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2 The Lakes Advantage Lakes Entertainment differentiates itself as a casino management company by providing a professional management team with corporate vision and development expertise combined with hands on casino operations experience. We combine experienced corporate and casino management with comprehensive marketing programs. Our talent is in bringing the right vision, as well as the financial and human resources together to realize the goals for a successful casino resort development. Marketing Expertise A large part of our success is attributable to our ability to develop and manage firstclass gaming destinations, big or small, in a variety of locations throughout the country. Lakes has a proven track record of generating substantial visitor counts to the facilities we manage. Our properties are designed to command a premium share of the markets in which we compete. THE EXCELLENT TRACK RECORD AND PROVEN ABI 2

3 Plans That Work The management team of Lakes Entertainment has been responsible for the development, opening and management of several successful casino resort projects. We have developed full-scale destination resorts as well as smaller regional casinos. Amenities that we have developed and manage include: State-of-the-art gaming selections Full-service hotels A variety of restaurants and lounges Retail outlets Entertainment venues RV resorts Golf courses Supervised child-care activity centers LITY TO DELIVER RESULTS ARE OUR KEY ASSETS. 3

4 Financial Resources Lakes Entertainment has the financial resources and access to capital that is a necessity for casino development projects. Lakes has the long-standing relationships and the proven track record to obtain This access to public financing has proven to be a cornerstone of the company s strategic growth in the past, as well as a valuable benefit the company has brought to its projects. capital in both the equity and debt markets of the Wall Street investment community. 4

5 Experienced Management The management team of Lakes has an established and respected reputation in the gaming industry. The Lakes management team is a hands on group of executives, with many years of experience. The excellent track record and proven ability of Lakes management to deliver results are important assets we offer prospective partners. Lakes has assembled a strong team of gaming industry experts, with working experience in all aspects of casino development, construction and management, many of whom were involved with the success of Grand Casinos. The Lakes team has individual specialists on staff mirroring each of the functional areas found in a casino project. 5

6 Practical Knowledge In each of the projects developed by our team, we have had responsibility for all aspects of the development, even prior to the construction and operation phases, including: Site selection and acquisition Financing Architectural and theme conception Master planning Management of environmental issues Legal and regulatory matters Beyond operating skill, we bring valuable experience to considerations such as asset protection, risk management, security, internal controls and employee relations. 6

7 Respected Reputation We have been involved in the development of specific materials and curricula in such areas as sexual harassment and responsible gaming, which have become the standard and are used throughout the industry. Lakes Entertainment has a respected position in the casino entertainment industry for our approach to the business and the people who make running the business possible. From proactive initiatives on important national issues such as welfare-to-work and problem gambling, There is no doubt that between the programs we have developed and the reputation we have built, we WILL be of benefit to future enterprises. to progressive policies and leading-edge training programs within the four walls of our properties, our reputation as an employer and corporate citizen is stellar. 7

8 LYLE BERMAN CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER Mr. Berman is a 1964 graduate of the University of Minnesota with a degree in Business Administration. Mr. Berman began his career with Berman Buckskin, his family s leather business. He helped grow the business into a major specialty retailer with 27 outlets. In 1990, Mr. Berman participated in the founding of Grand Casinos, Inc. Mr. Berman is credited as one of the early visionaries in the development of casinos outside of the traditional gaming markets of Las Vegas and Atlantic City. In less than five years, the company opened eight casino resorts in four states. In 1994, Mr. Berman financed the initial development of Rainforest Cafe. He served as the Chairman and CEO from 1994 until In October 1995, Mr. Berman was honored with the B nai B rith Great American Traditions Award. In April 1996, he received the Gaming Executive of the Year Award; in 2004, Mr. Berman was inducted into the Poker Hall of Fame; and in 2009, he received the Casino Lifetime Achievement Award from Raving Consulting & Casino Journal. In 1998, Lakes Entertainment, Inc. was formed. In 2002, as Chairman of the Board and CEO of Lakes Entertainment, Inc., Mr. Berman was instrumental in creating the World Poker Tour. Since January 2005, Mr. Berman is past Chairman and currently sits on the board of Pokertek, Inc. (NASDAQ: PTEK). 8

