Lakes Entertainment, Inc. (LACO) recently announced it has entered into a joint venture with Dania Entertainment Center, LLC (DEC) to manage and redevelop the existing Dania Jai Alai fronton in Dania Beach, Florida. The new racino, which will be managed by Lakes Entertainment, will include 1,800 slots in a 60,000-square-foot casino, a cabana club, a two-building hotel with 500 rooms, retail shops, restaurants, bars, lounges, poker rooms and 60-slip marina.
DEC said the deal will close in the fall and construction could begin by the end of the year; the facility could open by February 2013.
DEC previously entered into an asset purchase agreement to purchase the Dania Jai Alai fronton from Boyd Gaming Corporation for $80 million; the deal is scheduled to close before the end of the year. The Dania Beach, Florida, City Commission has approved the racino expansion plans.
Boyd acquired the property for $110 million in November 2006, following the statewide referendum approval. However, Boyd did not begin construction and wrote down nearly its entire investment in the property.
Lyle Berman, Lakes’ chief executive officer, said, “We are currently working with DEC on the details of the casino development, and we plan for it to be a first-class casino.”
Isle of Capri’s Pompano Park racino in Broward County is located 15 miles north of Dania Jai Alai. Other Broward County racinos are Gulfstream and Mardi Gras. In Miami Dade County are Flagler Dog Track and Calder Race Course. Florida Gaming Corp. soon will install slot machines at its Miami Jai Alai property.