Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 28, 2014 | Mar. 09, 2015 | Jun. 27, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | LAKES ENTERTAINMENT INC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -16 | ||
Entity Common Stock, Shares Outstanding | 13,391,578 | ||
Entity Public Float | $96,200,000 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1071255 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 28-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $35,416 | $37,897 |
Short-term investments | 46,638 | 49,099 |
Income taxes receivable | 2,155 | |
Other | 1,807 | 1,774 |
Total current assets | 83,861 | 90,925 |
Property and equipment | 41,433 | 37,200 |
Accumulated depreciation | -8,694 | -5,541 |
Property and equipment, net | 32,739 | 31,659 |
Other assets: | ||
Investment in unconsolidated investee | 20,997 | |
Gaming license | 1,875 | 2,015 |
Land held for development | 960 | 1,130 |
Income taxes receivable | 2,155 | |
Other | 439 | 535 |
Total other assets | 5,429 | 24,677 |
Total assets | 122,029 | 147,261 |
Current liabilities: | ||
Current portion of long-term debt, net of discount | 1,368 | 1,251 |
Accounts payable | 482 | 420 |
Accrued taxes, other than income taxes | 439 | 462 |
Accrued payroll and related | 1,573 | 1,403 |
Other accrued expenses | 1,610 | 1,325 |
Total current liabilities | 5,472 | 4,861 |
Long-term debt, net of current portion and discount | 8,941 | 10,321 |
Total liabilities | 14,413 | 15,182 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common stock, $.01 par value; authorized 100,000 shares; 13,389 and 13,361 common shares issued and outstanding | 268 | 267 |
Additional paid-in capital | 205,615 | 205,212 |
Deficit | -98,245 | -73,400 |
Accumulated other comprehensive loss | -22 | |
Total shareholders' equity | 107,616 | 132,079 |
Total liabilities and shareholders' equity | $122,029 | $147,261 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 100,000 | 100,000 |
Common stock, shares issued | 13,389 | 13,361 |
Common stock, shares outstanding | 13,389 | 13,361 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Earnings (Loss) (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Revenues: | |||
Management fees | $7,762,000 | $7,726,000 | |
Gaming | 43,458,000 | 22,673,000 | |
Room | 6,289,000 | 4,096,000 | 1,383,000 |
Food and beverage | 6,157,000 | 3,775,000 | 1,281,000 |
Other operating | 2,301,000 | 1,526,000 | 498,000 |
License fees and other | 151,000 | 94,000 | 64,000 |
Gross revenues | 58,356,000 | 39,926,000 | 10,952,000 |
Less promotional allowances | 3,184,000 | 1,136,000 | 0 |
Net revenues | 55,172,000 | 38,790,000 | 10,952,000 |
Costs and expenses: | |||
Gaming | 25,031,000 | 13,470,000 | |
Room | 694,000 | 863,000 | 296,000 |
Food and beverage | 4,771,000 | 3,758,000 | 955,000 |
Other operating | 1,419,000 | 1,420,000 | 415,000 |
Selling, general and administrative | 22,566,000 | 19,332,000 | 10,191,000 |
Recovery of impairment on notes receivable | -17,382,000 | ||
Gain on extinguishment of liabilities | -3,752,000 | ||
Gain on sale of cost method investment | -2,391,000 | ||
Charges related to arbitration award | 2,530,000 | ||
Impairments and other losses | 20,997,000 | 3,356,000 | 4,453,000 |
Preopening expenses | 1,184,000 | ||
Amortization of intangible assets related to Indian casino projects | 716,000 | 1,056,000 | |
Gain on sale of land | -66,000 | ||
Loss on disposal of property and equipment | 59,000 | 143,000 | |
Depreciation and amortization | 3,513,000 | 2,273,000 | 675,000 |
Total costs and expenses | 79,123,000 | 25,381,000 | 18,041,000 |
Earnings (loss) from operations | -23,951,000 | 13,409,000 | -7,089,000 |
Other income (expense): | |||
Interest income | 151,000 | 4,803,000 | 6,442,000 |
Interest expense | -1,209,000 | -1,244,000 | -940,000 |
Gain on modification of debt | 1,658,000 | ||
Legal settlement | -2,500,000 | 2,160,000 | |
Other | 164,000 | 25,000 | 123,000 |
Total other income (expense), net | -894,000 | 5,242,000 | 7,785,000 |
Earnings (loss) before income taxes | -24,845,000 | 18,651,000 | 696,000 |
Income tax benefit | 0 | 0 | -2,464,000 |
Net earnings (loss) including noncontrolling interest | -24,845,000 | 18,651,000 | 3,160,000 |
Net loss attributable to noncontrolling interest | 61,000 | ||
Net earnings (loss) attributable to Lakes Entertainment, Inc. | -24,845,000 | 18,651,000 | 3,221,000 |
Other comprehensive loss | -22,000 | ||
Comprehensive earnings (loss) | ($24,867,000) | $18,651,000 | $3,221,000 |
Weighted-average common shares outstanding | |||
Basic (in Shares) | 13,379 | 13,242 | 13,219 |
Dilutive impact of stock options (in Shares) | 103 | 1 | |
Diluted (in Shares) | 13,379 | 13,345 | 13,220 |
Earnings (loss) per share | |||
Basic (in Dollars per share) | ($1.86) | $1.41 | $0.24 |
Diluted (in Dollars per share) | ($1.86) | $1.40 | $0.24 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
In Thousands, except Share data | ||||||
Balances at Jan. 01, 2012 | $264 | $203,747 | ($95,272) | $350 | $109,089 | |
Balances, Shares (in Shares) at Jan. 01, 2012 | 26,406,000 | |||||
Vesting of restricted stock, net | -6 | -6 | ||||
Vesting of restricted stock, net (in Shares) | 35,000 | |||||
Proceeds from issuance of stock on options exercised, Shares (in Shares) | 0 | |||||
Effect of share-based compensation | 386 | 386 | ||||
Net earnings (loss) attributable to Lakes Entertainment, Inc. | 3,221 | 3,221 | ||||
Noncontrolling interest | 77 | 77 | ||||
Purchase of noncontrolling interest | -163 | -427 | -590 | |||
Balances at Dec. 30, 2012 | 264 | 203,964 | -92,051 | 112,177 | ||
Balances, Shares (in Shares) at Dec. 30, 2012 | 26,441,000 | |||||
Proceeds from issuance of stock on options exercised | 3 | 770 | 773 | |||
Proceeds from issuance of stock on options exercised, Shares (in Shares) | 280,000 | 140,236 | ||||
Effect of share-based compensation | 478 | 478 | ||||
Net earnings (loss) attributable to Lakes Entertainment, Inc. | 18,651 | 18,651 | ||||
Balances at Dec. 29, 2013 | 267 | 205,212 | -73,400 | 132,079 | ||
Balances, Shares (in Shares) at Dec. 29, 2013 | 26,721,000 | |||||
Proceeds from issuance of stock on options exercised | 1 | 133 | 134 | |||
Proceeds from issuance of stock on options exercised, Shares (in Shares) | 56,000 | 28,343 | ||||
Effect of share-based compensation | 270 | 270 | ||||
Other comprehensive loss | -22 | -22 | ||||
Effect of reverse stock split (in Shares) | -13,388,000 | |||||
Net earnings (loss) attributable to Lakes Entertainment, Inc. | -24,845 | -24,845 | ||||
Balances at Dec. 28, 2014 | $268 | $205,615 | ($22) | ($98,245) | $107,616 | |
Balances, Shares (in Shares) at Dec. 28, 2014 | 13,389,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
OPERATING ACTIVITIES: | |||
Net earnings (loss) including noncontrolling interest | ($24,845) | $18,651 | $3,160 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 3,513 | 2,273 | 675 |
Amortization of debt issuance costs, accretion of debt discount and imputed interest on contract acquisition costs | 503 | 621 | 940 |
Accretion and amortization of discounts and premiums on short-term investments and accretion of interest and additions to long-term interest receivable | 276 | -3,782 | -4,087 |
Amortization of intangible assets related to Indian casino projects | 716 | 1,056 | |
Share-based compensation | 270 | 478 | 386 |
Gain on sale of land | -66 | ||
Loss on disposal of property and equipment | 59 | 143 | |
Gain on modification of debt | -1,658 | ||
Gain on extinguishment of liabilities | -3,752 | ||
Recovery of impairment on notes receivable | -17,382 | ||
Impairments and other losses | 20,997 | 3,356 | 4,453 |
Changes in operating assets and liabilities: | |||
Management fees receivable | 3,983 | 2,262 | |
Other current assets | 84 | -789 | 227 |
Income taxes receivable | 6 | 1,311 | |
Accrued taxes, other than income taxes | -23 | 445 | |
Accounts payable and accrued expenses | 517 | 221 | 1,774 |
Net cash provided by operating activities | 1,285 | 3,530 | 12,157 |
INVESTING ACTIVITIES: | |||
Acquisition of the Rocky Gap Resort | -6,834 | ||
Purchase of short-term investments | -73,886 | -57,398 | |
Sales and maturities of short-term investments | 75,932 | 8,253 | |
Payments to acquire investment in unconsolidated investee | -836 | -4,455 | |
Changes in long-term management fees receivable and other | 267 | ||
Purchase of property and equipment | -4,516 | -20,695 | -3,795 |
Proceeds from sale of land | 236 | 368 | |
Proceeds from disposal of property and equipment | 22 | 25 | |
Advances on notes receivable | -2,069 | ||
Collection on notes receivable | 59,253 | 1,076 | |
Changes in other assets | 67 | 348 | 77 |
Net cash used in investing activities | -2,145 | -11,050 | -15,365 |
FINANCING ACTIVITIES: | |||
Repayments of borrowings | -1,755 | -191 | |
Proceeds from borrowings | 13,688 | ||
Purchase of non-controlling interest | -590 | ||
Payments for debt issuance costs | -418 | ||
Proceeds from issuance of common stock | 134 | 773 | |
Non-controlling interest member contributions | 139 | ||
Contract acquisition costs payable | -1,333 | -2,000 | |
Net cash provided by (used in) financing activities | -1,621 | 12,937 | -2,869 |
Net increase (decrease) in cash and cash equivalents | -2,481 | 5,417 | -6,077 |
Cash and cash equivalents - beginning of period | 37,897 | 32,480 | 38,557 |
Cash and cash equivalents - end of period | 35,416 | 37,897 | 32,480 |
Cash paid during the period for: | |||
Interest | 701 | 678 | |
Income taxes | 18 | ||
Noncash investing activities: | |||
Capital expenditures in accounts payable and accrued expenses | 25 | 477 | 1,253 |
Redemption of restricted stock for payment of accrued expenses | $7 |
Note_1_Nature_of_Business
Note 1 - Nature of Business | 12 Months Ended | ||
Dec. 28, 2014 | |||
Disclosure Text Block [Abstract] | |||
Business Description and Basis of Presentation [Text Block] | 1. Nature of Business | ||
Overview | |||
Lakes Entertainment Inc. and subsidiaries (collectively “the Company” or “Lakes”) develops, finances, manages and owns casino properties with a historical emphasis on Indian-owned properties. An overview of the Company’s projects impacting fiscal 2014 and 2013 is as follows: | |||
• | Lakes owns and operates the Rocky Gap Casino Resort in Allegany County, Maryland (“Rocky Gap”) which it acquired on August 3, 2012. In connection with the acquisition of Rocky Gap, Lakes entered into a 40-year operating ground lease with the Maryland Department of Natural Resources (“Maryland DNR”) for approximately 268 acres in the Rocky Gap State Park on which Rocky Gap is situated. After acquiring Rocky Gap, which included a hotel, convention center, spa, two restaurants and the only Jack Nicklaus signature golf course in Maryland, Lakes converted the then-existing convention center into a gaming facility which opened to the public on May 22, 2013. The gaming facility features 577 video lottery terminals (“VLTs”), 15 table games, two poker tables, a casino bar and a lobby food and beverage outlet. The AAA Four Diamond Award® winning resort also includes an event and conference center that opened in the fourth quarter of 2013, which is able to accommodate large groups and features flexible use meeting rooms. The total cost of the Rocky Gap project was approximately $35.0 million, which included the initial acquisition cost. | ||
