In 1999, Lakes struck a deal to buy the Rainforest Cafe chain for $108 million, but the agreement fell through after Landry's made a higher offer.[5][6]
Lakes's management agreement at the Grand Casino Avoyelles was bought out in 2000,[7] and its management agreement for the Grand Casino Coushatta expired in 2002.[8] This left the company with no active operations, though it had plans to develop casinos with several tribes.[8]
In 2002, Lakes launched the World Poker Tour (WPT).[9] The company changed its name to Lakes Entertainment to reflect its involvement in the WPT and potentially other non-casino businesses.[10] Lakes sold off a portion of the WPT through an initial public offering in 2004, but retained majority ownership.[11] In 2008, Lakes spun off WPT, distributing its remaining shares to shareholders.[12]
In January 2015, Lakes agreed to merge with Golden Gaming. The combined company would be named Golden Entertainment. Golden Gaming head Blake Sartini would own 35% of the company and serve as its chief executive officer, while Lakes head Lyle Berman would be a board member and consultant.[17] In preparation for the merger, Lakes sold its 10 percent interest in Rock Ohio Ventures, which owns five casinos and racetracks in Ohio and Kentucky.[18] The merger was completed on August 3, 2015.[19]
