LACO Lakes Entertainment, Inc., featured news, full reports, and detailed LACO.O charts.
Lakes Entertainment, Inc. (LACO) Wrap Up:
Lakes Entertainment, Inc., a Minnesota corporation (âLakesâ, âweâ, or âourâ), develops, finances and manages Indian-owned casino properties. We currently have development and management or financing agreements with four separate tribes for casino operations in Michigan, California, and Oklahoma for a total of five separate casino projects. We are currently managing the Cimarron Casino for the Iowa Tribe of Oklahoma (the âIowa Tribeâ) and the Four Winds Casino Resort for the Pokagon Band of Potawatomi Indians (the âPokagon Bandâ). The remaining projects are in various stages of development, as discussed in more detail below. We are also involved in other business activities, including development of a non-Indian casino in Mississippi and the development of new table games for licensing to both Tribal and non-Tribal casinos. In addition, as of December 30, 2007, we owned approximately 61% of WPT Enterprises, Inc. ... More..."http://secfilings.nasdaq.com/edgar_conv_html%2f2008%2f03%2f12%2f0000950137-08-003584.html#FIS_BUSINESS"
Lakes Entertainment Inc. (LACO:NASDAQ)
Snapshot of Lakes Entertainment Inc. (LACO)
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OPEN
$3.28
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PREVIOUS CLOSE
$3.35
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DAY HIGH
$3.28
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DAY LOW
$3.06
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52 WEEK HIGH
01/6/09 - $4.78
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52 WEEK LOW
03/9/09 - $1.86
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MARKET CAP
81.9M
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AVERAGE VOLUME 3 mo
73.5K
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DILUTED EPS TTM
$-2.55
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SHARES OUTSTANDING
26.3M
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LACO Does Not Pay Dividends
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P/E TTM
NM
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| K = Thousands M = Millions B = Billions | ||
related news
LACO Details
Lakes Entertainment, Inc., together with its subsidiaries, develops, finances, and manages Indian-owned casino properties in Michigan, California, and Oklahoma. It also engages in the development of a non-Indian casino in Mississippi. In addition, Lakes Entertainment buys, patents, and licenses rights for new table game concepts to market/distribute and license to casinos. The company was formerly known as Lakes Gaming, Inc. and changed its name to Lakes Entertainment, Inc. in 2002. Lakes Entertainment was founded in 1998 and is based in Minnetonka, Minnesota.
LACO Top Compensated Officers
Executives, Board Directors
Key developments for Lakes Entertainment Inc. (LACO)
Lakes Entertainment Inc., Q3 2009 Earnings Call, Nov-05 2009
Lakes Entertainment Inc. announced it is joining the Chisholm Creek Casino Resort, LLC application currently pending before the Kansas Lottery to develop and operate a casino project in the South Central Zone of the State of Kansas. As a result of this new venture Lakes will withdraw its original application for a gaming site in the State of Kansas submitted in April of this year. Phase one of the proposed casino is planned to feature 1,300 to 1,500 slot machines, 30 table games and other amenities, which may include a number of restaurants and a hotel to be developed by a third party hotel developer. Additional phases of the development could include expanded gaming positions, an entertainment center, and other market driven amenities.