9 TIM COPE PRESIDENT AND CHIEF FINANCIAL OFFICER Mr. Cope has been with Lakes Entertainment, Inc. since December Prior to that time, Mr. Cope held the positions of Executive Vice President, Chief Financial Officer and Director of Grand Casinos, Inc. While at Grand, Mr. Cope was involved with development, financing and management of eight casino resorts. Mr. Cope has over 25 years of gaming experience with such companies as Bally s Entertainment and MGM Grand in various operational areas such as table games, slots, keno, cage, food and hotels, along with finance and accounting. Mr. Cope also served as a Director for WPT Enterprises, Inc. Mr. Cope is a Licensed CPA in the state of Nevada and holds a Bachelor of Science Degree in Business Administration from the University of Nevada, Reno, where he was recognized as a Who s Who in American Colleges and Universities. Mr. Cope holds certificates in computer programming and industrial engineering. He has served as Treasurer and Chairman of the Board of what was then the Bally s Employees Federal Credit Union, President and Director of the Better Business Bureau of Northern Nevada and has worked with many service, church and non-profit organizations. In 2011, Mr. Cope was named Gaming Executive of the Year by Casino Lawyer Magazine. 9

10 SCOTT JUST GENERAL MANAGER ROCKY GAP, VICE PRESIDENT OF GAMING Mr. Just is currently General Manager at Rocky Gap Casino Resort. He is also responsible for all gaming related aspects of Lakes business including casino layout design, table game and slot equipment selection, on-going analysis of operations and formulating improvements to increase revenues. He has been with Lakes and its predecessor, Grand Casinos, since He has been involved with more than seven casino openings and has also worked with companies such as Stardust Hotel and Casino, Sams Town and Harrah s. SHERRI HOLLISTER VICE PRESIDENT OF HUMAN RESOURCES Ms. Hollister is responsible for the human resources and training areas for Lakes Entertainment and its managed properties. Ms. Hollister has been with Lakes Entertainment since 2000 and has over 15 years experience in human resources. She has experience in employee relations, employee benefits, compensation, and training as well as general human resource management. Ms. Hollister has a B.S. in Human Resource Management from Metropolitan State University. She is a member of the Society for Human Resource Management and holds the Senior Professional in Human Resources (SPHR) designation. Ms. Hollister is also a Certified Employee Benefits Specialist (CEBS) from the International Foundation of Employee Benefits and the Wharton School of the University of Pennsylvania. DAMON SCHRAMM VICE PRESIDENT, GENERAL COUNSEL AND CORPORATE SECRETARY Mr. Schramm has been with Lakes Entertainment, Inc. since As Vice President - General Counsel of Lakes, Mr. Schramm regularly provides business and legal advice to senior management and the Board Directors in the areas of SEC compliance, corporate governance, finance, gaming, and mergers and acquisitions. Mr. Schramm has over 15 years of legal experience focusing primarily on business law with an emphasis on emerging/growth businesses, commercial transactions, mergers and acquisitions, and corporate finance. Prior to his position with Lakes, Mr. Schramm was a partner with a large Minneapolis law firm. Mr. Schramm is a periodic lecturer and author on various legal and business topics, has been named a Rising Star in Minnesota Law by Minnesota Law and Politics, and serves on the board of directors for the Animal Humane Society. Mr. Schramm obtained a Bachelor of Arts degree from the University of Minnesota - Duluth and a Juris Doctor degree from William Mitchell College of Law. JEFF EASTON VICE PRESIDENT OF INTERNAL AUDIT Mr. Easton holds the position of Vice President of Internal Audit and has been with Lakes Entertainment, Inc. since January Mr. Easton has over 20 years of gaming experience with Lakes Entertainment, Park Place Entertainment and Grand Casinos, Inc. in various areas such as internal audit, planning & analysis and accounting. Mr. Easton has been involved with more than seven casino openings. Mr. Easton is a Licensed CPA in the state of Minnesota and holds a Bachelor of Science Degree in Accounting from Minnesota State University. Mr. Easton is a member of the Minnesota Society of Certified Public Accountants, American Institute of Certified Accountants, and the Institute of Internal Auditors. 10