• | Lakes had an investment in Rock Ohio Ventures, LLC (“Rock Ohio Ventures”) that owns the Horseshoe Casino Cleveland in Cleveland, Ohio; the Horseshoe Casino Cincinnati in Cincinnati, Ohio; the Thistledown Racino in North Randall, Ohio; and Turfway Park located in Florence, Kentucky. As of December 28, 2014, Lakes had invested approximately $21.0 million in Rock Ohio Ventures. During fiscal 2014, Lakes reduced the carrying value of its cost method investment in Rock Ohio Ventures to its estimated fair value of zero due to the determination that the investment had experienced an other-than-temporary impairment and recognized an impairment loss of $21.0 million. Effective January 25, 2015, Lakes sold its investment in Rock Ohio Ventures to DG Ohio Ventures, LLC, for approximately $0.8 million. | ||
• | Lakes developed and had a seven-year contract to manage the Red Hawk Casino that was built on the Rancheria of the Shingle Springs Band of Miwok Indians (the “Shingle Springs Tribe”) in El Dorado County, California, adjacent to U.S. Highway 50, approximately 30 miles east of Sacramento, California. Lakes began managing the Red Hawk Casino when it opened to the public on December 17, 2008. | ||
On July 17, 2013, Lakes entered into a debt termination agreement with the Shingle Springs Tribe relating to amounts Lakes had previously advanced to the Shingle Springs Tribe (the “Shingle Springs Notes”) for the development of the Red Hawk Casino (the “Debt Termination Agreement”). The Debt Termination Agreement required certain conditions to be met, including a lump sum payment by the Shingle Springs Tribe to Lakes of $57.1 million (the “Debt Payment”). The Debt Payment was made on August 29, 2013 (the “Payment Date”) and constituted full and final payment of all debt owed to Lakes as of that date. The management agreement under which Lakes was managing the Red Hawk Casino also terminated on the Payment Date. | |||
Pending Merger with Sartini Gaming, Inc. | |||
On January 25, 2015, Lakes entered into an agreement and plan of merger (the "Merger Agreement") with Sartini Gaming, Inc. (“Golden Gaming”), which owns and operates Golden Gaming, LLC. Golden Gaming is a leading owner and operator of distributed gaming, taverns and casinos, all of which are focused on the Nevada local gaming market. At closing, Golden Gaming will combine with a wholly-owned subsidiary of Lakes with Golden Gaming surviving as a wholly-owned subsidiary of Lakes (the “Merger”). Lakes will remain publicly traded and be renamed Golden Entertainment, Inc. upon closing. The legacy Golden Gaming shareholder will be issued shares of Lakes common stock under the Merger Agreement. Lakes’ shareholders at the time of the Merger closing will retain the existing Lakes common stock. | |||
Under the terms of the Merger Agreement, Lakes is valued at $9.57 per share, subject to working capital and various other adjustments under the Merger Agreement. The value of Golden Gaming under the Merger Agreement will be determined by multiplying 7.5 times Golden Gaming’s trailing twelve-month consolidated earnings before interest, taxes, depreciation and amortization (adjusted for non-cash or non-recurring expenses, losses and charges and certain other expenses), less the aggregate principal amount of Golden Gaming’s indebtedness, subject to working capital and various other adjustments under the Merger Agreement. Based on September 30, 2015 financial estimates and assumptions (as of the date of the Merger Agreement), the legacy Golden Gaming shareholder would be issued 7,858,145 shares of Lakes common stock under the Merger Agreement, which would represent approximately 35.7% of the total fully diluted post-merger shares of common stock. The Company’s current shareholders (assuming the exercise of all outstanding options to acquire Lakes common stock) would retain approximately 64.3% of the total post-merger shares of Lakes common stock. | |||
Completion of the Merger is subject to various customary closing conditions, including, but not limited to, (i) approval by Lakes’ shareholders of the issuance of shares of Lakes common stock under the Merger Agreement, (ii) the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (if applicable), (iii) certain gaming approvals having been obtained from the relevant gaming authorities, (iv) the absence of any order or injunction prohibiting the consummation of the Merger, (v) no material adverse effect or other specified adverse events occurring with respect to Lakes or Golden Gaming, (vi) the refinancing of certain indebtedness of Golden Gaming, (vii) subject to certain exceptions, the accuracy of the representations and warranties of the parties, and (viii) performance and compliance in all material respects with agreements and covenants contained in the Merger Agreement. | |||
The Merger Agreement also contains certain termination rights for each of Lakes and Golden Gaming, including if the Merger is not consummated by November 3, 2015 (subject to automatic extension to February 1, 2016 if all conditions to closing other than specified gaming approvals have been satisfied or waived). The Merger Agreement further provides that, upon termination of the Merger Agreement, under specified circumstances, Lakes is required to pay Golden Gaming a cash termination fee of $5.0 million or reimburse Golden Gaming’s transaction expenses up to $0.5 million. In addition, the Merger Agreement provides that, upon termination of the Merger Agreement, under specified circumstances, Golden Gaming will be required to reimburse Lakes’ transaction expenses up to $0.5 million. | |||
Contemporaneous with entering into the Merger Agreement, Lakes has also amended and restated its Rights Agreement dated as of December 12, 2013, to preserve its ability to utilize approximately $89.0 million of federal net operating tax loss carryforwards by, among other things, lowering the voting securities ownership threshold of an acquiring person from 15% to 4.99%, and making such other changes which Lakes deemed necessary to effectuate the purposes of the Rights Agreement in light of the transactions contemplated by the Merger Agreement. | |||
Significant Customers | |||
Fees earned for services related to the management of the Red Hawk Casino in fiscal years 2013 and 2012 were in excess of ten percent of consolidated net revenues in the accompanying consolidated statements of operations. | |||
Collective Bargaining Agreement | |||
At December 28, 2014, Lakes had 504 employees, of which 365 were full-time employees. The majority of Lakes’ employees are employees of Rocky Gap, and approximately 60% of these employees are covered by a collective bargaining agreement that became effective on November 1, 2013. The collective bargaining agreement expires on November 1, 2019. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended | ||||
Dec. 28, 2014 | |||||
Accounting Policies [Abstract] | |||||
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies | ||||
Use of Estimates | |||||
Preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates that affect the reported amounts of assets and liabilities and disclosures at the date of the financial statements and the reported amounts of net earnings during the reporting periods. Actual results could differ from those estimates. Significant estimates that are particularly susceptible to change materially within the next year relate to fair value measurements, income tax liabilities and deferred income tax asset valuation allowances. | |||||
Year End | |||||
The Company has a 52- or 53-week accounting period ending on the Sunday closest to December 31 of each year. The Company’s fiscal years for the periods shown on the accompanying consolidated statements of operations ended on December 28, 2014 (“fiscal 2014”), December 29, 2013 (“fiscal 2013”) and December 30, 2012 (“fiscal 2012”). | |||||
Basis of Presentation | |||||
The accompanying consolidated financial statements include the accounts of Lakes and its subsidiaries. | |||||
All material intercompany accounts and transactions have been eliminated in consolidation. | |||||
Investments in unconsolidated investees, which are 20% or less owned and the Company does not have the ability to significantly influence the operating or financial decisions of the entity, are accounted for under the cost method. See note 8, Investment in Rock Ohio Ventures, LLC and note 9, Investment in Dania Entertainment Holdings, LLC. | |||||
Effective September 10, 2014, the Company implemented a 1-for-2 reverse split of its common stock where each two shares of issued and outstanding common stock were converted into one share of common stock. The reverse split reduced the number of shares of the Company’s common stock outstanding from approximately 26.8 million to 13.4 million. The par value of the common stock remains at $0.01 per share and the number of authorized shares of common stock decreased from 200 million to 100 million. Proportional adjustments were also made to the company’s outstanding stock options. All share information presented in this Annual Report on Form 10-K gives effect to the reverse stock split. | |||||
Cash and Cash Equivalents | |||||
Cash and cash equivalents consist of highly-liquid investments with original maturities of three months or less. Although these balances may at times exceed the federal insured deposit limit, the Company believes such risk is mitigated by the quality of the institution holding such deposit. | |||||
Short-Term Investments and Concentrations of Credit Risk | |||||
Short-term investments consist of commercial paper, corporate bonds and certificates of deposit which are classified as available-for-sale securities and are valued at current market value, with the resulting unrealized gains and losses, if any, excluded from earnings and reported, net of tax, as a separate component of shareholders' equity until realized. The Company’s investments in certificates of deposit are federally-insured. All of the Company’s investments in commercial paper and corporate bonds carry a rating by one or more of the nationally recognized statistical rating organizations. Any change in such rating agencies' approach to evaluating credit and assigning an opinion could negatively impact the fair value of the Company’s investments. Any impairment loss to reduce an investment's carrying amount to its fair market value is recognized in income when a decline in the fair market value of an individual security below its cost or carrying value is determined to be other-than-temporary. | |||||
Property and Equipment | |||||
Property and equipment is stated at cost less accumulated depreciation. Depreciation of property and equipment is computed using the straight-line method over the following estimated useful lives: | |||||
Building and site improvements (in years) | 5 | - | 40 | ||
Furniture and equipment (in years) | 3 | - | 15 | ||
Investments in Unconsolidated Investees | |||||
Investments in an entity where the Company owns 20% or less of the voting stock of the entity and does not exercise significant influence over operating and financial policies of the entity are accounted for using the cost method. | |||||
