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Lakes Entertainment Announces Results For Fourth Quarter And Full Year 2011

Stocks in this article: LACO

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.

Other income, net for the fourth quarter of 2011 was $1.3 million compared to $1.0 million for the fourth quarter of 2010 and in both periods consisted primarily of interest earned on the notes receivable from the Shingle Springs Tribe, a significant portion of which relates to non-cash interest income.

The income tax benefit for the fourth quarter of 2011 was $2.7 million compared to $10.4 million for the fourth quarter of 2010. The fourth quarter 2011 benefit resulted from the Company’s ability to carry back the 2011 taxable loss to the prior year. The fourth quarter 2010 tax benefit consisted primarily of an $8.5 million tax benefit related to the adjustment to reduce the liability previously recorded for an ongoing tax matter with the State of Louisiana to the $9.0 million settlement amount which was paid during the first quarter of 2011.

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