Lakes Gaming stock trading begins

Tuesday, Jan. 5, 1999 | 10:25 a.m.

Trading in the stock of Lakes Gaming Inc., the Indian casino management company spun off by Grand Casinos Inc., started Monday.

Lakes, using the symbol LACO on the Nasdaq-Amex market, was quoted at $9.50, up $1.125, in early afternoon trading today.

Lakes was separated from Grand, which merged with Park Place Entertainment, a new casino company formed by the split of Hilton Hotels Corp.'s gaming and lodging businesses.

Grand shareholders received one share of Park Place and one share of Lakes Gaming for each Grand share they owned. Lakes has about 10.5 million shares outstanding.

Lakes manages casinos for two Louisiana tribes, owns about 10 acres of land in Las Vegas. Its opening balance sheet included about $25 million of liabilities and $160 million of assets, including about $61 million in cash and $50 million in notes and accounts receivable.

Former Grand Chairman Lyle Berman, President Tom Brosig and Chief Financial Officer Timothy Cope hold a similar positions with Lakes.

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