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Lakes Entertainment Announces Results For Third Quarter 2012

Stocks in this article: LACO

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.

Net unrealized losses on notes receivable relate to the Company’s notes receivable from Indian tribes for casino projects that are not yet open, which are adjusted to estimated fair value based upon the current status of the related tribal casino projects and evolving market conditions. There were no net unrealized losses on notes receivable during the third quarter of 2012. In the third quarter of 2011, net unrealized losses on notes receivable were $2.7 million related to the project with the Jamul Tribe due primarily to ongoing issues in the credit markets.

Other income, net, was $1.4 million for the third quarter of 2012 compared to $1.3 million for the third quarter of 2011, a significant portion of which relates to non-cash accretion of interest on the Company’s notes receivable.

The income tax benefit for the third quarter of 2012 was $0.1 million compared to a benefit of $9.1 million for the third quarter of 2011. Lakes’ income tax benefit in the current year quarter relates primarily to current income tax benefit. Lakes’ income tax benefit in the prior year period was primarily due to 2011 timing differences and related valuation allowances.

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