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Lakes Gaming reports net

Wednesday, April 21, 1999 | 11:31 a.m.

The Minneapolis-based company was spun off from Grand Casinos Inc. Jan. 4, so comparative results weren't presented.

The company said expansion of the gaming area and hotel at the Grand Casino Coushatta helped boost revenue from Lakes' management contracts with Indian casinos 19 percent over the 1998 first quarter.

Lakes Chairman Lyle Berman said the performance at both of its Louisiana operations -- Grand Casino Avoyelles and Grand Casino Coushatta -- improved from the 1998 period.

"Lakes is also actively pursuing new development opportunities," Berman said.

"With total assets in excess of $175 million, and cash of more than $63 million, Lakes has the balance-sheet strength to support a significant business enterprise."

Grand Casinos, Lakes' former parent company, was acquired by Park Place Entertainment in January after Park Place was divested by Hilton Hotels Corp.

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