Poker champ Berman stakes claim on casinos

Ohio

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COLUMBUS, Ohio – The casino developer and poker champion who had a failed bid for an Ohio slots parlor in 2008 has staked a claim to four Ohio casinos voters approved Tuesday.

Lakes Entertainment Inc. Chairman Lyle Berman cut the deal just days before the election Oct. 29, according to a Wednesday filing with the U.S. Securities and Exchange Commission.

Under the terms of the deal, Lakes agreed to fund 10 percent of the cost of the ballot initiative – which neared $35 million – borne by Penn Ventures and Rock Ohio Ventures. In exchange, Lakes has the option, but not the obligation, to a 10 percent share in each casino.

The filing said Lakes has already made an initial payment of $1.9 million to Penn Ventures, which is developing the Columbus and Toledo sites, and $2.4 million to Rock Ohio, which is developing the Cleveland and Cincinnati casinos.

Allegations of Berman’s involvement were made by the anti-casino TruthPAC early in October. Bob Tenenbaum, a spokesman for the pro-casino ballot campaign, said the deal was struck after that time.

A message was left with Berman seeking comment.