Businessweek

Lakes Entertainment Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the period, the company reported total revenues of $3,304,000 against $1,963,000 for the same period in the last year. The increase in Revenue was due to an additional $0.8 million in management fees earned during the first quarter of 2013 compared to the first quarter of 2012 related to the Red Hawk Casino, owned by the Shingle Spring Band of Miwok Indians, near Sacramento, California. Also contributing to the increase was the addition of $0.6 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. Loss from operations was $1,878,000 against $1,587,000 for the same period in the last year. Loss before income taxes was $333,000 against $242,000 for the same period in the last year. Net loss attributable to the company was $333,000 or $0.01 per basic and diluted share against net earnings attributable to the company of $1,815,000 or $0.07 per basic and diluted share for the same period in the last year.

Lakes Entertainment Inc., Q1 2013 Earnings Call, May 09, 2013

Lakes Entertainment Inc. announced that they will report Q1, 2013 results at 1:00 PM, Central Standard Time on May 09, 2013

Lakes Entertainment Inc. announced that it has received approval for its Rocky Gap Casino Resort project, located near Cumberland, Maryland, to conduct a controlled casino demonstration on May 20 from 11:00 a.m. to 7:00 p.m. under the supervision of the Maryland Lottery and Gaming Control Agency. The outcome will determine when the casino will officially open to the public.

Lakes Entertainment Inc. announced that it has modified its arrangement with the Jamul Indian Village (Jamul) relating to monies it advanced to Jamul for a potential casino development on Jamul's trust land in San Diego County, California. Recently, Penn National Gaming Inc. (Penn) announced that a wholly-owned subsidiary of Penn entered into definitive agreements with Jamul to jointly develop a Hollywood-branded casino and resort on Jamul's trust land in San Diego County, California (Penn Casino). The proposed $360 million development will include a three-story, 203,000-gross square-foot casino with at least 1,700 slot machines, 50 live table games including poker, multiple restaurants, bars and lounges and a partially enclosed parking structure with over 1,900 spaces. Lakes previously had a Pre-Development, Development and Financing Arrangement Agreement with the Tribe to develop a casino on the same trust land, but terminated the Agreement in March, 2012. Lakes had loaned Jamul approximately $57.5 million under the Agreement. Pursuant to a Subordination and Intercreditor Agreement Lakes entered into with Jamul and Penn related to the Penn Casino, Lakes agreed to modify the terms of its outstanding debt with Jamul to reflect that the total debt outstanding is currently $60 million, and that interest on such debt will accrue at 4.25% after the Penn Casino opens. Additionally, Lakes has agreed that it will subordinate repayment of its debt until the senior financing is paid in full, but that current interest on the subordinated debt will be paid to Lakes on a quarterly basis when the Penn Casino opens so long as there is no default under the senior financing agreement. When the senior financing is paid in full, Lakes will receive repayment of its outstanding principal and interest. Lakes also entered into ten-year option agreement with Penn that grants Penn the right to purchase approximately 98 acres of land which Lakes owns adjacent to Jamul's trust land. The purchase price for the land is $7 million and increase annually by 1%.