Major casino developer Lakes Entertainment Inc, has announced that it may sell all or a portion of its shares in World Poker Tour operator WPT Enterprises Inc. (WPTE). The reason for the potential selling of shares is that Lakes needs to raise $20 million in order to stay in operation. Both WPTE and Lakes are are controlled by Lyle Berman, the chairman of both companies, and CEO of Lakes.
Lakes is also looking at other financing alternatives in order to stay in operation. These alternatives include secured loan and common stock purchase warrants.
Lakes owns about 12.5 million of WPTE's shares, and its 61.9 percent stake in WPTE is worth about $95 million. WPTE was owned by Lakes until going public in 2004. Stocks have remained stable even though there were rumors of a potential buyout by professional poker player Doyle Brunson.
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