Lakes Entertainment, Inc. (NASDAQ: LACO) today announced results for the three and nine months ended September 30, 2012.
Third Quarter ResultsNet losses for the third quarter of 2012 were $1.0 million, compared to net losses of less than $0.1 million in the third quarter of 2011. Loss from operations was $2.5 million for the third quarter of 2012 compared to loss from operations of $10.5 million for the third quarter of 2011. Basic and diluted losses were $0.04 per share for the third quarter of 2012 compared to $0.00 per share for the third quarter of 2011.
Lakes Entertainment reported third quarter 2012 revenues of $3.6 million, compared to prior-year third quarter revenues of $0.3 million. The increase in revenues was partially due to an increase in fees earned from the management of the Red Hawk Casino near Sacramento, California, during the third quarter of 2012 compared to the third quarter of 2011. Also positively impacting revenues during the third quarter of 2012 was the addition of $1.7 million in revenue related to the operation of the Rocky Gap Lodge and Golf Resort near Cumberland, Maryland (“Rocky Gap”), which Lakes acquired on August 3, 2012.
During the third quarter of 2012, property operating expenses for Rocky Gap which primarily related to rooms, food and beverage and golf were $0.8 million. Rocky Gap was acquired on August 3, 2012, therefore, there were no such expenses for the third quarter of 2011.For the third quarter of 2012, Lakes’ selling, general and administrative expenses were $2.8 million compared to $2.5 million in the third quarter of 2011. This increase was due to the addition of administrative costs associated with the operation of Rocky Gap which were partially offset by decreases in Lakes’ corporate selling, general and administrative expenses. During the third quarter of 2011 Lakes incurred a loss on convertible note receivable of $4.0 million related to a potential Jai Alai fronton project in Florida. There were no such losses during the third quarter of 2012.
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