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Lakes Entertainment Announces Results For Second Quarter 2011

Stocks in this article: LACO

Amortization of intangible assets related to the operating casinos was $11.2 million for the first six months of 2011 compared to $5.6 million for the first six months of 2010. The increase in amortization costs related primarily to the Buy-Out Agreement with the Pokagon Band which resulted in the full amortization of the remaining intangible assets associated with that project during the second quarter of 2011.

Other income (expense), net for the first six months of 2011 was $2.6 million compared to $3.3 million for the first six months of 2010, a significant portion of which relates to non-cash interest income.

The income tax provision for the six months ended July 3, 2011 was $8.7 million compared to $0.6 million for the six months ended July 4, 2010. Lakes income tax provision for the current year period consists primarily of current income tax provision.

Lyle Berman, Chief Executive Officer of Lakes stated, “In conjunction with the buy-out of our management agreement for the Four Winds Casino Resort during the second quarter of 2011, we received a cash payment of approximately $24.5 million. Earlier this month we made an additional $7.4 million investment in Rock Ohio Ventures, LLC and its casino developments in Cincinnati and Cleveland. As a result, our total investment in Rock Ohio is now approximately $15.8 million and we look forward to continuing our involvement with these casino projects as they progress. We will continue to evaluate options to utilize our remaining capital in the most effective way to increase shareholder value.”

Further commenting, Tim Cope, President and Chief Financial Officer of Lakes stated, "I would like to again thank the Pokagon Band for a great working relationship over the past several years and wish them continued success. We remain focused on the results of the Red Hawk Casino as we continue to assist the Shingle Springs Tribal Gaming Authority in the best possible manner.” Mr. Cope continued, “We are committed to achieving additional operating efficiencies at the corporate level and to being properly positioned for future projects.”

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