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TheStreet Open House

Lakes Entertainment Announces Results For Third Quarter 2011

Stocks in this article: LACO

Lakes recognized impairments and other losses of $1.1 million during the third quarter of 2011 compared to $0.6 million in the prior-year period. Impairment losses of $0.8 million in the third quarter of 2011 and $0.6 million in the prior year period were due primarily to continued uncertainty surrounding the completion of the project with the Jamul Indian Village (“Jamul Tribe”) near San Diego, California. Also included in the $1.1 million impairments and other losses for the third quarter of 2011 were other costs of $0.3 million which represent estimated selling costs of land owned by the Company in Vicksburg, Mississippi. This land was previously being held for development and was listed for sale during the third quarter of 2011.

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 third quarter of 2011, net unrealized losses on notes receivable were $2.7 million, compared to net unrealized gains of $0.5 million in the prior year period. The net unrealized losses in the third quarter of 2011 were related to the project with the Jamul Tribe due primarily to ongoing issues in the credit markets. The net unrealized gains in the third quarter of 2010 were related to the project with the Jamul Tribe and were due to improvements in the credit markets during that quarter.

Amortization of intangible assets related to the operating casinos was $0.3 million for the third quarter of 2011 compared to $2.8 million for the third quarter of 2010. The decrease in amortization costs related primarily to the buy-out of the management agreement for the Four Winds Casino Resort which resulted in the full amortization of the remaining intangible assets associated with that project during the second quarter of 2011.

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