Operator finishes first year in black

Lakes Gaming Inc. reported a profit for 1999, its first full year as an independent company.

The Minneapolis casino operator reported net earnings of $28.8 million, or $2.72 per share, for the fiscal year ending Jan. 2.

For the three months ending Jan. 2, Lakes reported net earnings of $4.2 million, or 40 cents per share, on revenues of $10.28 million.

Lakes manages two tribal casinos in Louisiana. The company was spun off by Grand Casinos Inc. in December 1998.

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