Grand Casinos founder Lyle Berman still holds a good hand

Lyle Berman, the 75-year old poker player and founder of Grand Casinos more than 25 years ago, merged his Minnesota-based casino-management firm into Las Vegas-based Golden Entertainment in 2015.

The stock of Golden Entertainment, of which Berman is a director and owner of more than 2 million shares, rose sharply last week on news it signed an $850 million agreement to acquire four Nevada casinos.

Minnesota investors remember the company as Lakes Entertainment, the Plymouth-based company that itself was a successor to the Indian gaming business of Grand Casinos, which built and operated Grand Casino Mille Lacs and Hinckley, for several years, for the Mille Lacs Band of Chippewa. The company morphed to an owner-operator of several casinos, mostly outside Las Vegas. Last week's deal gives Golden a much bigger presence in the gambling capital of the U.S.

Lakes Entertainment acquired Golden Entertainment in July 2015 and moved its headquarters from Plymouth to Las Vegas after the deal concluded. Golden Entertainment CEO Blake Sartini succeeded Berman as chairman and CEO of the combined company.

Berman owns about 9 percent of Golden Entertainment's stock, worth about $40 million.

In the deal announced last Monday, Golden will acquire American Casino & Entertainment Properties, which has three locations in Las Vegas and one in Laughlin, Nev. The Las Vegas casinos included the Stratosphere Casino, Hotel & Tower, Arizona Charlie's Decatur and Arizona Charlie's Boulder. The fourth location is the Aquarius Casino Resort in Laughlin.

Combined, Golden and America would have earned an operating profit of $180 million on net revenue of $847 million in 2016.

The St. Paul-based Hmong American Partnership (HAP) has received $350,000 from the U.S. Small Business Administration to loan to small businesses in Anoka, Dakota, Hennepin, Ramsey, Scott and Washington counties.

"We're excited to partner with [HAP] to help small businesses in Minnesota start … and succeed," said Nancy Libersky, local SBA director.

The SBA microloan program provides loans of as much as $50,000 to help small businesses start or expand. The average SBA microloan in Minnesota in 2016 was about $16,000.

In addition to receiving funding, successful applicants will also benefit from counseling and training provided as part of the program. That training is designed to help businesses launch or expand more successfully.

"We pride ourselves in understanding the unique business needs of the Hmong, Southeast Asian, and immigrant and refugee communities," said CEO Bao Vang of HAP. With SBA support, we will continue to work toward our mission and moving our communities from poverty to prosperity."

The financial counseling arm of Lutheran Social Service will launch Monday an initiative intended to create sustainable financial health among residents of the North Side of Minneapolis and East Side of St. Paul.

The group said the goal of "GetLifted" is to empower more than 2,500 residents with the "financial capability to effectively manage personal finances, including reducing debt, by learning from local community financial ambassadors about available tools and resources."

LSS Financial Counseling said it will partner with local organizations and individuals to provide training in financial education.

"There are many creative people who want to help in these neighborhoods," said Cate Rysavy, senior director of financial services with LSS. "This initiative will provide the resources and opportunity to make a difference."

The Wells Fargo Foundation will provide a $425,000 "NeighborhoodLIFT" program grant to boost homeownership and help revitalize the neighborhoods through the individuals and community organizations involved in the work.

Organizations and individuals who want to serve as ambassadors of GetLifted should apply June 19 through July 21.

About 30 organizations and individuals will be selected to participate. They will receive stipends.

Each party selected will work with 35-50 neighbors and peers with a goal to help 2,500-plus community members improve their financial prowess.

The program launches Monday at 10 a.m. at the Capri Theater on W. Broadway Avenue and at 2 p.m. at the Eastside Financial Center, 965 Payne Av. in St. Paul.

This website will go live on June 19 with more information: www.GetLiftedMN.org.