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twitterCasino operator’s earnings fall
Friday, Oct. 19, 2001 | 10:07 a.m.
Lakes Gaming Inc. of Minneapolis said its net income fell 18 percent in the quarter ending Sept. 30, 2001.
The company reported net income of $4.1 million, or 39 cents per diluted share, down from $5 million, or 46 cents per share, in the year-ago period. Revenues fell 19 percent to $8.7 million.
Lakes' only source of revenues is the Grand Casino Coushatta in Louisiana, a tribal casino it will manage through January 2002. Lakes Chairman and Chief Executive Lyle Berman said the property was hurt during the quarter by nearby road construction, adverse weather conditions, heated competition from the nearby Lake Charles casino market, and a visitation slowdown following the Sept. 11 terrorist attacks.
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