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Note 2. Rocky Gap Project
 3 Months Ended
Mar. 31, 2013
Business Combination Disclosure [Text Block]
2.  Rocky Gap Project

On August 3, 2012, Lakes acquired the assets of the Rocky Gap Lodge & Golf Resort (“Rocky Gap”) for $6.8 million and simultaneously entered into an operating lease for the underlying land (see note 13, Commitments and Contingencies). The AAA Four Diamond Award® winning resort included a hotel, convention center, spa, two restaurants and the only Jack Nicklaus signature golf course in Maryland.

Rocky Gap is currently undergoing renovation of existing convention center space and upon completion will feature a gaming facility that will include approximately 550 video lottery terminals (“VLTs”), 10 table games, a casino bar and a new lobby food and beverage outlet. A new event center is being constructed which will be able to accommodate large groups and will feature multiple flexible use meeting rooms.  The gaming facility is expected to open in late May 2013 and the event center is expected to be available for use in the fourth quarter of 2013.  The total cost of the Rocky Gap project is currently expected to be approximately $35.0 million, which includes the initial acquisition cost.

The operating results of Rocky Gap are included in the Company’s consolidated statements of operations in the non-Indian casino projects segment from the date of acquisition.

The following unaudited pro forma condensed consolidated financial results of operations for the three months ended April 1, 2012 are presented as if the acquisition had been completed at the beginning of the period.  The amounts shown for the three months ended March 31, 2013 are based on actual results for the period:

   
Three Months Ended
 
 
 
 
March 31, 2013
   
April 1, 2012
(Pro forma)
 
   
(In thousands, except per-share data)
 
Total gross revenues
  $ 3,304     $ 2,682  
Net earnings (loss) attributable to Lakes Entertainment, Inc
    (333 )     825  
                 
Earnings (loss) per share:
               
Basic
    (0.01 )     0.03  
Diluted
    (0.01 )     0.03  
                 
Weighted average common shares outstanding:
               
Basic
    26,441       26,431  
Diluted
    26,441       26,431  

These unaudited pro forma condensed consolidated financial results have been prepared for illustrative purposes only and do not purport to be indicative of the results of operations that actually would have resulted had the acquisition occurred on the first day of each fiscal period presented, or of future results of the consolidated entities. The unaudited pro forma condensed consolidated financial information does not reflect any operating efficiencies and cost savings that may be realized from the integration of the acquisition. The following adjustments have been made to the pro forma net earnings (loss) attributable to Lakes and pro forma earnings (loss) per share in the table above:

 
·
Management and service fees paid by Rocky Gap to the previous management company have been excluded as Rocky Gap would not have incurred these costs if owned by Lakes.

 
·
Ground rent expense incurred by Rocky Gap has been adjusted to reflect the terms of the lease agreement that Lakes and the Maryland Department of Natural Resources (“Maryland DNR”) entered into upon the acquisition of Rocky Gap, as further discussed in note 13, Commitments and Contingencies.

 
·
Interest expense incurred by Rocky Gap has been excluded as Lakes did not assume the debt of Rocky Gap upon the acquisition of the property.