XML 49 R12.htm IDEA: XBRL DOCUMENT v3.2.0.727
Note 8 - Land
 6 Months Ended
Jun. 28, 2015
Real Estate [Abstract]  
Real Estate Disclosure [Text Block]

8.  Land


Lakes owns parcels of undeveloped land related to its previous involvement in a potential casino project with the Jamul Indian Village (the “Jamul Tribe”) near San Diego, California. During the third quarter of 2012, Lakes entered into a ten-year option agreement with Penn National Gaming, Inc. (“Penn National”), which was subsequently amended on May 15, 2014. The amended agreement grants Penn National the right to purchase this land for $5.5 million and requires Penn National to purchase the land within ten days after the Jamul Tribe opens a casino on its reservation. Annual option payments of less than $0.1 million are required to be made by Penn National to Lakes. As of June 28, 2015 and December 28, 2014, this land is carried at approximately $1.0 million on the accompanying consolidated balance sheets.


The Company performs an impairment analysis on the land it owns at least quarterly and determined that no impairment had occurred as of June 28, 2015 and December 28, 2014.