The Company has a policy in place to review its investments at least annually, to evaluate the accounting method and carrying value of its investments in unconsolidated investees. The Company's cost method investments are evaluated, on at least a quarterly basis, for potential other-than-temporary impairment, or when an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investments. Lakes monitors the investments for impairment by considering all information available to the Company including the economic environment of the markets served by the properties; market conditions including existing and potential future competition; recent or expected changes in the regulatory environment; operational performance and financial results; known changes in the objectives of the properties’ management; known or expected changes in ownership; and any other known significant factors relating to the businesses underlying the investments. If the Company believes that the carrying value of an investment is in excess of its estimated fair value, it is the Company’s policy to record an impairment charge to adjust the carrying value to the estimated fair value, if the impairment is considered other-than-temporary. | |||||
Gaming License | |||||
The Company’s gaming license represents the right to conduct gaming in the State of Maryland. This intangible asset is subject to amortization as it has a definite life of 15 years. Amortization of the gaming license began on the date the gaming facility opened for public play, which was May 22, 2013. Lakes evaluates this intangible asset for impairment on at least a quarterly basis. | |||||
Land Held for Development | |||||
Included in land held for development is undeveloped land in California related to the Company’s previous involvement in a potential casino project with the Jamul Indian Village (“Jamul Tribe”). Lakes evaluates this asset for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. | |||||
Rewards Club Program | |||||
Lakes has established a Rewards Club promotional program at Rocky Gap to encourage repeat business from frequent customers and patrons. Members earn points based on gaming activity and amounts spent on the purchase of rooms, food, beverage and resort activities. Such points can be redeemed for complimentary slot play and free goods and services at Rocky Gap’s hotel, restaurants, spa and golf course. Lakes records points redeemed for complimentary slot play as a reduction to gaming revenue and points redeemed for free goods and services as promotional allowances. The Rewards Club point accrual is included in current liabilities on Lakes’ consolidated balance sheet. | |||||
Revenue Recognition and Promotional Allowances | |||||
Gaming revenue, which is defined as the difference between gaming wins and losses, is recognized as wins and losses occur from gaming activities. The retail value of rooms, food and beverage, and other services furnished to guests without charge, including coupons for discounts when redeemed, is included in gross revenues and then deducted as a promotional allowance. The estimated cost of providing such promotional allowances is included in gaming expenses. | |||||
Food, beverage, and retail revenues are recorded at the time of sale. Room revenue is recorded at the time of occupancy. Sales taxes and surcharges collected from guests and remitted to governmental authorities are presented on a net basis. Accounts receivable deemed uncollectible are charged off through a provision for uncollectible accounts. No material amounts were deemed uncollectible during fiscal years 2014, 2013 or 2012. | |||||
Revenue from the management, development, financing of and consulting with Indian-owned casino gaming facilities is recognized as it is earned pursuant to each respective agreement. | |||||
Gaming Taxes | |||||
Rocky Gap is subject to gaming taxes based on gross gaming revenues and also pays an annual flat tax based on the number of table games and VLTs in operation during the year. These gaming taxes are recorded as gaming expenses in the consolidated statements of operations. Total gaming taxes were $20.2 million and $10.7 million for the fiscal years ended December 28, 2014 and December 29, 2013, respectively. There were no gaming taxes for the fiscal year ended December 30, 2012. | |||||
Advertising Expenses | |||||
The Company expenses advertising costs as incurred. Advertising expense, which is included in general and administrative expenses, was $2.5 million, $2.0 million and $0.1 million for fiscal years 2014, 2013 and 2012, respectively. | |||||
Share-Based Compensation Expense | |||||
Lakes has various share-based compensation programs, which provide for equity awards including stock options and restricted stock. Lakes uses the straight-line method to recognize compensation expense associated with share-based awards based on the fair value on the date of grant, net of the estimated forfeiture rate, if any. Expense is recognized over the requisite service period related to each award, which is the period between the grant date and the award’s stated vesting term. The fair value of stock options is estimated using the Black-Scholes option pricing model. All of Lakes’ stock compensation expense is recorded in selling, general and administrative expenses in the consolidated statements of operations. See note 13, Share-Based Compensation, for additional discussion. | |||||
Income Taxes | |||||
The determination of the Company’s income tax-related account balances requires the exercise of significant judgment by management. Accordingly, the Company determines deferred tax assets and liabilities based upon the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Management assesses the likelihood that deferred tax assets will be recovered from future taxable income and establishes a valuation allowance when management believes recovery is not likely. | |||||
The Company records estimated penalties and interest related to income tax matters, including uncertain tax positions, if any, as a component of income tax expense. | |||||
Litigation Costs | |||||
The Company does not accrue for future litigation costs, if any, to be incurred in connection with outstanding litigation and other dispute matters but rather records such costs when the legal and other services are rendered. | |||||
New Accounting Standards | |||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue from the transfer of goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. ASU 2014-09 will be effective for the Company’s first quarter of 2017. Lakes is evaluating the impact this new standard will have on its financial statements. | |||||
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 requires entities to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss (“NOL”) or tax credit carryforward whenever the NOL or tax credit carryforward would be available to reduce the additional taxable income or tax due if the tax position is disallowed. This ASU requires entities to assess whether to net the unrecognized tax benefit with a deferred tax asset as of the reporting date. ASU 2013-11 became effective as of March 30, 2014. The adoption of ASU 2013-11 did not have an impact on the Company’s consolidated financial statements. |
Note_3_Debt_Termination_Agreem
Note 3 - Debt Termination Agreement with the Shingle Springs Tribe | 12 Months Ended |
Dec. 28, 2014 | |
Receivables [Abstract] | |
Financing Receivables [Text Block] | 3. Debt Termination Agreement with the Shingle Springs Tribe |
On July 17, 2013, Lakes entered into a Debt Termination Agreement with the Shingle Springs Tribe relating to amounts Lakes had previously advanced to the Shingle Springs Tribe under the development and management agreement for the Red Hawk Casino between Lakes and the Shingle Springs Tribe. The Debt Termination Agreement required certain conditions to be met, including a lump sum payment by the Shingle Springs Tribe to Lakes of $57.1 million. The Debt Payment was made on August 29, 2013 and constituted full and final payment of all debt owed to Lakes as of that date. As a result of the receipt of the Debt Payment, during the third quarter of 2013, Lakes recognized approximately $17.4 million in recovery of impairment on notes receivable because the Shingle Springs Notes had previously been impaired and were valued at $39.7 million. The face value of the Shingle Springs Notes including accrued interest was $69.7 million as of the Payment Date. The management agreement under which Lakes was managing the Red Hawk Casino also terminated on the Payment Date. | |
During the third quarter of 2013, Lakes also recognized a gain of $3.8 million on extinguishment of liabilities associated with contract acquisition costs related to the project with the Shingle Springs Tribe that were no longer owed upon the termination of the management agreement between Lakes and the Shingle Springs Tribe. | |
As of the Payment Date, $2.4 million of intangible assets related to the development and management agreement with the Shingle Springs Tribe were considered fully impaired and were written down to zero resulting in Lakes recognizing an impairment charge of $2.4 million during the third quarter of 2013. |
Note_4_Termination_of_Jamul_De
Note 4 - Termination of Jamul Development Agreement | 12 Months Ended |
Dec. 28, 2014 | |
Termination Of Development Agreement [Abstract] | |
Termination Of Development Agreement [Text Block] | 4. Termination of Jamul Development Agreement |
Lakes entered into an agreement with the Jamul Indian Village (the “Jamul Tribe”) during 1999 to develop and manage a casino on behalf of the Jamul Tribe on the Jamul Tribe’s existing reservation approximately 20 miles east of San Diego, California (the “Jamul Casino Project”). Lakes terminated the agreement with the Jamul Tribe in March 2012. As of the date of termination, Lakes had advanced approximately $57.5 million including accrued interest to the Jamul Tribe related to casino development efforts. Lakes made total advances of $1.8 million to the Jamul Tribe during fiscal 2012, $0.5 million of which had been made as of the date of the termination of the agreement. Pursuant to the agreement with the Jamul Tribe, Lakes advanced an additional $1.3 million subsequent to the date of termination. All of the fiscal 2012 advances are included as impairment charges in Lakes’ consolidated statement of operations for the fiscal year ended December 30, 2012. Lakes has determined the fair value of its notes receivable from the Jamul Tribe to be zero as of December 28, 2014 and December 29, 2013. | |
During the third quarter of 2012, Lakes entered into a Subordination and Intercreditor Agreement (“Intercreditor Agreement”) with Penn National Gaming, Inc. (“Penn National”) and the Jamul Tribe. Pursuant to the Intercreditor Agreement, Lakes modified the terms of its outstanding debt with the Jamul Tribe to reflect that the total debt outstanding, including accrued interest, is $60.0 million, and that interest on such debt will accrue at 4.25% after the opening of a casino to be developed by Penn National on the Jamul Tribe’s trust land. Additionally, Lakes’ debt and collateral interest in all revenues from any future casino owned by the Jamul Tribe and in such casino’s furnishings and equipment will be subordinate to the senior financing until such financing is paid in full. Current interest on the subordinated debt will be paid to Lakes on a quarterly basis when the Penn National casino opens, so long as there is no default under the senior financing agreement. When the senior financing is paid in full, Lakes will receive repayment of outstanding principal and interest. | |
