it will host a conference call and webcast to discuss the Company's first quarter 2008 financial results on Thursday, May 8, 2008, at 2:00 p.m. CDT (3:00 p.m. EDT). The Company will issue financial results prior to the call. Chairman of...
Lake Entertainment Q4 2007 Earnings Call Transcript
Seeking Alpha
- 2008-03-11
Question-and-Answer Session Operator Operator Instructions Your first question comes from the line of Todd Eilers with Roth Capital Partners. Please proceed. Todd Eilers – Roth Capital Partners Just a couple of quick questions, just with regards to liquidity and financing needs, can you maybe tell us what...
Lakes Entertainment, Inc. to Present at Bank of America 2007 Credit Conference
- 2007-11-26
MINNEAPOLIS -- Lakes Entertainment, Inc. (NASDAQ: LACO) announced that Timothy J. Cope, Lakes' president and chief financial officer, will present at Bank of America's 2007 Credit Conference at the Royal Pacific Resort at Universal Orlando in Orlando, FL. Mr. Cope's presentation is scheduled to take place at 8:30 a.m....
Lakes Entertainment Q3 2007 Earnings Call Transcript
Seeking Alpha
- 2007-11-07
Question-and-Answer Session Operator Operator Instructions The first question is from James Kayler of the Banc of America. James Kayler - Banc of America Just on the obviously about the opening of Pokagon, the commentary was pretty specific. It said in the release that initial casino win was somewhat...
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Decision Makers
| Name (plus bio) | Position |
|---|---|
| Lyle Berman | Chief Executive Officer |
| Timothy J Cope | President and Chief Financial Officer |
Board of Directors
| Name (plus bio) | Position |
|---|---|
| Morris Goldfarb | Chairman and Chief Executive Officer of G, III Apparel Group, Ltd. |
| Larry C. Barenbaum | Board of Directors |
| Neil I. Sell | Board of Directors |
| Ray Moberg | Board of Directors |
| Richard White | Board of Directors |
| Roy Moberg | Board of Directors |
Lyle Berman Chairman of the Board and Chief Executive Officer, is a 1964 graduate of the University of Minnesota with a degree in Business Administration. Mr. Berman began his career with Berman Buckskin, his family's leather business. Over the next 16 years, he helped grow the business into a major specialty retailer, with 27 outlets. When Berman's was sold to W.R. Grace in 1979, he continued as President and Chief Executive Officer and led the company to become one of the country's largest retail leather chains, with over 200 stores nationwide. Mr. Berman led a management buyout of Berman's in 1987, and in 1988, the company was sold to Melville Corporation and combined to form Wilsons The Leather Experts. In the spring of 1996, Mr. Berman participated along with current Wilsons' management, in the purchase of Wilsons from Melville Corporation. In 1990, Mr. Berman participated in the founding of Grand Casinos, Inc. Mr. Berman is credited as one of the early visionaries in the development of casinos outside of the traditional gaming markets of Las Vegas and Atlantic City. Grand Casinos became a leader in this segment of the casino entertainment industry, known as "emerging gaming," and in less than five years the company opened eight casino resorts in four states. In 1995, Grand Casinos was named the Fastest Growing Company in America by Fortune magazine. In 1998, Grand Casinos completed transactions when Grand Casinos' Mississippi assets were merged with the gaming division of Hilton Hotels Corporation to form Park Place Entertainment Corporation now known as Harrahs Entertainment. In 1999, Lakes Entertainment, Inc. was formed as a result of Grand Casinos Indian Casino Management business not being acquired by Park Place Entertainment. In 1994, Mr. Berman financed the initial development of Rainforest Cafe, an integrated restaurant and retail concept. He served as the Chairman and CEO from 1994 until 2000. As Chairman of the Board and CEO of Lakes Entertainment, Inc., Mr. Berman was instrumental in creating the World Poker Tour, now a public company. The symbol is WPTE. In three short years, World Poker Tour has revolutionized the game of poker throughout the world. In October 1995, Mr. Berman was honored with the B'nai B'rith "Great American Traditions Award," in April, 1996, he received the Gaming Executive of the Year Award, and in 2004 Mr. Berman was inducted into the Poker Hall of Fame. Mr. Berman has been instrumental in the creation, development and leadership of several public companies, including: Chairman of the Board & Chief Executive Officer, Lakes Entertainment, Inc. (LACO.PK) Chairman of the Board, World Poker Tour Enterprises (NASDAQ: WPTE) Chairman of the Board, PokerTek, Inc. (NASDAQ:PTEK)
| Organization | Position | Status |
|---|---|---|
| Lakes Entertainment, Inc. | Chief Executive Officer | Current |
| Wpt Insider | World Poker Tour Manager | Current |
| 72OS.Com | Current | |
| Lakes Entertainment, Inc. | Chairman | Current |
| PokerTek, Inc. | Chairman of the Board of Directors | Current |
| Wpt Enterprises, Inc. | Executive Chairman | Current |
| Wpt Insider | Chairman of the Board | Current |
| World Poker Tour | Chairman of the Board | Current |
| WPT, Inc. | Chief Executive Officer | Former |
| Wpt Enterprises, Inc. | Chief Executive Officer | Former |
| Rainforest café | Chief Executive Officer | Former |
| The Lakes | President | Former |
| PokerTek, Inc. | Co-Founder | Former |
| Grand Casinos Inc. | Co-Founder | Former |
| Grand Casinos Inc. | Chairman of the Board of Directors | Former |
| PokerTek, Inc. | Board of Directors | Former |
| University of Minnesota | B.S. Degree In Business Administration | Former |
| University of Minnesota | Degree In Business Administration | Former |
Morris Goldfarb is our Chairman of the Board and Chief Executive Officer, as well as one of our directors. Until April 1997, Mr. Goldfarb also served as our President. Mr. Goldfarb has served as an executive officer of G-III and our predecessors since our formation in 1974. Mr. Goldfarb is also a director of Lakes Entertainment, Inc.
