Big quarterly turnaround for Lakes Entertainment
Lakes Entertainment Inc. (LACO) said that primarily because of the success of the Red Hawk Casino near Placerville, California, it enjoyed a profit of us$ 2.8 million, up from last year’s loss of us$ 5.2 million in the second fiscal quarter. Actually, for the first six months of the year, the company moved from a loss of us$ 12.1 million in 2008 to a profit of us$ 3.8 million this year.
The company built and operates a Las Vegas-style casino in Placerville for the Shingle Springs Band of Miwok Indians. It also manages Cimarron Casino for the Iowa Tribe of Oklahoma and the Four Winds Casino Resort for the Pokagon Band of Potawatomi Indians.
"Our 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," said Lyle Berman, company CEO. "Red Hawk’s ability to achieve consistently strong operating results" was a major factor, he said.
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