Other income (expense), net for 2010 was $28.1 million compared to $6.1 million for 2009. During the third quarter of 2010, Lakes entered into a termination agreement with Penn Ventures, LLC and received $25 million in exchange for the Company’s interest in two potential casinos in Ohio. As a result, other income (expense), net for 2010 includes a gain of $23.1 million related to this agreement.The income tax provision for 2010 was $1.2 million compared to $1.4 million for 2009. The current-year provision primarily consists of changes in valuation allowance of $10.8 million and $1.1 million related to state taxes, partially offset by $8.5 million of tax benefit for the reduction of the liability related to the ongoing tax litigation matter with the State of Louisiana discussed above, and current tax benefit of $2.2 million. In fiscal 2009, the provision consisted primarily of changes in the valuation allowance for deferred tax assets.
Lakes Entertainment Announces Results For Fourth Quarter And Full Year 2010
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