Lakes Entertainment Inc. (LACO,LACO.PK) said on November 28, 2011, Aragon Group and Summer Sport Enterprises, an unit of Boyd Gaming Corp, issued a letter to Dania Entertainment Center LLC formally terminating the asset purchase deal between Aragon and Dania for the acquisition of the Dania Jai Alai in Dania Beach, Florida, for failing to close the transaction by November 28, 2011.
As announced earlier, Lakes reached a joint venture with Dania for the management and redevelopment of the Dania Jai Alai property if Dania closed the asset purchase transaction with Aragon. Meanwhile, Lyle Berman, Chairman and Chief Executive of Lakes noted, "We understand that Dania has filed a lawsuit pertaining to the termination of the asset purchase agreement. Although Lakes is not involved in the lawsuit, we continue to closely monitor the status of this project."
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