Nine Month ResultsNet earnings for the nine months ended September 30, 2012 were $1.2 million, compared to net earnings of $10.8 million for the nine months ended October 2, 2011. Loss from operations was $5.2 million for the first nine months of 2012 compared to earnings from operations of $6.5 million for the first nine months of 2011. Basic and diluted earnings were $0.05 per share for the nine months ended September 30, 2012 compared to earnings of $0.41 per share for the nine months ended October 2, 2011.Lakes Entertainment reported revenues of $8.1 million for the nine months ended September 30, 2012, compared to revenues of $34.3 million in the prior year period. The decrease in revenues was primarily due to the buy-out of the management agreement for the Four Winds Casino Resort during June of 2011. Pursuant to the buy-out agreement, the Pokagon Band of Potawatomi Indians paid to Lakes a buy-out fee of approximately $24.5 million. The decrease was partially offset by an increase in fees earned from the management of the Red Hawk Casino during the first nine months of 2012 compared to the first nine months of 2011 as well as the addition of $1.7 million in revenues associated with the operation of Rocky Gap.
Lakes Entertainment Announces Results For Third Quarter 2012
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