lakes entertainment inc (LACO) Snapshot

Lakes Entertainment Inc. announced that its Rocky Gap Casino Resort has opened to the public after receiving approval from the Maryland Lottery and Gaming Control Agency. The casino will now be open 24 hours a day, seven days a week. The Rocky Gap Casino Resort is located near beautiful Cumberland, Maryland, and features approximately 550 slot machines and 10 table games. In addition to the new casino, the AAA Four Diamond Award(R) winning resort also unveiled renovations to its lobby, hotel rooms, restaurants, and Jack Nicklaus Signature Golf Course. A new event and conference center is being constructed and is expected to open in the fourth quarter of 2013.

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