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Lakes Entertainment, Inc. (NASDAQ: LACO) today announced results for the three months ended March 30, 2014.
First Quarter ResultsNet loss for the first quarter of 2014 was $1.8 million, compared to net loss of $0.3 million for the first quarter of 2013. Loss from operations was $1.6 million for the first quarter of 2014 compared to a loss from operations of $1.9 million for the first quarter of 2013. Basic and diluted loss per share was $0.07 for the first quarter of 2014 compared to basic and diluted loss per share of $0.01 for the first quarter of 2013.
Lakes Entertainment reported first quarter 2014 net revenues of $12.3 million, compared to prior-year first quarter net revenues of $3.3 million. First quarter 2014 net revenues were related to the operation of Rocky Gap Casino Resort near Cumberland, Maryland, (“Rocky Gap”). Lakes acquired this property in August 2012 and gaming operations began on May 22, 2013. During the first quarter of 2013, net revenues of $0.6 million were related to the operation of Rocky Gap. Also included in prior-year first quarter net revenues were $2.7 million in management fees related to the management of the Red Hawk Casino, near Sacramento, California, owned by the Shingle Springs Band of Miwok Indians (the “Tribe”). There were no management fees earned during the first quarter of 2014 due to the August 29, 2013 termination of the management agreement for the Red Hawk Casino.
During the first quarter of 2014, property operating expenses for Rocky Gap were $7.3 million, and primarily related to gaming operations, rooms, food and beverage and golf. During the first quarter of 2013, property operating expenses for Rocky Gap were $0.6 million, which were primarily related to rooms, food and beverage and golf. The increase in property operating expenses resulted primarily from the inclusion of gaming-related expenses in the current year quarter. Gaming commenced in May 2013, therefore, there were no such expenses in the prior year first quarter.