Note 8. Land

9 Months Ended

Sep. 30, 2012

Real Estate Disclosure [Text Block]

8.  Land

During July 2011, Lakes entered into a program to locate a buyer for the land located in Vicksburg, Mississippi.  During the third quarter of 2012, Lakes agreed to sell the majority of the land for approximately $0.4 million, resulting in an impairment charge of approximately $1.3 million.  The sale of the land is expected to close during the fourth quarter of 2012.  As of September 30, 2012 and January 1, 2012, the land is carried at $0.4 million and $1.7 million, respectively, on the accompanying consolidated balance sheets, which is its estimated fair value less expected cost to sell.

Lakes also owns parcels of undeveloped land in California related to its previous involvement in a potential casino project with the Jamul Tribe and undeveloped land in Oklahoma related to its previous involvement in a potential casino project with the Iowa Tribe of Oklahoma.  As of September 30, 2012 and January 1, 2012, these parcels of land are carried at their combined estimated fair value of $1.1 million on the accompanying consolidated balance sheets.