Lakes Entertainment Q2 Profit Down
Lakes Entertainment Inc. (LACO:Quote) reported that its second-quarter net earnings were $0.4 million, compared to net earnings of $9.5 million in the second quarter of 2011. Earnings were $0.02 per share for the second quarter of 2012 compared to earnings of $0.36 per share for the second quarter of 2011.
Total revenues for the quarter declined to $2.52 million from $28.16 million in the year ago quarter.
Lakes reported the huge decrease in revenue was due to the June 2011 buyout of the management agreement for the Four Winds Casino Resort in New Buffalo, Mich. The Pokagon Band of Potawatomi Indians paid $24.5 million to Lakes in a one-time buyout fee.