11 RICK WALTERS VICE PRESIDENT OF INFORMATION TECHNOLOGY Mr. Walters is responsible for all Information Technology design and operations for Lakes Entertainment and managed properties. These duties include but not limited to Client/ Server, Storage Area Networks, Database Management, Disaster Recovery/Business Continuity, Telephony, Point of Sale, Security/ Surveillance technology, Audio/Video and Low Voltage Structured Cabling. He has been with Lakes and its predecessor, Grand Casinos, since He attended Northwestern State University in Natchitoches Louisiana where he majored in Computer Information Systems. He has participated in nine casino openings in many jurisdictions, and currently sits on advisory boards for several major gaming companies. Mr. Walters is also member of the Clifton Choctaw Tribe of Louisiana. BRAD COLBERT VICE PRESIDENT OF PLANNING & ANALYSIS Mr. Colbert has over 20 years of finance planning and analysis experience, including 15 years of gaming experience in multiple jurisdictions. He graduated with distinction and received his MBA from the Carlson School of Management - University of Minnesota. He received his Bachelor of Business Administration with Honors from the University of Wisconsin Madison with a degree in finance and investment banking. Mr. Colbert has participated in multiple financing mergers and acquisitions and funding. His former work includes experience at Rainforest Café and Wells Fargo. LISA BUSHLAND VICE PRESIDENT FINANCE Ms. Bushland attended the University of Wisconsin-Eau Claire where she earned a Bachelor of Business Administration degree with a Comprehensive Accounting major. Ms. Bushland, a Certified Public Accountant, worked for several years in public accounting, most recently at KPMG. Ms. Bushland has been with Lakes Entertainment, Inc. and its predecessor, Grand Casinos, since Her background includes experience in accounting, auditing, Securities and Exchange Commission reporting and income tax preparation. Ms. Bushland directs the company s accounting and financial reporting. Ms. Bushland is a member of the Minnesota Society of Certified Public Accountants. MIKE MONTROSS VICE PRESIDENT OF MARKETING Mr. Montross oversees development, planning and operations as they relate to the marketing of each Lakes casino. He graduated Cum Laude from Southwest Minnesota State University with a Bachelor of Science in Marketing and is a graduate of the Harrah s Executive Management Development Program. He is a member of Pi Gamma Mu the International Honor Society of Social Science and Pi Kappa Delta a forensic honor fraternity. Mr. Montross is the recipient of two Addy Awards and a Silver Telly for creativity in advertising. He has nearly 20 years of casino experience and has worked for publicly traded, privately owned and Native American casinos. 11

12 1991 Grand Casinos, Inc. is founded as a casino development and management company for Indian Tribes on Indian land APRIL Grand Casinos, Inc. opens and begins management of Grand Casino Mille Lacs in Onamia, Minnesota for the Mille Lacs Band of Ojibwe OCTOBER Grand Casinos, Inc. completes initial public offering and is listed on the Nasdaq Stock Market under the trading symbol GRND MAY Grand Casinos, Inc. opens and begins managing Grand Casino Hinckley in Hinckley, Minnesota for the Mille Lacs Band of Ojibwe MAY Grand Casino Gulfport in Gulfport, Mississippi opens JANUARY Grand Casino Biloxi in Biloxi, Mississippi opens APRIL Grand Casinos begins trading on the New York Stock Exchange under the trading symbol GND. Lyle Berman named Gaming Executive of the Year by Casino Journal JUNE Grand Casinos, Inc. opens and begins managing Grand Casino Avoyelles in Marksville, Louisiana for the Tunica-Biloxi Tribe of Louisiana. 12

13 1995 JANUARY 1996 JUNE Grand Casinos, Inc. opens and begins managing Grand Casino Tunica in Tunica, Mississippi opens. Grand Casino Coushatta in Kinder, Louisiana for the Coushatta Tribe of Louisiana APRIL 1998 DECEMBER In 1998, Grand Casinos Mississippi assets were merged with the gaming division of Hilton Hotels Grand Casinos, Inc. is named the Fastest Growing Corporation to form Park Place Entertainment Company in America by Fortune magazine. Corporation now known as Harrah s Entertainment. The Indian gaming division of Grand Casinos is spun off to form Lakes Gaming, a publicly held casino management company traded on Nasdaq as LACO. 13

