Lakes Entertainment Inc. a Minnetonka, Minnesota-based publicly traded gaming company and long-time client of Gray Plant Mooty, initiated the negotiation of a combination with Sartini Gaming, Inc. (“Golden Gaming”) during the second half of 2014. With assistance from Gray Plant Mooty (including leading Indian and Gaming Lawyers Tom Foley and Kevin Quigley who have recently joined Gray Plant Mooty) over the last decade, Lakes Entertainment had financed, developed, and operated a variety of gaming and hospitality properties, both on and off Tribal land. Golden Gaming is a private Nevada-based route operator and owner and operator of taverns, casinos, and other properties.
The merger transaction, which involved the issuance of more than eight million shares of Lakes Entertainment common stock, united two renowned brands in the gaming space and closed early in the second half of 2015 after receipt of required approvals from stakeholders and regulatory agencies.
Dan Tenenbaum, lead outside counsel to Lakes Entertainment from Gray Plant Mooty, key client relationship manager, and a significant contributor to the successful completion of the merger transaction, said more than a dozen GPM attorneys worked on this complex deal.
“This is an example of decade-long representation where having a deep understanding of our client’s business and objectives, helped us to add real value and create a smooth and successful merger,” said Tenenbaum, who singled out the efforts of attorneys Dave Morehouse, J.C. Anderson, Lindsey Day, and Inchan Hwang.
Golden Gaming Inc., which is projected to generate $348 million in revenue this year, will now have 9,250 slot machines and video lottery terminals in Nevada and Maryland across four casino properties, 48 taverns and 670 route locations, as well as 22 table games.
“Our merger was a game-changer, and it would have been so much more difficult without the efforts of Gray Plant Mooty,” said Damon Schramm, former Vice President and General Counsel of Lakes Entertainment, Inc. “Their understanding of our business objectives and dedicated responsive service to helping achieve a positive outcome was invaluable in helping to bring together two highly-respected gaming brands.”