Lakes Entertainment, Inc., the Minnesota-based casino development and management company that owns about 62 percent of the shares of World Poker Tour Enterprises (WPTE), announced that it will consider selling some or all of its WPTE stock to raise cash it badly needs.
In a statement to investors, Lake Entertainment wrote that it needs to raise $10 million by Dec. 31, and another $10 million by March 1, to meet developmental and operational needs.
Lakes Entertainment, which manages six Indian casinos throughout the Midwest, has been exploring various financing alternatives to raise money, including secured loans coupled with common stock purchase warrants, high-yield bonds, or some other form of bridge financing.