14 MAY 2002 World Poker Tour (WPT) is created JUNE Lakes Gaming becomes Lakes Entertainment, Inc JULY NIGC approves management agreement between Lakes and the Shingle Springs Band AUGUST WPT Enterprises, Inc. goes public and begins trading on the NASDAQ Stock Market under the trading symbol WPTE. Lakes retains a majority ownership interest APRIL National Indian Gaming Commission approves management agreement between Lakes Entertainment, Inc. and Pokagon Band of Potawatomi Indians MAY Lakes begins managing Cimarron Casino in Perkins, Oklahoma for the Iowa Tribe of Oklahoma JULY Lakes Entertainment, Inc. opens the completely remodeled Cimarron Casino in Perkins, Oklahoma AUGUST Lakes Entertainment opens and begins managing Four Winds Casino Resort in New Buffalo, Michigan for the Pokagon Band of Potawatomi Indians. 14

15 2008 OCTOBER Lakes Entertainment declared a stock dividend of all of the Company s shares of WPT Enterprises, Inc DECEMBER Lakes Entertainment opens and begins managing Red Hawk Casino in Placerville, California for the Shingle Springs Band of Miwok Indians NOVEMBER Ohio voters approve four casinos in the state. Lakes backing of the legislation gives them the right to invest up to 10% of the necessary equity in each of these casinos JULY Lakes receives $25 million in exchange for its rights in two of four planned Ohio casinos JULY Pokagon Band of Potawatomi Indian exercises its right to buy out the management agreement for Four winds Casino Resort. Lakes receives $24.5 million and is repaid in full all outstanding debt and ends the management agreement APRIL Lakes subsidiary, Evitts Resort, LLC is awarded a video lottery operating license for Rocky Gap Lodge & Golf Resort near Cumberland, Maryland. 15

16 GRAND CASINO MILLE LACS GRAND CASINO HINCKLEY FOUR WINDS CASINO RESORT HORSESHOE CASINO CLEVELAND RED HAWK CASINO CIMARRON CASINO JAMUL CASINO GRAND CASINO TUNICA GRAND CASINO BILOXI Current Managed Projects GRAND CASINO COUSHATTA GRAND CASINO GULFPORT Investment Projects Past Projects GRAND CASINO AVOYELLES THISTLEDOWN RACETRACK & CASINO ROCKY GAP RESORT CAESARS CLEVELAND CINCINNATI DEVELOPMENT TUFWAY PARK 16

17 LAKES HAS A WIDE RANGE OF EXPERIENCE MANAGING PROJECTS OF VARYING SCOPE. Hotel Rooms ,000 1, , ,551 RV Spaces Restaurants Restaurant Seats 810 1,230 1,280 1, ,200 1, , ,915 Valet Yes Yes Yes Yes Yes Yes Yes No Yes Yes Yes Parking Spaces 1,900 2,300 3,500 3,811 2,250 3,000 7, ,400 3, ,974 Golf Course No Yes Yes Yes Yes Yes Yes No No No Yes Meeting Sq. Ft. 18,000 11,000 9,000 17,000 5,000 10,000 62, , , ,200 Entertainment Sq. Ft. 1,200 20,000 12,000 62,000 31,000 12,000 45, ,600 2,000 1, ,800 Retail Outlets Retail Sq. Ft. 1,000 2,000 6,500 8,500 1,200 1,200 5, ,000 1,500 1,000 34,900 Spa/Pool Sq. Ft. 2,500 2,500 12,000 10,000 5,000 5,000 20, ,000 65,000 Child Care Sq. Ft. 6,000 8,000 8,000 8,000 6,000 6,000 10, ,000 8,000 No 68,000 Arcade Sq. Ft. 3,000 4,000 4,000 4,000 3,000 3,000 4, ,000 4,000 No 33,000 Poker Tables Slot Machines 1,300 2,000 2,200 2,300 1,600 2,300 3, ,000 2, ,800 Table Games Grand Casino Mille Lacs Grand Casino Hinckley Grand Casino Gulfport Grand Casino Biloxi Grand Casino Avoyelles Grand Casino Coushatta Grand Casino Tunica Cimarron Casino Four Winds Casino Resort Red Hawk Casino Rocky Gap Resort TOTAL 17

