The company was created on December 31, 1998 as part of the merger between
Grand Casinos and
Hilton's gaming businesses to form
Park Place Entertainment. Park Place acquired Grand's three
riverboat casinos in Mississippi, while Grand's other businesses were spun off to Grand's shareholders as
Lakes Gaming. Lakes's business at the time of its formation included the management of two
Indian casinos in Louisiana (
Grand Casino Avoyelles and
Grand Casino Coushatta) and ownership of of land on the
Las Vegas Strip. 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. Lakes's management agreement at the Grand Casino Avoyelles was bought out in 2000, and its management agreement for the Grand Casino Coushatta expired in 2002. This left the company with no active operations, though it had plans to develop casinos with several tribes. The company changed its name to Lakes Entertainment to reflect its involvement in the WPT and potentially other non-casino businesses. Lakes sold off a portion of the WPT through an
initial public offering in 2004, but retained majority ownership. In 2008, Lakes spun off WPT, distributing its remaining shares to shareholders. Lakes developed the Red Hawk Casino in
Shingle Springs,
California for the
Shingle Springs Band of Miwok Indians, and managed the casino from its opening in 2008 until 2013. Lakes opened the
Rocky Gap Casino Resort in Maryland in May 2013. Lakes sold its interest in
Dania Jai-Alai in 2014. 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. 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. The merger was completed on August 3, 2015. ==Properties==