Lakes Entertainment Turns To Profit In Q4 - Managing Red Hawk Casino
Lakes Entertainment Inc. (LACO: Quote) reported that its fourth-quarter net earnings were $2.0 million, compared to net loss of $12.7 million in the fourth quarter of 2011. Earnings were $0.07 per share for the fourth quarter of 2012 compared to loss of $0.48 per share for the fourth quarter of 2011.
Loss from operations was $1.9 million for the fourth quarter of 2012 compared to loss from operations of $16.8 million for the fourth quarter of 2011.
The company recognized impairments and other losses of $0.1 million during the fourth quarter of 2012 compared to $5.9 million during the fourth quarter of 2011. Impairments and other losses for the fourth quarter of 2011 included losses of $3.3 million related to the early termination of Lakes' airplane lease. Also included were impairments of $1.3 million due to declines in the estimated fair value of land owned by Lakes in Vicksburg, Mississippi and impairments of $1.3 million due to the continued uncertainty surrounding the completion of the project with the Jamul Indian Village near San Diego, California.
Quarterly revenues were $2.8 million, compared to prior-year fourth quarter revenues of $1.3 million. The increase in revenues was primarily due to the addition of $1.4 million in revenue related to the operation of the Rocky Gap Lodge and Golf Resort near Cumberland, Maryland, which Lakes acquired on August 3, 2012.