18 GRAND CASINO MILLE LACS OPENED IN ONAMIA, MINNESOTA IN APRIL 1991 Grand Casinos designed, constructed and managed Grand Casino Mille Lacs for the Mille Lacs Band of Ojibwe Indians. Grand Casinos opened Grand Casino Mille Lacs in At opening the casino included a 400-seat bingo area, three restaurants, a Kids Quest and a Grand Arcade. Shortly after opening a 175-room luxury hotel was added. While Grand Casinos managed the property, the size grew from approximately 13,000 square feet to 40,000 square feet of casino gaming space. The property had over 1,200 slot machines and over 30 table games. 18

19 GRAND CASINO HINCKLEY OPENED IN HINCKLEY, MINNESOTA IN MAY 1992 Grand Casino Hinckley was designed, constructed and managed for the Mille Lacs Band of Ojibwe Indians. Grand Casinos opened Grand Casino Hinckley in At opening the casino included four restaurants, two full-service bars, a lounge and an RV Resort with fully furnished rental units. An expansion in 1994 included a 5,000 seat amphitheater, 154 room hotel, a Kids Quest expansion and nonsmoking slot gaming space. In 1995, an 18-hole golf course was opened and an indoor lodge and swimming pool were added to the RV Resort. The property had over 2,000 slot machines and over 40 table games. 19

20 GRAND CASINO GULFPORT OPENED IN GULFPORT, MISSISSIPPI IN JANUARY 1993 Grand Casino Gulfport was Grand Casinos first company-owned property. Amenities offered at Grand Casino Gulfport included a Kids Quest, Grand Arcade, seven restaurants, over 2,000 slots, over 80 table games and a poker room. In May 1995, America Live, a tri-level entertainment complex, opened adjacent to the casino. America Live offered a variety of entertainment options including two dining venues, dancing to live music, a comedy club and a dueling piano club with sing-along entertainment. A 400-room, full-service hotel opened in October Every guest room in the 17-story hotel featured a view of the Gulf of Mexico. The hotel also included the Grand Spa, an indoor pool and jacuzzi, the Crab House restaurant, specialty shops and 9,000 square feet of flexible banquet space. 20

21 GRAND CASINO BILOXI OPENED IN BILOXI, MISSISSIPPI IN JANUARY 1994 Grand Casino Biloxi opened in January 1994, just 15 miles up the coast from its sister facility in Gulfport. Grand Casino Biloxi was a three-story facility with a Kids Quest, a Grand Arcade, six restaurants, over 2,200 slots, 100 table games and a poker room. In March 1995, an 1,800-seat theater complex was opened adjacent to the casino. The Biloxi Grand Theater was home to Las Vegas style production shows and also used for special events such as headline acts, local civic activities, conventions and festivals. In April 1995, the 500-room, 12-story Grand Casino Biloxi Hotel opened. The hotel offered amenities found in finer hotels including an outdoor pool, full-service Grand Spa, a variety of specialty shops and the Crab House restaurant overlooking the Gulf of Mexico. Nearly 17,000 sq. ft. of meeting and banquet space was also available for groups and conventions. 21

22 GRAND CASINO AVOYELLES OPENED IN MARKSVILLE, LOUISIANA IN JUNE 1994 Grand Casino Avoyelles was designed, constructed and managed for the Tunica-Biloxi Tribe of Louisiana. The property opened in June of The property featured 220 hotel rooms and a 227 space RV park. The property also featured six restaurants, golf course, meeting space, event center, pool, child care center, arcade and over 1,600 gaming positions. 22

23 GRAND CASINO COUSHATTA OPENED IN KINDER, LOUISIANA IN JANUARY 1995 Grand Casinos Inc. designed and constructed Grand Casino Coushatta for the Coushatta Tribe of Louisiana. At opening the casino offered three restaurants, an entertainment lounge, Kids Quest, Grand Arcade and over 2,300 gaming positions. Just six months after opening, a 27,000 squarefoot expansion was added to the casino to house additional games and dining option in order to keep pace with the demand. Grand Casinos Inc./Lakes Gaming managed Grand Coushatta until