Also during the third quarter of 2012, Lakes entered into a ten-year option agreement with Penn National that granted Penn National the right to purchase approximately 98 acres of land which Lakes owns adjacent to the Jamul Tribe’s trust land (“Original Option Agreement”). | |
On April 24, 2014, Lakes entered into Amendment No. 1 to the Intercreditor Agreement (“Amended Intercreditor Agreement”) with Penn National and the Jamul Tribe. The Amended Intercreditor Agreement gives Penn National the right to refinance the senior debt, provided that the outstanding senior debt does not exceed $400 million and the maturity date is not extended beyond seven years after the opening of the gaming facility. If the senior debt is not repaid within such seven year period, Lakes will have the right to receive up to $1.5 million in principal payments per quarter based on a formula of cash availability. | |
Lakes also entered into an Amended and Restated Option Agreement (“Amended Option Agreement”) with Penn National on May 15, 2014. The Original Option Agreement provided that the purchase price for the land would be $7.0 million, increasing 1% each year, but that Penn National had no obligation to purchase the land. The Amended Option Agreement reduced the purchase price of the land to $5.5 million, but 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. |
Note_5_ShortTerm_Investments
Note 5 - Short-Term Investments | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. Short-Term Investments | ||||||||||||
Short-term investments consist of commercial paper, corporate bonds and certificates of deposit which are classified as available-for-sale securities and are carried at current fair market value, with the resulting unrealized gains and losses, if any, excluded from earnings and reported, net of tax, as a separate component of shareholders' equity until realized. Unrealized gains/(losses) were less than $(0.1) million and zero as of December 28, 2014 and December 29, 2013, respectively. If the carrying value of an investment is in excess of its fair market value, an impairment charge to adjust the carrying value to the fair market value is recorded if the impairment is considered other-than-temporary. There were no other-than-temporary impairments related to declines in fair market value of short-term investments during the fiscal years ended December 28, 2014 or December 29, 2013. All short-term investments held as of December 28, 2014 and December 29, 2013 have original maturity dates of twelve months or less and are classified as current assets. Short-term investments consisted of the following (in thousands): | |||||||||||||
28-Dec-14 | Amortized Cost | Fair Value | Unrealized | ||||||||||
Gain/(Loss) | |||||||||||||
Commercial paper | $ | 23,982 | $ | 23,984 | $ | 2 | |||||||
Corporate bonds | 21,717 | 21,693 | (24 | ) | |||||||||
Certificates of deposit | 961 | 961 | — | ||||||||||
Balances at December 29, 2013 | $ | 46,660 | $ | 46,638 | $ | (22 | ) | ||||||
29-Dec-13 | Amortized Cost | Fair Value | Unrealized | ||||||||||
Gain/(Loss) | |||||||||||||
Commercial paper | $ | 21,986 | $ | 21,993 | $ | 7 | |||||||
Corporate bonds | 27,113 | 27,106 | (7 | ) | |||||||||
Balances at December 29, 2013 | $ | 49,099 | $ | 49,099 | $ | — | |||||||
Note_6_Property_and_Equipment_
Note 6 - Property and Equipment, Net | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | 6. Property and Equipment, net | ||||||||
The following table summarizes the components of property and equipment, at cost (in thousands): | |||||||||
December 28, | December 29, | ||||||||
2014 | 2013 | ||||||||
Building and site improvements | $ | 27,905 | $ | 24,611 | |||||
Furniture and equipment | 13,445 | 12,370 | |||||||
Construction in process | 83 | 219 | |||||||
41,433 | 37,200 | ||||||||
Less accumulated depreciation | (8,694 | ) | (5,541 | ) | |||||
$ | 32,739 | $ | 31,659 | ||||||
In connection with entering into the Merger Agreement with Golden Gaming during fiscal 2015, Lakes plans to sell its corporate office facility located in Minnetonka, Minnesota. As a result, this asset will be classified as held for sale during the first quarter of 2015. The corporate office facility is carried at $4.6 million, net of accumulated depreciation, on Lakes’ consolidated balance sheet as of December 28, 2014. |
Note_7_Gaming_License
Note 7 - Gaming License (Licensing Agreements [Member]) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||
Licensing Agreements [Member] | |||||||||||||||||||||||||
Note 7 - Gaming License [Line Items] | |||||||||||||||||||||||||
Intangible Assets Disclosure [Text Block] | 7. Gaming License | ||||||||||||||||||||||||
In April 2012, the State of Maryland Video Lottery Facility Location Commission awarded a video lottery operation license (“Gaming License”) to the Company for Rocky Gap. Amortization of the Gaming License began on May 22, 2013, the date the gaming facility opened for public play. The Gaming License is being amortized over its 15 year term. Amortization expense related to the Gaming License was approximately $0.1 million for each of the fiscal years ended December 28, 2014 and December 29, 2013. There was no amortization expense for the fiscal year ended December 30, 2012. | |||||||||||||||||||||||||
Information with respect to the Gaming License is as follows (in thousands): | |||||||||||||||||||||||||
December 28, | December 29, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Original cost | $ | 2,100 | $ | 2,100 | |||||||||||||||||||||
Accumulated amortization | (225 | ) | (85 | ) | |||||||||||||||||||||
$ | 1,875 | $ | 2,015 | ||||||||||||||||||||||
The estimated future amortization expense related to the Gaming License for the next five years and thereafter is as follows (in thousands): | |||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | ||||||||||||||||||||
Estimated amortization expense | $ | 140 | $ | 140 | $ | 140 | $ | 140 | $ | 140 | $ | 1,175 | |||||||||||||
Note_8_Investment_in_Rock_Ohio
Note 8 - Investment in Rock Ohio Ventures, LLC | 12 Months Ended |
Dec. 28, 2014 | |
Rock Ohio Ventures [Member] | |
Note 8 - Investment in Rock Ohio Ventures, LLC [Line Items] | |
Cost-method Investments, Description [Text Block] | 8. Investment in Rock Ohio Ventures, LLC |
As of December 28, 2014 and December 29, 2013, Lakes had a 10% ownership interest in Rock Ohio Ventures, LLC (“Rock Ohio Ventures”), a privately-held company, that owned 80% of the Horseshoe Casino Cleveland in Cleveland, Ohio which opened to the public in May 2012; the Horseshoe Casino Cincinnati in Cincinnati, Ohio which opened in March 2013; the Thistledown Racino in North Randall, Ohio which added VLTs to its existing racetrack in April 2013; and Turfway Park, a thoroughbred horseracing track located in Florence, Kentucky. This $21.0 million investment was accounted for using the cost method since Lakes owned less than 20% of Rock Ohio Ventures and did not have the ability to significantly influence the operating and financial decisions of the entity. During the third quarter of 2014, this investment was determined to have experienced an other-than-temporary impairment and was reduced to its estimated fair value of zero. As a result, Lakes recognized an impairment loss of $21.0 million, which is included in impairments and other losses in the accompanying consolidated statement of operations for the fiscal year ended December 28, 2014. As of December 28, 2014 and December 29, 2013, this cost-method investment was carried at zero and $21.0 million, respectively, in investment in unconsolidated investee in the accompanying consolidated balance sheets. | |
Effective January 25, 2015, Lakes sold all of its interest in Rock Ohio Ventures to DG Ohio Ventures, LLC, for approximately $0.8 million. Since this investment has been written down to zero, Lakes will account for the receipt of this payment as a gain on sale of cost method investment in the consolidated statement of operations in the first quarter of 2015. | |
The Company's cost method investment was evaluated, on at least a quarterly basis, for potential other-than-temporary impairment, or when an event or change in circumstances occurred that may have had a significant adverse effect on the fair value of the investment. Lakes monitored this investment for impairment by considering all information available to the Company including the economic environment of the markets served by the properties Rock Ohio Ventures owns; market conditions including existing and potential future competition; recent or expected changes in the regulatory environment; operational performance and financial results; known changes in the objectives of Rock Ohio Ventures management; known or expected changes in ownership of Rock Ohio Ventures; and any other known significant factors relating to the business underlying the investment. | |
As part of the review of operational performance and financial results for considering if there were indications of impairment, the Company utilized financial statements of Rock Ohio Ventures and its owned gaming properties to assess the investee’s ability to operate from a financial standpoint. The Company also analyzed Rock Ohio Ventures’ cash flows and working capital to determine if the Company’s investment in this entity had experienced an other-than-temporary impairment. As part of this process, the Company analyzed actual historical results compared to forecast and had periodic discussions with management of Rock Ohio Ventures to obtain additional information related to the Company’s investment in Rock Ohio Ventures to determine whether any events occurred that would necessitate further analysis of the Company’s recorded investment in Rock Ohio Ventures for impairment. Based on these procedures, Lakes determined that the Company’s investment in Rock Ohio Ventures experienced an other-than-temporary impairment during the third quarter of 2014. Based on information provided by Rock Ohio Ventures, Lakes determined that there was significant uncertainty surrounding the recovery of Lakes’ investment in Rock Ohio Ventures. The Ohio gaming properties have not performed as expected which led to forecasted potential working capital requirement issues that did not exist prior to the third quarter of 2014, based on information previously available to Lakes. As a result, Lakes determined that an other-than-temporary impairment had occurred and reduced the carrying value of the investment in Rock Ohio Ventures to its estimated fair value of zero during the third quarter of 2014. | |
This fair value of zero was measured using unobservable (Level 3) inputs using both a discounted cash flow method, which is an application of the income approach, and a comparable public company method, which is an application of the market approach. An option-based method was also employed in the allocation of value among debt and equity investors. Management judgment was required in developing the assumptions used in the calculation of the fair value of the investment. Significant inputs included financial forecasts for Rock Ohio Caesars, LLC (the entity through which Rock Ohio Ventures invests in certain gaming businesses), discount rates, market multiples for similar businesses, expected volatility, the expected timing of a liquidity/refinancing event and a discount for lack of marketability. | |
