Amortization of intangible assets related to the operating casinos was $0.3 million for the fourth quarter of 2011 and $2.8 million for the fourth quarter of 2010. The decrease in amortization expense relates 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.Net unrealized gains and losses on notes receivable relate to the Company’s notes receivable from Indian tribes relating to casino projects that are not yet open, which are adjusted to estimated fair value based upon the current status of such projects and evolving market conditions. In the fourth quarter of 2011, net unrealized losses on notes receivable were $9.8 million compared to net unrealized gains on notes receivable of $0.8 million in the prior year period. The net unrealized losses in the fourth quarter of 2011 are primarily due to the previously announced termination of the agreement with the Jamul Tribe. The net unrealized gains in the fourth quarter of 2010 consisted of gains related to the Jamul project due primarily to improvements in the credit markets during that period.
Lakes Entertainment Announces Results For Fourth Quarter And Full Year 2011
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