24 GRAND CASINO TUNICA OPENED IN TUNICA, MISSISSIPPI IN JUNE 1996 Grand Casinos Inc. opened Grand Casino Tunica in June 1996 as the closest gaming facility to the Memphis market. At the time, it was the largest casino between Atlantic City and Las Vegas. Also, it was the largest floating casino in the world. hotel rooms; an entertainment barge; restaurants; entertainment lounges; a Kids Quest; a Grand Arcade; a golf course; and swimming and recreational facilities. The casino floor had nearly 3,000 slot machines, over 100 table games and a poker room. The facility consisted of three connected casinos with different themes. The resort included

25 CIMARRON CASINO LOCATED IN PERKINS, OKLAHOMA. RENOVATED IN JULY Lakes Entertainment began managing Cimarron Casino in Perkins, Oklahoma in May, 2006 for the Iowa Tribe of Oklahoma. While managing, Lakes oversaw the renovation of the property. The renovation included adding a new restaurant, improving the interior design, increasing parking and increasing the number of gaming positions to

26 FOUR WINDS CASINO RESORT OPENED IN NEW BUFFALO, MICHIGAN IN AUGUST 2007 In August of 2007, Lakes Entertainment opened and began managing Four Winds Casino Resort in New Buffalo, Michigan for the Pokagon Band of Potawatomi Indians. The resort is located approximately one hour east of Chicago on I-94 at Michigan Exit 1. The property consists of 3,000 slots machines, 100 table games, a WPT poker room, six restaurants, multiple retail outlets and a 165-room luxury suite hotel. Four Winds continues to be one of the leading properties in the entire Chicagoland region today. This has been due in part to a rapidly growing and loyal customer base. In internal surveys, gamblers in the region consistently ranked Four Winds the most desirable casino resort in the region and many local tourism publications have named it the best casino in the area. 26

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28 RED HAWK CASINO OPENED IN SHINGLE SPRINGS, CALIFORNIA IN DECEMBER 2008 Lakes oversaw the development, design, construction and managed Red Hawk Casino just outside of Sacramento, California for the Shingle Springs Band of Miwok Indians. The property opened in December of The facility consists of 2,100 slot machines, 75 table games, a poker room and five restaurants. Construction of this project took approximately 18 months. The site s unique location required the construction of a multi-million dollar interchange to connect to Highway 50. The location also dictated the construction of a multiple tiered parking ramp and a two-level casino design. As part of the opening, Lakes screened over 20,000 applicants to fill nearly 2,000 jobs; conducted free table games dealer schools; and hosted vendor fairs for local businesses. Currently over 10,000 people visit the property each day including nearly 20,000 bus passengers traveling over 100 miles from San Francisco each month. 28

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30 ROCKY GAP CASINO RESORT LOCATED IN CUMBERLAND, MARYLAND. ACQUIRED IN AUGUST After a lengthy RFP process with multiple bidders, Lakes Entertainment acquired the existing Rocky Gap Golf Resort in August In less than one year Lakes renovated the resort and added a boutique casino. In 2013 the resort reopened as Rocky Gap Casino Resort. The resort is an AAA 4-Diamond property featuring 200 hotel rooms, 12,000 square feet of convention and event space, multiple restaurants, Bonkerz Comedy Club, the only Jack Nicklaus Signature golf course in Maryland, spa, fitness center and several outdoor recreational activities. The casino features more than 500 slot machines, 10 table games, poker room and video poker bar. The resort is uniquely situated inside Rocky Gap State Park. The natural setting and personal services has led to the resort receiving multiple awards including awards from AAA, Trip Advisor and Golf Week. 30

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32 Since 1991, we have been creating properties that delight players with a great gamble, great food, and an exciting atmosphere always delivered with superior, individualized service. Lakes Entertainment creates successes by bringing together the vision, financial resources and team to make plans work. We invite you to learn more about Lakes Entertainment, Inc. and our current projects by logging on to Cheshire Lane, Suite #101 Minnetonka, MN main: fax: V10