Lakes Entertainment Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 28, 2009. For the quarter, the company reported revenues of $7.1 million, a 20% increase in comparison to prior-year period revenues of $5.9 million. This increase was primarily due to fees from the Red Hawk Casino which opened in December 2008. Net unrealized gains on notes receivable relate to the Company's notes receivable from Indian tribes for casino projects that are not yet open, which are adjusted to estimated fair value based upon the current status of the related tribal casino projects and evolving market conditions. In the second quarter of 2009, net unrealized gains on notes receivable were $2.5 million, compared to net unrealized gains of $1.1 million in the prior year period. The net unrealized gains in the second quarter of 2009 consisted of $2.2 million related to the project with the Jamul Indian Village near San Diego, California and $0.3 million related to the project with the Iowa Tribe of Oklahoma near Oklahoma City, Oklahoma due primarily to improvements in the credit markets. Lakes also recognized impairment losses of $1.7 million during the second quarter of 2009 due primarily to continued uncertainty surrounding the completion of the Jamul project. Unrealized gains in the prior year period related primarily to the notes receivable related to the Red Hawk Casino project with the Shingle Springs Band of Miwok Indians near Sacramento, California due to the decrease in number of months until opening of the project. Other income (expense), net was $1.3 million compared to less than $0.1 million for the second quarter of 2008. The increase was due primarily to interest earned on notes receivable from the Shingle Springs Tribal Gaming Authority. Earnings from operations were $1.5 million compared to a loss of $2.4 million for the second quarter of 2008. Earnings before income taxes and discontinued operations were $2.8 million against the loss before income taxes and discontinued operations of $2.4 million for the same period a year ago. Net earnings applicable to Lakes Entertainment Inc. for the second quarter of 2009 were $2.8 million, compared to a loss of $5.2 million in the second quarter of 2008. For the six months, the company reported revenues of $14.3 million, up 37% from prior-year period revenues of $10.5 million. This increase was primarily due to improved results from the Four Winds Casino Resort during the current year, and fees from the Red Hawk Casino which opened in December 2008. Net unrealized gains (losses) on notes receivable relate to the Company's notes receivable from Indian tribes for casino projects that are not yet open, which are adjusted to estimated fair value based upon the current status of the related tribal casino projects and evolving market conditions. For the six months ended June 28, 2009, net unrealized gains on notes receivable were $2.3 million, compared to net unrealized losses of $0.9 million in the prior-year period. The net unrealized gains in 2009 consisted of $2.2 million related to the project with the Jamul Indian Village and $0.1 million related to the project with the Iowa Tribe of Oklahoma due primarily to improvements in the credit markets. Lakes also recognized an impairment on long-term assets in the amount of $2.3 million during the six months ended June 28 2009 due primarily to continued uncertainty surrounding the completion of the Jamul project. Unrealized losses in the prior year period were due primarily to a decrease in projected interest rates, due to market conditions, for the notes receivable related to the casino project with the Jamul Indian Village and the Red Hawk Casino project with the Shingle Springs Tribe which offset gains related to the decrease in number of months until opening of the Red Hawk Casino. Other income (expense), net was $2.8 million compared to $0.2 million for the six months ended June 29, 2008. The increase was due primarily to interest earned on notes receivable from the Shingle Springs Tribal Gaming Authority. Earnings from operations were $1.4 million compared to a loss of $7.1 million for the six months ended June 29, 2008. Earnings before income taxes and discontinued operations were $4.2 million against the loss before income taxes and discontinued operations of $6.9 million for the same period a year ago. Net earnings applicable to the company were $3.8 million, compared to a loss of $12.1 million for the six months ended June 29, 2008. Revenue grew during 2009 primarily as a result of improved performance at the Four Winds Casino Resort and the opening of the Red Hawk Casino. Although the uncertain economic environment in the California market continues to impact the Red Hawk Casino's ability to achieve consistently strong operating results, the casino does continue to experience strong visitor counts and remain cautiously optimistic regarding the long-term operating results of this property.
LACO Competitors
| Company | Last | Change |
| Global Casinos Inc | $0.35 USD | 0.00 |
| Littlefield Corp | $0.68 USD | 0.00 |
| Nevada Gold & Casinos Ltd | $0.95 USD | 0.00 |
| Southwest Casino Corp | $0.07 USD | -0.002 |
| Trans World Corp | $2.99 USD | 0.00 |
| Market data is delayed at least 20 minutes. | ||
Industry Analysis
| Valuation | LACO | Industry Range |
| Price/Earnings | NM | Not Meaningful |
| Price/Sales | 2.9x |
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| Price/Book | 0.7x |
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| Price/Cash Flow | NM | Not Meaningful |
| TEV/Sales | 1.8x |
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LACO |
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LACO transactions
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| No transactions in the last 6 months. | ||
More Recent News About Lakes Entertainment, Inc.
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Lakes Entertainment Announces Passage of Ohio Referendum
HASH(0x2a966bad40) MINNEAPOLIS -- Lakes Entertainment, Inc. (NASDAQ: LACO) today announced that on November 3, 2009, the Ohio...
Business Wire, 11/05/09 · More from publication