| Organization | Position | Status |
|---|---|---|
| G-III Apparel Group, Ltd. | Chief Executive Officer | Current |
| Leather Apparel Association | President | Current |
| Giii Ltd. | Vice President | Current |
| Giii Ltd. | Executive Officer | Current |
| G-III Apparel Group, Ltd. | Executive Officer | Current |
| G-III Apparel Group, Ltd. | Chairman of the Board | Current |
| Giii Ltd. | Director | Current |
| Wilsons The Leather Experts Inc. | Board of Directors | Current |
| Lakes Entertainment, Inc. | Director | Current |
| Leather Apparel Association | Director | Current |
| Lakes Entertainment, Inc. | Chairman and Chief Executive Officer of G, III Apparel Group, Ltd. | Former |
| Grand Casinos Inc. | Board of Directors | Former |
| G-III Apparel Group, Ltd. | Director | Former |
| Organization | Position | Status |
|---|---|---|
| Lakes Entertainment, Inc. | President and Chief Financial Officer | Current |
| MGM Grand | Current | |
| Lakes Entertainment, Inc. | Director | Current |
| Wpt Enterprises, Inc. | Board of Directors | Current |
| Grand Casinos Inc. | Executive Vice President, Chief Financial Officer | Former |
| Lakes Entertainment, Inc. | Executive Vice President | Former |
| University of Nevada | Bachelor of Science Degree In Business Administration | Former |
| Organization | Position | Status |
|---|---|---|
| Christopher & Banks, Inc. | Chairman | Current |
| Lakes Entertainment, Inc. | Board of Directors | Current |
| Christopher & Banks, Inc. | Board of Directors | Former |
Neil I. Sell, has been a director of Lakes since the inception and was formerly a director of Grand Casinos, Inc. Since 1968, Mr. Sell has been engaged in the practice of law in Minneapolis, Minnesota, with the firm of Maslon Edelman Borman & Brand, LLP.
| Organization | Position | Status |
|---|---|---|
| Lakes Entertainment, Inc. | Board of Directors | Current |
| Organization | Position | Status |
|---|---|---|
| Lakes Entertainment, Inc. | Board of Directors | Current |
| Wpt Enterprises, Inc. | Board of Directors | Current |
| American Institute of Certified Public Accountants | Board of Directors | Current |
| Nevada Society of Certified Public Accountants | Board of Directors | Current |
| American Institute of Certified Public Accountants | Member | Current |
| University of North Dakota | B.S.B.A. Degree In Accounting | Former |
| Organization | Position | Status |
|---|---|---|
| Oppenheimer & Co. Inc. | Managing Director | Current |
| Oppenheimer & Co. Inc. | Head of Private Equity Investment Department | Current |
| Escalade Inc. | Chair | Current |
| ActivIdentity Corp. | Director | Current |
| Lakes Entertainment, Inc. | Board of Directors | Current |
| G-III Apparel Group, Ltd. | Director | Current |
| Midway Games Inc. | Director | Current |
| Cibc Capital Partners | Managing Director | Former |
| Ardshiel, Inc. | Managing Director | Former |
| Wharton Graduate School of the University of Pennsylvania | Mba In Finance and Accounting | Former |
| Tufts University | Undergraduate Degree In Economics | Former |
| Organization | Position | Status |
|---|---|---|
| Lakes Entertainment, Inc. | Board of Directors | Current |
Executive News
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G-III Apparel Q2 net loss narrows
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G-III Apparel Group Ltd. posted
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G-III Apparel Group Q2 Net Loss Narrows; Guides FY10 - Update
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UPDATE 1-G-III posts narrower-than-expected Q2 loss
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G-III Apparel Group, Ltd. Announces Second Quarter Fiscal Year 2010 Results
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Lakes Entertainment Added to Russell 3000 Index
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