Lakes recognized impairment losses of $0.6 million during the second quarter of 2011 compared to $0.7 million in the prior-year period. Impairment losses in the second quarters of 2011 and 2010 were due primarily to continued uncertainty surrounding the completion of the project with the Jamul Indian Village (“Jamul Tribe”) near San Diego, California.Net unrealized losses 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 second quarter of 2011, net unrealized losses on notes receivable were $0.1 million, compared to $1.5 million in the prior year period. The net unrealized losses in the second quarters of 2011 and 2010 were related to the project with the Jamul Tribe due primarily to ongoing issues in the credit markets.
Lakes Entertainment Announces Results For Second Quarter 2011
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