Dania Entertainment Holdings [Member] | |
Note 8 - Investment in Rock Ohio Ventures, LLC [Line Items] | |
Cost-method Investments, Description [Text Block] | 9. Investment in Dania Entertainment Holdings, LLC |
On May 22, 2013, Dania Entertainment Center, LLC (“DEC”) purchased the Dania Jai Alai property located in Dania Beach, Florida, from Boyd Gaming Corporation, for $65.5 million. | |
As part of a previous plan to purchase the property, during 2011 Lakes loaned $4.0 million to DEC (the “Loan”) which was written down to zero during the third quarter of 2011 when the acquisition did not close. During 2013, the Loan was exchanged for a 20% ownership interest in Dania Entertainment Holdings, LLC (“DEH”). | |
On April 21, 2014, Lakes entered into a redemption agreement with DEH that resulted in DEH redeeming Lakes’ 20% ownership in DEH in exchange for DEH granting to Lakes 5% ownership in DEC. Concurrently, Lakes entered into an agreement with ONDISS Corp. (“ONDISS”) to sell its ownership in DEC for approximately $2.6 million. Lakes received $1.0 million on April 21, 2014 in exchange for 40% of its ownership. On October 17, 2014, ONDISS paid the entire remaining amount due to Lakes at a discounted amount of approximately $1.4 million. Upon receipt of such payment, Lakes transferred its remaining ownership in DEC to ONDISS. As a result, Lakes recognized a gain of $2.4 million, which is included in gain on sale of cost method investment in the accompanying consolidated statement of operations for the fiscal year ended December 28, 2014. | |
The Company accounted for its investment in DEH as a cost method investment. At the time the Loan was exchanged for an equity investment in DEH, Lakes determined its value remained at zero due to the negative cash flows of the existing operations of the Dania Jai Alai property as well as uncertainty surrounding completion of the project. Therefore, there was no value recorded for this investment in the Company’s accompanying consolidated balance sheet as of December 29, 2013. The fair value of this investment was considered impracticable to estimate as of December 29, 2013 without incurring excessive costs relative to the materiality of the investment. |
Note_10_Land
Note 10 - Land | 12 Months Ended |
Dec. 28, 2014 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | 10. Land |
Lakes owns parcels of undeveloped land related to its previous involvement in a potential casino project with the Jamul Tribe near San Diego, California. During the third quarter of 2012, Lakes entered into a ten-year option agreement with Penn National that granted Penn National the right to purchase this land for $7.0 million, increasing 1% each year, but Penn National had no obligation to purchase the land. The Original Option Agreement was amended on May 15, 2014 to reduce the purchase price of the land to $5.5 million but 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 December 28, 2014 and December 29, 2013, this land is carried at approximately $1.0 million on the accompanying consolidated balance sheets. | |
Lakes also owned undeveloped land in Oklahoma related to its previous involvement in a potential casino project with the Iowa Tribe of Oklahoma. During fiscal 2014, Lakes sold this land for approximately $0.3 million and recognized a gain of approximately $0.1 million. As of December 29, 2013, the land was classified as held for development and was carried at approximately $0.2 million on the accompanying consolidated balance sheet. | |
The Company performs an impairment analysis on the land it owns at least quarterly and determined that no impairment had occurred as of December 28, 2014 and December 29, 2013. |
Note_11_Debt
Note 11 - Debt | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt Disclosure [Text Block] | 11. Debt | ||||||||
Loan Agreement | |||||||||
Lakes had a two-year interest-only $8.0 million revolving line of credit loan agreement (the “Loan Agreement”) with Centennial Bank that expired on October 28, 2014. The Loan Agreement was collateralized by primarily all of Lakes’ interest in the real property it owns in Minnetonka, Minnesota. Lakes’ Chief Executive Officer, Lyle Berman, personally guaranteed the Loan Agreement on behalf of Lakes. The Loan Agreement allowed for an interest rate of 8.95% on any amounts borrowed. No amounts were ever borrowed under the Loan Agreement. | |||||||||
Financing Facility | |||||||||
In December 2012, Lakes closed on a $17.5 million financing facility with Centennial Bank (the “Financing Facility”) to finance a portion of Rocky Gap project costs. Approximately $13.4 million has been drawn on the Financing Facility, which is collateralized by the leasehold estate and the furniture, fixtures and equipment of Rocky Gap. In addition, Lakes guaranteed repayment of the loan and granted a second mortgage on its real property located in Minnetonka, Minnesota. Effective November 1, 2013, Lakes amended the Financing Facility with Centennial Bank to reduce the interest rate from 10.5% to 5.5%. Monthly payments of principal and interest began on December 1, 2013 and continue for 84 months. Although Lakes does not currently plan to make further draws on the Financing Facility, Lakes has the ability to draw the remaining $4.1 million on the Financing Facility through December 31, 2018. As of December 28, 2014 and December 29, 2013, $11.7 million and $13.3 million of principal was outstanding under the Financing Facility, respectively. | |||||||||
As a result of the amendment of the Financing Facility with Centennial Bank effective November 1, 2013, Lakes recorded a $1.7 million gain on modification of debt during the fourth quarter of 2013. This amount included $2.0 million recorded as a discount to the principal amount of the Financing Facility, which is being accreted to interest expense over the term of the Financing Facility using the effective interest method, and $0.3 million of original debt issuance costs expensed at the time of the amendment. Accretion of the discount to interest expense was approximately $0.5 million and $0.1 million for the fiscal years ended December 28, 2014 and December 29, 2013, respectively. | |||||||||
Summary of Outstanding Debt | |||||||||
Long-term debt, net of current maturities and discount, is comprised of the following as of December 28, 2014 and December 29, 2013, respectively (in thousands). | |||||||||
December 28, | December 29, | ||||||||
2014 | 2013 | ||||||||
Financing Facility | $ | 11,691 | $ | 13,315 | |||||
Capital lease obligations | 50 | 182 | |||||||
Total debt | 11,741 | 13,497 | |||||||
Less: current maturities, net of discount | (1,368 | ) | (1,251 | ) | |||||
Less: unamortized debt discount | (1,432 | ) | (1,925 | ) | |||||
Long-term debt, net of current maturities and discount | $ | 8,941 | $ | 10,321 | |||||
Future Principal Payments on Long-Term Debt | |||||||||
The aggregate principal payments due on long-term debt as of December 28, 2014 over the next five years and thereafter, are as follows (in thousands): | |||||||||
Fiscal years ending: | |||||||||
2015 | $ | 1,766 | |||||||
2016 | 1,813 | ||||||||
2017 | 1,918 | ||||||||
2018 | 2,028 | ||||||||
2019 | 2,144 | ||||||||
Thereafter | 2,072 | ||||||||
$ | 11,741 | ||||||||
Note_12_Promotional_Allowances
Note 12 - Promotional Allowances | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Promotional Allowances [Abstract] | |||||||||
Promotional Allowances [Text Block] | 12. Promotional Allowances | ||||||||
The retail value of rooms, food and beverage, and other services furnished to guests without charge, including coupons for discounts when redeemed, is included in gross revenues and then deducted as promotional allowances. There were no promotional allowances in fiscal 2012. The estimated retail value of these promotional allowances for fiscal 2014 and 2013 is as follows (in thousands): | |||||||||
Fiscal Year Ended | |||||||||
December 28, | December 29, | ||||||||
2014 | 2013 | ||||||||
Food and beverage | $ | 498 | $ | 131 | |||||
Rooms | 2,529 | 1,005 | |||||||
Other | 157 | — | |||||||
Total promotional allowances | $ | 3,184 | $ | 1,136 | |||||
The estimated cost of providing these promotional allowances, which are included in gaming costs and expenses, is as follows (in thousands): | |||||||||
Fiscal Year Ended | |||||||||
December 28, | December 29, | ||||||||
2014 | 2013 | ||||||||
Food and beverage | $ | 234 | $ | 131 | |||||
Rooms | 655 | 242 | |||||||
Other | 122 | — | |||||||
Total promotional allowances | $ | 1,011 | $ | 373 | |||||
Note_13_Sharebased_Compensatio
Note 13 - Share-based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 13. Share-Based Compensation | ||||||||||||||||
Overview | |||||||||||||||||
In June 2007, Lakes’ shareholders approved the 2007 Lakes Stock Option and Compensation Plan (the “2007 Plan”), which is authorized to grant a total of 1.25 million shares of Lakes’ common stock. Stock options granted under the 2007 Plan typically vest in equal installments over three-year, four-year and five-year periods, beginning on the first anniversary of the date of each grant and continue on each subsequent anniversary date until the option is fully vested. The employee must be employed by Lakes on the anniversary date in order to vest in any shares that year. Vested options are exercisable for ten years from the date of grant; however, if the employee is terminated (voluntarily or involuntarily), any unvested options as of the date of termination will be forfeited. | |||||||||||||||||
Lakes also has a 1998 Stock Option and Compensation Plan. There were 12,500 stock options outstanding under this plan as of December 28, 2014. No additional options will be granted under this plan. | |||||||||||||||||
Share-based compensation expense related to stock options was $0.3 million, $0.5 million and $0.4 million for fiscal 2014, fiscal 2013 and fiscal 2012, respectively. | |||||||||||||||||
For fiscal years 2014, 2013 and 2012, no income tax benefit was recognized in Lakes’ consolidated statements of operations for share-based compensation arrangements. Management assessed the likelihood that the deferred tax assets relating to future tax deductions from share-based compensation will be recovered from future taxable income and determined that a valuation allowance is necessary to the extent that management currently believes it is more likely than not that tax benefits will not be realized. Management’s determination is based primarily on historical losses and earnings volatility. | |||||||||||||||||
Stock Options | |||||||||||||||||
The following table summarizes stock option activity for fiscal years 2014, 2013 and 2012: | |||||||||||||||||
Number of Common Shares | |||||||||||||||||
Options | Exercisable | Available | Weighted-Average | ||||||||||||||
Outstanding | for Grant | Exercise | |||||||||||||||
Price | |||||||||||||||||
2014 | |||||||||||||||||
Balance at December 29, 2013 | 798,171 | 585,769 | 263,424 | $ | 5.97 | ||||||||||||
Exercised | (28,343 | ) | — | 4.73 | |||||||||||||
Forfeited/cancelled/expired | (25,211 | ) | 24,211 | 5.19 | |||||||||||||
Granted | 11,000 | (11,000 | ) | 9.18 | |||||||||||||
Balance at December 28, 2014 | 755,617 | 616,792 | 276,635 | 6.09 | |||||||||||||
2013 | |||||||||||||||||
Balance at December 30, 2012 | 764,034 | 649,412 | 437,797 | $ | 5.84 | ||||||||||||
Exercised | (140,236 | ) | — | 5.52 | |||||||||||||
Forfeited/cancelled/expired | (53,377 | ) | 53,377 | 6.25 | |||||||||||||
Granted | 227,750 | (227,750 | ) | 6.18 | |||||||||||||
Balance at December 29, 2013 | 798,171 | 585,769 | 263,424 | 5.97 | |||||||||||||
2012 | |||||||||||||||||
Balance at January 1, 2012 | 822,334 | 577,690 | 437,297 | $ | 5.84 | ||||||||||||
Forfeited/cancelled/expired | (58,300 | ) | 500 | 5.76 | |||||||||||||
Balance at December 30, 2012 | 764,034 | 649,412 | 437,797 | 5.84 | |||||||||||||
Lakes’ determination of fair value of share-based option awards on the date of grant using an option-pricing model is affected by the following assumptions regarding complex and subjective variables. Any changes in these assumptions may materially affect the estimated fair value of the share-based award. | |||||||||||||||||
• | Expected dividend yield — As the Company has not historically paid dividends, the dividend rate variable in the Black-Scholes model is zero. | ||||||||||||||||
• | Risk-free interest rate — The risk free interest rate assumption is based on the U.S. Treasury yield curve in effect at the time of grant and with maturities consistent with the expected term of options. | ||||||||||||||||
• | Expected term — The expected term of employee stock options represents the weighted-average period that the stock options are expected to remain outstanding. It is based upon an analysis of the historical behavior of option holders during the period from September 1995 to December 28, 2014. Management believes historical data is reasonably representative of future exercise behavior. | ||||||||||||||||
• | Expected volatility — The volatility assumption is based on the historical weekly price data of Lakes’ stock over a two-year period. Management evaluated whether there were factors during that period which were unusual and which would distort the volatility figure if used to estimate future volatility and concluded that there were no such factors. | ||||||||||||||||
• | Forfeiture rate — As share-based compensation expense recognized is based on awards ultimately expected to vest, expense for grants is reduced for estimated forfeitures at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Lakes’ management has reviewed the historical forfeitures which have been minimal, and as such presently amortizes the grants to the end of the vesting period and will adjust for forfeitures at the end of the term. | ||||||||||||||||
The following assumptions were used to estimate the fair value of stock options granted during fiscal 2014 and fiscal 2013. No stock options were granted in fiscal 2012. | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected dividend yield | — | — | |||||||||||||||
Risk-free interest rate | 2.39 | – | 2.88% | 1.96 | – | 2.70% | |||||||||||
Expected term (in years) | 10 | 10 | |||||||||||||||
Expected volatility | 32.87 | – | 39.35% | 39.32 | – | 43.78% | |||||||||||
As of December 28, 2014, the options outstanding had a weighted-average remaining contractual life of 5.8 years, weighted-average exercise price of $6.09 and an aggregate intrinsic value of $0.7 million. The options exercisable have a weighted-average exercise price of $6.01, a weighted-average remaining contractual life of 5.3 years and an aggregate intrinsic value of $0.6 million as of December 28, 2014. The total intrinsic value of stock options exercised during fiscal 2014 and fiscal 2013 was $0.1 million and $0.4 million, respectively. No stock options were exercised in fiscal 2012.The weighted-average grant-date fair value of stock options granted during fiscal 2014 and fiscal 2013 was $4.65 and $3.45 per share, respectively. No stock options were granted in fiscal 2012. | |||||||||||||||||
As of December 28, 2014, Lakes’ unrecognized share-based compensation related to stock options was approximately $0.3 million, which is expected to be recognized over a weighted-average period of 1.3 years. | |||||||||||||||||
Lakes issues new shares of common stock upon exercise of options. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
There was no restricted stock activity during the fiscal years ended December 28, 2014 or December 29, 2013. The following table summarizes Lakes’ restricted stock unit activity for fiscal 2012: | |||||||||||||||||
Restricted | Weighted-Average | ||||||||||||||||
Stock Units | Grant- | ||||||||||||||||
Date Fair Value | |||||||||||||||||
2012 | |||||||||||||||||
Balance at January 1, 2012 | 19,169 | $ | 6.5 | ||||||||||||||
Vested | (19,169 | ) | 6.5 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Balance at December 30, 2012 | — | — | |||||||||||||||
During fiscal 2012, 17,629 common shares were issued upon the vesting of restricted stock units, net of common shares redeemed at the election of the grantee for payroll tax payment. |
Note_14_Earnings_Per_Share
Note 14 - Earnings Per Share | 12 Months Ended |
Dec. 28, 2014 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 14. Earnings per Share |
For all periods, basic earnings per share (“EPS”) is calculated by dividing net earnings attributable to Lakes Entertainment, Inc. by the weighted-average common shares outstanding. Diluted EPS in profitable periods reflects the effect of all potentially dilutive common shares outstanding by dividing net earnings attributable to Lakes Entertainment, Inc. by the weighted-average of all common and potentially dilutive shares outstanding. Potentially dilutive stock options of 755,617 for the fiscal year ended December 28, 2014 and 694,765 for the fiscal year ended December 29, 2013, were not used to compute diluted earnings per share because the effects would have been anti-dilutive. |
Note_15_Income_Taxes
Note 15 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Disclosure [Text Block] | 15. Income Taxes | ||||||||||||
A summary of the provision (benefit) for income taxes is as follows (in thousands): | |||||||||||||
For the Fiscal Year Ended | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | — | $ | — | $ | (2,482 | ) | ||||||
State | — | — | 18 | ||||||||||
— | — | (2,464 | ) | ||||||||||
Deferred: | |||||||||||||
Federal | — | — | — | ||||||||||
State | — | — | — | ||||||||||
— | — | — | |||||||||||
Total: | $ | — | $ | — | $ | (2,464 | ) | ||||||
Reconciliations of the statutory federal income tax rate to the Company’s actual rate based on earnings (loss) before income taxes are summarized as follows: | |||||||||||||
For the Fiscal Year Ended | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory federal tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal income taxes | — | — | 1.6 | ||||||||||
Change in valuation allowance | (34.9 | ) | (35.3 | ) | (373.8 | ) | |||||||
Permanent tax differences | (0.1 | ) | 0.3 | 5.5 | |||||||||
Other, net | — | — | 6 | ||||||||||
— | % | — | % | (325.7 | )% | ||||||||
The Company’s deferred income tax (liabilities) and assets are as follows (in thousands): | |||||||||||||
December 28, | December 29, | ||||||||||||
2014 | 2013 | ||||||||||||
Current deferred tax asset: | |||||||||||||
Accruals and reserves | $ | 674 | $ | 448 | |||||||||
Transaction costs | 193 | — | |||||||||||
Valuation allowances | (867 | ) | (448 | ) | |||||||||
$ | — | $ | — | ||||||||||
Non-current deferred taxes: | |||||||||||||
Development costs | $ | 3,173 | $ | 3,848 | |||||||||
Deferred interest on notes receivable | — | 1,121 | |||||||||||
Stock compensation expense | 1,269 | 1,367 | |||||||||||
Amortization of intangible assets | 48 | 58 | |||||||||||
Alternative minimum tax credit carryforward | 919 | 919 | |||||||||||
Net operating loss carryforwards | 40,684 | 30,594 | |||||||||||
Investment in unconsolidated investee | (1,530 | ) | (3,172 | ) | |||||||||
Other | (730 | ) | (699 | ) | |||||||||
Valuation allowances | (43,833 | ) | (34,036 | ) | |||||||||
$ | — | $ | — | ||||||||||
Deferred tax assets are evaluated by considering historical levels of income, estimates of future taxable income and the impact of tax planning strategies. Management has evaluated all available evidence and has determined that negative evidence continues to outweigh positive evidence for the realization of deferred tax assets and as a result continues to provide a full valuation allowance against its deferred tax assets as of December 28, 2014. | |||||||||||||
As of December 28, 2014, Lakes had approximately $96.3 million of federal net operating loss carryforwards, which will begin to expire in 2032, and approximately $127.9 million of state net operating loss carryforwards, which will expire at various times depending on specific state laws. | |||||||||||||
The Company is currently under IRS audit for the 2009-2013 tax years and the IRS has proposed certain adjustments to the 2009-2011 tax filings. However, Lakes believes it is more likely than not that it will prevail in challenging the proposed adjustments and maintains that the positions taken were proper and supported by applicable laws and regulations. While the outcome of this matter cannot be predicted with certainty, Lakes does not believe, when resolved, that this dispute will have a material effect on its consolidated financial statements. However, an unexpected adverse resolution could have a material effect on the consolidated financial statements in a particular quarter or fiscal year. | |||||||||||||
The Company is currently under audit by the State of California for the 2010 tax year. No adjustments have been made as a result of the State of California audit. However, there is no assurance that the taxing authority will not propose adjustments that are different from the Company’s expected outcome and that may impact the provision for income taxes. |
Note_16_Employee_Retirement_Pl
Note 16 - Employee Retirement Plan | 12 Months Ended |
Dec. 28, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 16. Employee Retirement Plan |
Lakes has a qualified defined contribution employee savings plan for all full-time employees. The savings plan allows eligible participants to defer, on a pre-tax basis, a portion of their salary and accumulate tax-deferred earnings as a retirement fund. Lakes currently matches employee contributions up to a maximum of 4% of participating employees’ gross wages. The Company contributed approximately $0.2 million during fiscal 2014 and $0.1 million during each of fiscal 2013 and 2012. Company contributions are vested immediately. |
Note_17_Financial_Instruments_
Note 17 - Financial Instruments and Fair Value Measurements | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Fair Value Disclosures [Abstract] | |||||||||
Fair Value Disclosures [Text Block] | 17. Financial Instruments and Fair Value Measurements | ||||||||
Overview | |||||||||
Estimates of fair value for financial assets and liabilities are based on the framework established in the accounting guidance for fair value measurements. The framework defines fair value, provides guidance for measuring fair value and requires certain disclosures. The framework discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The framework utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: | |||||||||
● | Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. | ||||||||
● | Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. | ||||||||
● | Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. | ||||||||
The Company’s financial instruments consist of cash and cash equivalents, short-term investments, cost method investments, accounts payable and debt. | |||||||||
For the Company’s cash and cash equivalents, accounts payable and current portion of debt, the carrying amounts approximate fair value because of the short duration of these financial instruments. As of December 28, 2014 and December 29, 2013, the fair value of the Company’s long-term debt approximates the carrying value based upon the Company’s expected borrowing rate for debt with similar remaining maturities and comparable risk. | |||||||||
Balances Measuredat Fair Valueon a Recurring Basis | |||||||||
The following table (in thousands) shows certain of the Company’s financial instruments measured at fair value on a recurring basis | |||||||||
using Level 2 inputs, as they are priced principally by independent pricing services using observable inputs: | |||||||||
28-Dec-14 | 29-Dec-13 | ||||||||
Short-Term Investments | |||||||||
Commercial paper | $ | 23,984 | $ | 21,993 | |||||
Corporate bonds | 21,693 | 27,106 | |||||||
Certificates of deposit | 961 | — | |||||||
Balances Disclosed at Fair Value | |||||||||
Cost Method Investment – Investment in Rock Ohio Ventures, LLC – The fair value of the Company’s cost method investment in Rock Ohio Ventures was estimated to be approximately $0.8 million as of December 28, 2014 based on the negotiated selling price of this investment. Effective January 25, 2015, Lakes sold its investment in Rock Ohio Ventures for approximately $0.8 million. | |||||||||
The fair value of the Company’s investment in Rock Ohio Ventures was not estimated as of December 29, 2013, as there were no events or changes in circumstances that may have had a significant adverse effect on the fair value of the investment, and Lakes’ management determined that it was not practicable or necessary to estimate the fair value of the investment (see note 8, Investment in Rock Ohio Ventures, LLC). | |||||||||
Cost Method Investment – Investment in Dania Entertainment Center, LLC - The fair value of the Company’s investment in Dania Entertainment Center, LLC was considered impracticable to estimate as of December 29, 2013 without incurring excessive costs relative to the materiality of the investment. This investment was sold during fiscal 2014 (see note 9, Investment in Dania Entertainment Holdings, LLC). |
Note_18_Commitments_and_Contin
Note 18 - Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Text Block] | 18. Commitments and Contingencies | ||||||||||||||||||||||||
Operating Lease with the Maryland Department of Natural ResourcesRelated to Rocky Gap | |||||||||||||||||||||||||
In connection with the closing of the acquisition of Rocky Gap, Lakes entered into a 40 year operating ground lease (the “Lease Agreement”) with the Maryland DNR for approximately 268 acres in the Rocky Gap State Park on which Rocky Gap is situated. The Lease Agreement contains an option to renew for 20 years after the initial 40-year term. | |||||||||||||||||||||||||
From August 3, 2012 and until the casino opened for public play on May 22, 2013, rent in the form of surcharges was due and payable with a minimum annual payment of $150,000. From May 22, 2013 through the remaining term of the Lease Agreement, rent payments are due and payable annually in the amount of $275,000 plus 0.9% of any gross operator share of gaming revenue (as defined in the Lease Agreement) in excess of $275,000, and $150,000 plus any surcharge revenue in excess of $150,000. Surcharge revenue consists of amounts billed to and collected from guests and are $3.00 per room per night and $1.00 per round of golf. Rent expense associated with the Lease Agreement was $0.3 million (net of surcharge revenue of $0.1 million) and $0.4 million (net of surcharge revenue of less than $0.1 million) for fiscal 2014 and fiscal 2013, respectively. | |||||||||||||||||||||||||
Future minimum lease payments under the Lease Agreement at December 28, 2014 are as follows (in thousands): | |||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | ||||||||||||||||||||
Minimum lease payment | $ | 425 | $ | 425 | $ | 425 | $ | 425 | $ | 425 | $ | 13,600 | |||||||||||||
Jerry Argovitz Litigation | |||||||||||||||||||||||||
On March 12, 2014, Lakes received a demand for arbitration from Jerry Argovitz (“Argovitz”) relating to a Consent and Agreement to Buyout and Release by and between Argovitz and Lakes KAR Shingle Springs, LLC (“LKAR”), Lakes Entertainment, Inc., and Lakes Shingle Springs, Inc. dated January 30, 2003 (“Buyout Agreement”). The Buyout Agreement provided that LKAR was to make certain payments to Argovitz for so long as LKAR was managing the Red Hawk Casino for the Shingle Springs Tribe. Lakes made the payments required under the Buyout Agreement while it was managing the Red Hawk Casino, and discontinued the payments after its management contract to manage the Red Hawk Casino was terminated. Argovitz asserted claims for breach of the Buyout Agreement and the implied covenant of good faith and fair dealing relating to the payments he alleged he was entitled to receive after the management agreement was terminated. He sought damages of approximately $2.7 million, plus interest, costs, and attorney fees. | |||||||||||||||||||||||||
On September 9, 2014, Argovitz was awarded approximately $2.4 million related to the arbitration action brought by Argovitz against Lakes. As a result, Lakes recognized charges related to arbitration award in its consolidated statement of operations of approximately $2.5 million during the third quarter of 2014, which included the $2.4 million award and $0.1 million of legal fees. The action is now closed and no further claims can be made by Argovitz related to this matter. | |||||||||||||||||||||||||
Employment Agreements | |||||||||||||||||||||||||
Lakes has entered into employment agreements with certain key employees of the Company. The agreements provide for certain benefits to the employee as well as severance if the employee is terminated without cause or due to a “constructive termination” as defined in the agreements. The severance amounts depend upon the term of the agreement and can be up to two years of base salary and two years of bonus calculated as the average bonus earned in the previous two years. If such termination occurs within three years of a change of control as defined in the agreements by the Company without cause or due to a constructive termination, the employee will receive a lump sum payment equal to two times the annual base salary and bonus/incentive compensation along with insurance costs, 401(k) matching contributions and certain other benefits. In the event the employee’s employment terminates for any reason, including death, disability, expiration of an initial term, non-renewal by the Company with or without cause, by the employee with notice, or due to constructive termination, all unvested stock options vest at the date of termination and remain exercisable for three years. The Company is expected to perform on these agreements if the pending Merger with Golden Gaming closes (see note 1, Nature of Business). The agreements provide for a base salary, bonus, stock options and other customary benefits. | |||||||||||||||||||||||||
Quest Media Group, LLC Litigation | |||||||||||||||||||||||||
In May 2012, Lakes received service of a breach of contract lawsuit filed in the Franklin County Court of Common Pleas, Franklin County, Ohio by Quest Media Group, LLC (“Quest”) with respect to an agreement (the “Agreement”) entered into between Lakes Ohio Development, LLC (a wholly owned subsidiary of Lakes) (“Lakes Ohio Development”) and Quest on March 9, 2010. The Agreement relates to Quest assisting Lakes Ohio Development in partnering with Rock Ohio Ventures, LLC and Penn Ventures, LLC (“Penn Ventures”) with respect to funding the proposed citizen-initiated referendum in November 2009 to amend the Ohio constitution to permit one casino each in Cleveland, Cincinnati, Toledo and Columbus, Ohio. The lawsuit alleged, among other things, that Lakes breached the Agreement by selling Lakes Ohio Development’s interest in the Toledo and Columbus casino projects to Penn Ventures, failing to pay the proper fee to Quest as a result of such sale, and incorrectly calculating the costs that are to be offset against Quest’s fee. The lawsuit sought unspecified compensatory damages in excess of $25,000, punitive damages, declaratory and injunctive relief. The lawsuit named as defendants Lakes Entertainment, Inc., Lakes Ohio Development, LLC and Lyle Berman, Chairman and CEO of Lakes. Lakes removed the case to federal court, answered the pleadings and filed a motion to dismiss the claims against all defendants. Prior to the judge’s ruling on the motion to dismiss, the parties settled all but one of Quest’s claims (including obtaining a dismissal of Lyle Berman from the lawsuit) at no out-of-pocket expense to Lakes. The judge granted Lakes’ motion to dismiss and dismissed the remaining claims against Lakes. Quest subsequently appealed the dismissal to the Sixth Circuit Court of Appeals. The matter has been fully briefed by both parties and oral arguments were held on March 3, 2015. A decision is expected in mid-2015. Lakes continues to believe that the suit is without merit and will continue to vigorously defend the matter. | |||||||||||||||||||||||||
Shareholder Class Action Lawsuits | |||||||||||||||||||||||||
On February 6, 2015, Lakes, the members of the Lakes’ Board of Directors, LG Acquisition Corporation, Sartini Gaming, Inc., and the Blake L. Sartini and Delise F. Sartini Family Trust were named as defendants in two complaints filed in the District Court of the State of Minnesota, Fourth Judicial District in Hennepin County. See note 22, Subsequent Events, for further discussion regarding these complaints. | |||||||||||||||||||||||||
Miscellaneous Legal Matters | |||||||||||||||||||||||||
Lakes and its subsidiaries are involved in various other inquiries, administrative proceedings and litigation relating to contracts and other matters arising in the normal course of business. While any proceeding or litigation has an element of uncertainty, and although unable to estimate the minimum costs, if any, to be incurred in connection with these matters, management currently believes that the likelihood of an unfavorable outcome is remote, and is not likely to have a material adverse effect upon Lakes’ consolidated financial statements. Accordingly, no provision has been made with regard to these matters. |
Note_19_Related_Party_Transact
Note 19 - Related Party Transaction | 12 Months Ended |
Dec. 28, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 19. Related Party Transaction |
In March 2013, Lakes transferred to Lyle Berman, Lakes' Chairman of the Board and Chief Executive Officer, a $250,000 secured note from an unrelated third party company in exchange for a cash payment of $150,000 from Mr. Berman. The secured note was in default and related to a fiscal 2012 potential business development opportunity that Lakes decided not to pursue. The $250,000 note receivable, which originated in fiscal 2012, was adjusted to $150,000 and recorded as other current assets in the Company’s consolidated balance sheet as of December 30, 2012, resulting in the recognition of an impairment charge of $100,000 in the Company’s consolidated statement of operations during the fourth quarter of 2012. |
