Wednesday, Oct. 25, 2000 | 11:11 a.m.
Lakes Gaming Inc. of Minneapolis reported earnings of $5 million, or 46 cents per diluted share, for the quarter ending Oct. 1. That's down 33 percent from the year-ago quarter.
Revenues also declined 26 percent, to $10.68 million.
Lakes attributed the declines primarily to the buyout of its management contract at the Grand Casino Avoyelles in Louisiana earlier this year. Revenues and earnings for the quarter were derived solely from management of the Grand Casino Coushatta, a tribal casino in Louisiana.
Lakes has entered into development and management agreements with three separate Indian tribes to develop a casino in Michigan and two in California. The company has also entered into a joint venture with Las Vegas developer Brett Torino to develop a retail, commercial, hotel and entertainment complex at the Strip and Harmon Avenue on 16 acres of land owned by Lakes.
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