Net unrealized gains on notes receivable relate to the Company’s notes receivable from Indian tribes for casino projects that are not yet open, which are adjusted to estimated fair value based upon the current status of the related tribal casino projects and evolving market conditions. In the first quarter of 2011, net unrealized gains on notes receivable were $0.9 million, compared to $1.8 million in the prior year period. The net unrealized gains in the first quarter of 2011 were primarily related to the project with the Jamul Tribe due primarily to improvements in the credit markets. The net unrealized gains in the first quarter of 2010 included $0.9 million related to the project for the Ioway Casino related to the termination agreement with the Iowa Tribe of Oklahoma discussed above. The first quarter 2010 net unrealized gains also included $0.9 million in gains related to the Jamul Tribe due primarily to improvements in the credit markets.
Amortization of intangible assets related to the operating casinos was $1.9 million for the first quarter of 2011 compared to $2.8 million for the first quarter of 2010. The decrease in amortization costs related to the previously announced partial impairment of intangible assets associated with the Shingle Springs project during the fourth quarter of 2010.
Other income (expense), net for the first quarter of 2011 was $1.1 million compared to $1.5 million for the first quarter of 2010.
The income tax provision for the first quarter of 2011 was $1.0 million compared to $6.1 million for the first quarter of 2010. Lakes’ income tax provision in the current year quarter consists primarily of current income tax provision. Lakes’ income tax provision in the prior year period was primarily due to the effect of valuation allowances associated with 2010 timing differences.Tim Cope, President and Chief Financial Officer of Lakes stated, "Although revenue declined in the first quarter of 2011 compared to the first quarter of 2010, management fees from each of our managed properties met our expectations for the first quarter of 2011. We continue to focus on achieving operating efficiencies at our managed properties as well as at the corporate level.”
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