Lakes has new look

Jun 10, 2002 11:54 PM

In order to satisfy the new and eagerly-anticipated World Poker Tour, Lakes Gaming is changing its name.

Presenting, Lakes Entertainment.

"With the company’s involvement in the World Poker Tour and the potential of other gaming or non-gaming related opportunities, our new name will better describe our business model," said company CEO Lyle Berman.

Lakes has agreements with four tribes for four new casino operations. The projects include two in California, one in Michigan and one with the Nipmuc Nation on the East Coast.

Lakes Entertainment also has an agreement to develop another casino on Indian-owned land in California through a joint venture with MRD Gaming.

"We will continue to pursue new business opportunities," Berman said.

Same pot on slots

The Atlantic City Casino Control Commission approved a rule that would allow slot machines to payout similar jackpots for all bets.

In other words, a player can sit at a nickel slot and receive a $100,000 payoff, then move to a quarter or dollar machine and get the same jackpot. The hitch is that the ratio of winning would vary in proportion to the amount wagered.

The lower the wager, the higher the chances would be to win. Players opting to make higher wagers would have a greater opportunity at cashing the big prize.

Previously, each slot on a linked progressive-jackpot system had to be of the same denomination and have the same probability of hitting the top prize.