Earlier today, Minnesota-based gambling operator Lakes Entertainment, Inc. reported on its financial performance during the fourth quarter of 2014 as well as throughout the year.
The company generated the total amount of $12.8 million in net revenue for the three-month period ended December 28, 2014. The sum of $11.4 million was generated for the fourth quarter of 2013. The increase was mostly attributed to a rise in the revenue from gaming activities.
Net revenue was mainly related to the operator’s Rocky Gap Casino Resort, located not far from Cumberland, Maryland. The company purchased the resort back in August 2012.
Net losses for the last three months of 2014 totaled $0.1 million, as compared to the sum of $0.9 million posted in 2013.
Company’s earnings from operations reached $0.2 million during the fourth quarter of 2014. By comparison, it reported on losses from operations amounting to $2.2 million for the last three months of 2013.
Rocky Gap’s operating expenses reached $7.5 million for the period in question, as compared to $7.3 million in 2013. These included accommodation, gaming operations, food and beverage, and other expenses.
Net revenue for the twelve-month period ended December 28, 2014 was $55.2 million. In comparison, a total of $38.8 million was generated in the previous year. Net revenue for 2014 was related to the revenue generated by Rocky Gap.
Net losses amounted to $24.8 million last year. By comparison, $18.7 million in net earnings was posted for the year ended December 29, 2013. A total of $24.0 million in losses from operations was reported for 2014. By comparison, $13.4 million in earnings from operations were generated in 2013.
Rocky Gap’s operating expenses amounted to $31.9 million for 2014. They were mostly related to accommodation, gaming operations, food and beverage, and other expenses. The sum of $19.5 million was posted for the twelve-month period ended December 29, 2013.
Lyle Berman, CEO of Lakes Entertainment, commented on the company’s merger agreement with Las Vegas-based casino operator Golden Gaming. He said that Rocky Gap as well as the latter company’s venues will help the new business entity become “unique in the marketplace”. He also hinted at a potential expansion on the Nevada gambling market as well as in other states.
Tim Cope, President and Chief Financial Officer of Lakes Entertainment, pointed out that Rocky Gap performed quite well in the fourth quarter of 2014 and throughout the year.
At present, the property features a total of 15 gaming tables, 2 poker tables, 577 video lottery terminals, and numerous other entertainment and leisure options.
