During the third quarter of 2011, Lakes incurred a loss on a 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 $4.5 million and $8.5 million during 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 as well as $1.2 million related to costs associated with initial development plans for the Rocky Gap project, which were subsequently revised. Also included in current year impairments and other losses were $1.3 million due to selling the majority of the land owned in Vicksburg, Mississippi for an amount less than its recorded book value. The prior year impairments and other losses included losses of $3.3 million related to the early termination of Lakes’ airplane lease. Also included were impairments of $1.6 million due to declines in the estimated fair value of land owned by Lakes in Vicksburg, Mississippi and $3.7 million related to uncertainty surrounding the completion of the project with the Jamul Tribe.
Lakes Entertainment Announces Results For Fourth Quarter And Full Year 2012
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