Lakes recognized impairments and other losses of $2.0 million and $1.1 million during the third quarters of 2012 and 2011, respectively. The current quarter impairments and other losses included $1.3 million related to the write-down of land held for sale near Vicksburg, Mississippi to its agreed upon sale price. Lakes expects to close on the sale of this land during the fourth quarter of 2012. Also included in impairments and other losses for the three months ended September 30, 2012 were $0.7 million related to costs associated with development plans for the Rocky Gap project which were subsequently revised. The prior year third quarter impairments and other losses were due primarily to uncertainty surrounding the completion of the project with the Jamul Tribe.Amortization of intangible assets related to the operating casinos was $0.3 million for the third quarter of 2012 and for the third quarter of 2011.
Lakes Entertainment Announces Results For Third Quarter 2012
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts