Investment in Evitts Resort, LLC	3 Months Ended
Apr. 01, 2012
Investment in Evitts Resort, LLC [Abstract]
Investment in Evitts Resort, LLC	4. Investment in Evitts Resort, LLC In September 2011, Lakes entered into a joint venture with Addy Entertainment, LLC (“Addy”) to form Evitts Resort, LLC (“Evitts”), which submitted a response to a request for proposal by the State of Maryland Video Lottery Facility Location Commission (the “Commission”) for a video lottery operation license (the “License”) for the Rocky Gap Lodge & Golf Resort in Allegany County, Maryland (the “Resort”). Lakes made an initial investment of approximately $2.1 million (the “Initial Investment”) in Evitts which was used to fund the application fee for its response to the request for proposal. The Initial Investment represents a majority ownership interest in Evitts and as a result, the financial position and results of operations of Evitts are included in the Company’s consolidated financial statements as of April 1, 2012 and January 1, 2012. The License was awarded to Evitts on April 26, 2012 by the Commission and has an initial term of 15 years. The License is contingent on certain approvals by the Maryland State Board of Public Works as well as Evitts obtaining construction financing. Lakes previously negotiated an agreement to buy out Addy’s interest in Evitts after being awarded the License and will become the sole owner of Evitts. The buy-out is expected to occur during the second quarter of 2012. The project is currently expected to cost approximately $62 million. Lakes currently plans to invest up to an additional $17.9 million in the project and will be required to raise additional funds to fully finance the development. Also during September 2011, Lakes entered into a development services and management agreement with Evitts to develop and manage the gaming facility and existing facilities at the Resort. Lakes will receive a monthly fee equal to two percent of total revenues, plus a monthly incentive fee equal to five percent of earnings before interest, taxes, depreciation, and amortization (“EBITDA”) if all conditions to proceed with the project are met.

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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