Lakes Entertainment considering sell-off to raise cash
Wednesday 30th November 2005
Lakes Entertainment, which holds a two-thirds stake in the World Poker Tour (WPT), may be considering a sell-off in order to raise substantial amounts of cash.
The US-based company has issued an intriguing 'forward looking statement' that suggests it may be considering the sale of its share in the WPT.
Lakes Entertainment recently settled a clash with the Securities and Exchange Commission over late financial reportage, and in earlier statements the group indicated that it was seeking substantial capital - $10 million by the end of 2005 and an additional $10 million by March 1st, 2006 – the sale of the successful WPT brand could well be the answer to raise this capital.