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 2012.Lakes recognized impairments and other losses of $4.3 million and $2.6 million during the first nine months of 2012 and 2011, respectively. The current year impairments and other losses included $1.8 million due to the termination of Lakes’ agreement with the Jamul Tribe. Also included in impairments and other losses for the nine months ended September 30, 2012 were $1.2 million related to costs associated with development plans for the Rocky Gap project which were subsequently revised as well as $1.3 million associated with the write-down of land held for sale near Vicksburg, Mississippi to its agreed upon sale price. 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 Third Quarter 2012
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