The income tax benefit for the fourth quarter of 2010 was $10.4 million compared to a provision of $1.5 million for the fourth quarter of 2009. On March 17, 2011, Lakes and the Louisiana Department of Revenue entered into a Settlement Agreement whereby Lakes agreed to pay the Louisiana Department of Revenue $9.0 million in full and final payment related to a tax litigation matter. In return, the Louisiana Department of Revenue agreed to dismiss the suit and discharge Lakes from all proceedings and liabilities relating to this matter. The current-period tax benefit consists primarily of an $8.5 million tax benefit related to the adjustment to reduce the liability previously recorded for this matter to the $9.0 million settlement amount.Twelve Month 2010 Results
Lakes Entertainment Announces Results For Fourth Quarter And Full Year 2010
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