Lakes Entertainment announces approvals related to proposed Golden Gaming Merger

Special Meeting Results

At Lakes’ Special Meeting, which was held on June 17, 2015 in Minneapolis, Minnesota, the shareholders voted to approve all proposals included in the Special Meeting Proxy, including the issuance of shares of Lakes common stock in connection with the previously announced proposed merger (the “Merger”) with Sartini Gaming, Inc. (together with its consolidated subsidiaries, “Golden Gaming”). Golden Gaming is a diversified group of gaming companies that focus on three business lines: distributed gaming, tavern operations and casino operations.

At the Special Meeting, the shareholders also voted to approve the amendment of Lakes’ Second Amended Bylaws to authorize the Lakes Board of Directors to determine the number of directors and voted to approve on an advisory (non-binding) basis, the compensation that may be paid or become payable to the Lakes named executive officers in connection with the Merger.

Licensing Approval Status

On June 18, 2015 the State of Maryland granted licensing approvals related to the operation of Lakes’ Rocky Gap Casino Resort to Golden Gaming associated with the proposed Merger. The State of Nevada is expected to complete its review of Lakes for licensing related to the proposed Merger during July. These licensing approvals are required to be completed prior to the closing of the Merger.

“The Lakes shareholder approval at the Special Meeting, as well as the licensing approval in Maryland, collectively bring us one step closer to establishing a national, diversified gaming company,” said Blake L. Sartini, Chief Executive Officer of Golden Gaming.

“As a result, we continue to move towards the close of our transaction and the formation of our new company, Golden Entertainment.”, added.