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Note 2. Summary of Significant Accounting Policies (Details) (USD $)
 12 Months Ended 5 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended
Dec. 29, 2013
Dec. 30, 2012
Dec. 29, 2013
General and Administrative Expense [Member]
Dec. 30, 2012
General and Administrative Expense [Member]
Dec. 30, 2012
Rocky Gap Resort [Member]
Dec. 29, 2013
Gaming Revenue [Member]
Dec. 30, 2012
Gaming Revenue [Member]
Aug. 03, 2012
Rocky Gap Resort [Member]
Advance Bookings [Member]
Aug. 03, 2012
Rocky Gap Resort [Member]
Memberships [Member]
Aug. 03, 2012
Rocky Gap Resort [Member]
Dec. 30, 2012
Rocky Gap Resort [Member]
Dec. 29, 2013
Licensing Agreements [Member]
Note 2. Summary of Significant Accounting Policies (Details) [Line Items]                        
Business Combinations Policy [Policy Text Block]

Acquisition Accounting


On August 3, 2012, Lakes acquired the assets of Rocky Gap for $6.8 million paid with cash on hand. Lakes completed its valuation procedures during fiscal 2012, and the resulting fair value of the acquired assets and assumed liabilities was recorded based upon the valuation of the business enterprise and Rocky Gap's tangible and intangible assets. Enterprise value allocation methodology requires management to make assumptions and apply judgment to estimate the fair value of acquired assets and assumed liabilities. If estimates or assumptions used to complete the enterprise valuation and estimates of the fair value of the acquired assets and assumed liabilities significantly differed from assumptions made, the resulting difference could materially affect the fair value of net assets.


The calculation of the fair value of the tangible assets, including the building, site improvements, and furniture, fixtures and equipment, utilized the cost approach, which was based on replacement cost of the assets.


The calculation of the fair value of the identified intangible assets was determined using cash flow models following the income approach. The calculation of the fair value of the advance bookings was determined using an excess earnings method, which is an application of the income approach and computes the present value of cash flows attributable to the associated future income stream. The determination of the fair value of memberships utilized the income approach and included projections of membership revenue, estimates of operating expenses associated with the memberships and a charge for the contributory assets. The net present value of the membership income was then calculated using a selected discount rate. As a result of the business combination and fair value analysis, Lakes recorded $0.2 million for advance bookings and $0.4 million for memberships. Goodwill or a gain from a bargain purchase was not recorded as the fair value of the acquired assets and assumed liabilities approximated the purchase price.


The application of the acquisition method of accounting guidance had the following effects on Lakes’ consolidated financial statements:


 

●

Lakes measured the fair value of identifiable assets and liabilities in accordance with required valuation recognition and measurement provisions; the application of such provisions resulted in recording the fair value of the assets acquired of $7.0 million and the fair value of the liabilities assumed of $0.2 million in the Company’s consolidated balance sheet as of August 3, 2012. In total, the assets of Rocky Gap acquired represented approximately 6% of the Company’s consolidated total assets as of December 30, 2012.


 

●

Lakes has reported the operating results of Rocky Gap in its consolidated statements of operations and cash flows for the period from August 3, 2012 through December 30, 2012. During this period, Lakes recorded $3.2 million in revenue and $(0.8) million in net loss from Rocky Gap’s operations.

                      
Payments to Acquire Businesses, Gross                   $ 6,800,000    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles               200,000 400,000      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets                   7,000,000    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities                   200,000    
Acquired Assets As Percent Of Total Assets                     6.00%  
Revenues 39,926,000 10,952,000     3,200,000              
Net Income (Loss) Attributable to Parent 18,651,000 3,221,000     (800,000)              
Long-term Assets Related to Projects   46,160,000                    
Finite-Lived Intangible Asset, Useful Life                       15 years
Gaming Tax Expense           10,700,000 0          
Advertising Expense     $ 2,000,000 $ 100,000