For the six months ended July 1, 2012, Lakes’ selling, general and administrative expenses were $4.2 million compared to $4.9 million for the six months ended July 3, 2011. This decline resulted primarily from decreases in travel and related expenses due to the termination of the Company’s aircraft lease during the fourth quarter of 2011 as well as decreases in payroll and related expenses which were partially offset by increases in professional fees.Lakes recognized impairments and other losses of $2.3 million and $1.5 million during the first six months of 2012 and 2011, respectively. The current year impairments and other losses included $1.7 million due to the March 2012 determination that Lakes would not continue to move forward with the casino project with the Jamul Tribe, and the termination of Lakes’ agreement with the Jamul Tribe. Also included in impairments and other losses for the six months ended July 1, 2012 were $0.6 million related to costs associated with development plans for the Rocky Gap project which were subsequently revised. The prior year impairments and other losses were due primarily to uncertainty surrounding the completion of the project with the Jamul Tribe.
Lakes Entertainment Announces Results For Second Quarter 2012
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