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Lakes Entertainment Announces Results For Fourth Quarter And Full Year 2010

Stocks in this article: LACO

Lakes recognized other non-cash impairment losses of $18.8 million during the fourth quarter of 2010 and $1.3 million during the fourth quarter of 2009. The fourth quarter 2010 impairment losses included $16.7 million related to intangible assets associated with the Shingle Springs project. These intangible assets were impaired because their carrying value exceeded estimated future cash flows. Also included were impairments related to land held for development during the fourth quarters of 2010 and 2009 of $1.6 million and $0.5 million, respectively, related to the continued uncertainty surrounding the development of the Vicksburg project in Mississippi. Fourth quarter impairment losses of $0.5 million in 2010 and $0.8 million in 2009, related to continued uncertainty surrounding the completion of the project with the Jamul Indian Village near San Diego, California (“Jamul”).

Amortization of intangible assets related to the operating casinos was $2.8 million for the fourth quarter of 2010 and for the fourth quarter of 2009.

Net unrealized gains and losses on notes receivable relate to the Company’s notes receivable from Indian tribes relating to casino projects that are not yet open, which are adjusted to estimated fair value based upon the current status of such projects and evolving market conditions. In the fourth quarter of 2010, net unrealized gains on notes receivable were $0.8 million, compared to net unrealized losses of $1.4 million in the prior year period. The net unrealized gains in the fourth quarter of 2010 consisted of gains related to the Jamul project due primarily to improvements in the credit markets. The net unrealized losses in the fourth quarter of 2009 were primarily related to the Jamul project because of further delays in the expected opening date of this project.

Other income (expense), net for the fourth quarter of 2010 decreased to $1.0 million from $2.2 million for the fourth quarter of 2009.

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