Lakes strikes the deal for Evitts

Evitts resort (property of LACO) received agreement to install 1000 lottery machines at its Evitt resort last week (Revenue agreement clears way for slots license).  What revenu will Lakes generate from thoses? It is still very difficult to estimate assuming Lakes must invest multi million dollars in the resort to buy back its partner (??), acquire the resort (62M out of which LACO will invest 17.9M and finance the balance) and construct the new facility (??M for 50k sqf).

Side note, I told you in my previous article on LACO that Lakes owned 10% of the new Ohio casinos but a reader pointed out that Lakes own 10% of Rock Ohio Ventures which owns 80% of the casinos.  The previous estimates are overstated by at least 20%.

Disclosure : Author is long LACO.

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