Note_20_Segment_Information
Note 20 - Segment Information | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | 20. Segment Information | ||||||||||||||||||||
Lakes’ segments reported below (in millions) are the segments of the Company for which separate financial information is available and for which operating results are evaluated by the chief operating decision-maker in deciding how to allocate resources and in assessing performance. | |||||||||||||||||||||
The Rocky Gap segment includes results of operations and assets related to the Rocky Gap Casino Resort near Cumberland, Maryland. The Indian Casino Projects segment includes results of operations and assets related to the development, financing, and management of gaming-related properties for the Shingle Springs Tribe and the Jamul Tribe. The Other segment includes Lakes’ cash and cash equivalents, short-term investments, Lakes corporate overhead, gain on sale of cost method investment in DEH and the investment in Rock Ohio Ventures. Costs in Other have not been allocated to the other segments because these costs are not easily allocable and to do so would not be practical. Amounts in Eliminations represent the intercompany management fee for Rocky Gap. | |||||||||||||||||||||
Indian | |||||||||||||||||||||
Rocky | Casino | ||||||||||||||||||||
Gap | Projects | Other | Eliminations | Consolidated | |||||||||||||||||
Fiscal 2014 | |||||||||||||||||||||
Net revenue | $ | 55 | $ | — | $ | 1.8 | $ | (1.6 | ) | $ | 55.2 | ||||||||||
Management fee revenue – Rocky Gap | — | — | 1.6 | (1.6 | ) | — | |||||||||||||||
Management fee expense – Rocky Gap | (1.6 | ) | — | — | 1.6 | — | |||||||||||||||
Gain on sale of cost method investment | — | — | 2.4 | — | 2.4 | ||||||||||||||||
Charges related to arbitration award | — | — | (2.5 | ) | — | (2.5 | ) | ||||||||||||||
Impairments and other losses | — | — | (21.0 | ) | — | (21.0 | ) | ||||||||||||||
Depreciation and amortization expense | (3.3 | ) | — | (0.2 | ) | — | (3.5 | ) | |||||||||||||
Earnings (loss) from operations | 3.2 | — | (27.2 | ) | — | (24.0 | ) | ||||||||||||||
Interest expense | (1.2 | ) | — | — | — | (1.2 | ) | ||||||||||||||
Total assets | 35.7 | — | 86.3 | — | 122 | ||||||||||||||||
Capital expenditures | 4.3 | — | 0.2 | — | 4.5 | ||||||||||||||||
Fiscal 2013 | |||||||||||||||||||||
Net revenue | $ | 30.9 | $ | 7.8 | $ | 0.8 | $ | (0.7 | ) | $ | 38.8 | ||||||||||
Management fee revenue – Rocky Gap | — | — | 0.7 | (0.7 | ) | — | |||||||||||||||
Management fee expense – Rocky Gap | (0.7 | ) | — | — | 0.7 | — | |||||||||||||||
Recovery of impairment on notes receivable | — | 17.4 | — | — | 17.4 | ||||||||||||||||
Gain on extinguishment of liabilities | — | 3.8 | — | — | 3.8 | ||||||||||||||||
Impairments and other losses | — | (3.4 | ) | — | — | (3.4 | ) | ||||||||||||||
Amortization of intangible assets related to Indian casino projects | — | (0.7 | ) | — | — | (0.7 | ) | ||||||||||||||
Depreciation and amortization expense | (2.1 | ) | — | (0.2 | ) | — | (2.3 | ) | |||||||||||||
Earnings (loss) from operations | (5.2 | ) | 24.5 | (5.9 | ) | — | 13.4 | ||||||||||||||
Interest expense | (0.7 | ) | (0.5 | ) | — | — | (1.2 | ) | |||||||||||||
Gain on modification of debt | 1.7 | — | — | — | 1.7 | ||||||||||||||||
Total assets | 34.4 | — | 112.9 | — | 147.3 | ||||||||||||||||
Capital expenditures | 20.6 | — | 0.1 | — | 20.7 | ||||||||||||||||
Investment in unconsolidated investee | — | — | 21 | — | 21 | ||||||||||||||||
Fiscal 2012 | |||||||||||||||||||||
Net revenue | $ | 3.2 | $ | 7.7 | $ | 0.1 | $ | — | $ | 11 | |||||||||||
Impairments and other losses | (1.2 | ) | (1.8 | ) | (1.5 | ) | — | (4.5 | ) | ||||||||||||
Amortization of intangible assets related to Indian casino projects | — | (1.1 | ) | — | — | (1.1 | ) | ||||||||||||||
Depreciation and amortization expense | (0.5 | ) | — | (0.2 | ) | — | (0.7 | ) | |||||||||||||
Earnings (loss) from operations | (2.7 | ) | 4.4 | (8.8 | ) | — | (7.1 | ) | |||||||||||||
Interest expense | — | (0.9 | ) | — | — | (0.9 | ) | ||||||||||||||
Total assets | 12 | 46.7 | 61 | — | 119.7 | ||||||||||||||||
Capital expenditures | 8.7 | — | — | — | 8.7 | ||||||||||||||||
Investment in unconsolidated investee | — | — | 20.2 | — | 20.2 | ||||||||||||||||
Note_21_Selected_Quarterly_Fin
Note 21 - Selected Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | 21. Selected Quarterly Financial Information (Unaudited): | ||||||||||||||||
Quarterly results of operations for the fiscal years ended December 28, 2014 and December 29, 2013 are summarized as follows (in thousands, except per share amounts): | |||||||||||||||||
2014 | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter (1) | Quarter (2) | Quarter (3) | ||||||||||||||
Net revenues | $ | 12,310 | $ | 14,107 | $ | 15,930 | $ | 12,825 | |||||||||
Earnings (loss) from operations | (1,647 | ) | 326 | (22,822 | ) | 192 | |||||||||||
Net earnings (loss) | (1,768 | ) | 57 | (23,076 | ) | (58 | ) | ||||||||||
Earnings (loss) per basic share | $ | (0.14 | ) | $ | 0 | $ | (1.72 | ) | $ | 0 | |||||||
__________ | |||||||||||||||||
-1 | Results included gain on sale of cost method investment of $1.0 million related to the investment in DEC. | ||||||||||||||||
-2 | Results included impairment losses of $21.0 million related to the write-down of the investment in Rock Ohio Ventures and charges related to arbitration award of $2.5 million related to the matter of Jerry Argovitz v. Lakes Entertainment, Inc. and Lakes Shingle Springs, Inc. | ||||||||||||||||
-3 | Results included gain on sale of cost method investment of $1.4 million related to the investment in DEC. | ||||||||||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
Quarter (1) | Quarter (1) | Quarter (2) | Quarter (3) | ||||||||||||||
Net revenues | $ | 3,304 | $ | 8,549 | $ | 15,492 | $ | 11,445 | |||||||||
Earnings (loss) from operations | (1,878 | ) | (1,243 | ) | 18,758 | (2,228 | ) | ||||||||||
Net earnings (loss) | (333 | ) | 244 | 19,599 | (859 | ) | |||||||||||
Earnings (loss) per basic share | $ | (0.03 | ) | $ | 0.02 | $ | 1.48 | $ | (0.06 | ) | |||||||
__________ | |||||||||||||||||
-1 | Results included approximately $0.3 million and $0.9 million of preopening expenses related to the Rocky Gap project for the first and second quarters of 2013, respectively. | ||||||||||||||||
-2 | Results included recovery of impairment on notes receivable of $17.4 million related to the Debt Termination Agreement with the Shingle Springs Tribe, gain on extinguishment of liabilities of $3.8 million associated with contract acquisition costs related to the project with the Shingle Springs Tribe that were no longer owed upon entering into the Debt Termination Agreement with the Shingle Springs Tribe, and impairment charges of $2.4 million related to the intangible assets associated with the development and management agreement with the Shingle Springs Tribe, which were considered fully impaired upon entering into the Debt Termination Agreement. Results also included an impairment charge of $1.0 million related to receivables from related parties that were directly related to the development and opening of Lakes’ Indian casino projects which were determined to be uncollectible during the third quarter of 2013. | ||||||||||||||||
-3 | Results included a gain of $1.7 million related to the modification of its Financing Facility with Centennial Bank to reduce the interest rate from 10.5% to 5.5%. | ||||||||||||||||
Note_22_Subsequent_Events
Note 22 - Subsequent Events | 12 Months Ended |
Dec. 28, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 22. Subsequent Events |
Merger Agreement | |
On January 25, 2015, Lakes entered into an Agreement and Plan of Merger with Sartini Gaming, Inc. At closing, Golden Gaming will combine with a wholly-owned subsidiary of Lakes with Golden Gaming surviving as a wholly-owned subsidiary of Lakes. Lakes will remain publicly traded and be renamed Golden Entertainment, Inc. upon closing. For further discussion of the Merger Agreement, see note 1, Nature of Business. | |
Sale of Investment in Rock Ohio Ventures | |
Effective January 25, 2015, Lakes sold its investment in Rock Ohio Ventures to DG Ohio Ventures, LLC for approximately $0.8 million. As this investment had been previously written down to zero, Lakes will account for the receipt of this payment as a gain on sale of cost method investment in the consolidated statement of operations in the first quarter of 2015. For further discussion, see note 8, Investment in Rock Ohio Ventures. | |
Shareholder Class Action Lawsuits | |
On February 6, 2015, Lakes, the members of the Lakes’ Board of Directors, LG Acquisition Corporation, Sartini Gaming, Inc., and the Blake L. Sartini and Delise F. Sartini Family Trust were named as defendants in two complaints filed in the District Court of the State of Minnesota, Fourth Judicial District in Hennepin County. The cases are captioned James Orr, Individually and on behalf of all others similarly situated, as Plaintiff, vs. Lakes Entertainment, Inc., LG Acquisition Corporation, Sartini Gaming, Inc., Lyle A. Berman, Timothy J. Cope, Larry C. Barenbaum, Neil I. Sell, Ray M. Moberg, and the Blake L. Sartini and Delise F. Sartini Family Trust, as Defendants, and Anthony Dacquisito, On Behalf of Himself and All Others Similarly Situated vs. Larry Barenbaum, Lyle Berman, Neil Sell, Ray Moberg, Timothy Cope, LG Acquisition Corporation, Sartini Gaming, Inc., and the Blake L. Sartini and Delise F. Sartini Family Trust, as Defendants. These are purported shareholder class action lawsuits brought by two of Lakes’ shareholders on behalf of themselves and others similarly situated, alleging that in entering into the proposed transaction with Golden Gaming, the Defendants have breached their fiduciary duties of good faith, loyalty and due care, and/or have aided and abetted such breaches. The Plaintiffs seek, among other things, to enjoin the transactions contemplated by the Merger Agreement and attorney’s fees. An unfavorable outcome in these lawsuits could prevent or delay the consummation of the Merger, result in substantial costs to Lakes, or both. It is also possible that other lawsuits may yet be filed and Lakes cannot estimate any possible loss from this or future litigation at this time. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | |||||
Dec. 28, 2014 | Dec. 30, 2012 | |||||
Accounting Policies [Abstract] | ||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | |||||
Preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates that affect the reported amounts of assets and liabilities and disclosures at the date of the financial statements and the reported amounts of net earnings during the reporting periods. Actual results could differ from those estimates. Significant estimates that are particularly susceptible to change materially within the next year relate to fair value measurements, income tax liabilities and deferred income tax asset valuation allowances. | ||||||
Fiscal Period, Policy [Policy Text Block] | Year End | |||||
The Company has a 52- or 53-week accounting period ending on the Sunday closest to December 31 of each year. The Company’s fiscal years for the periods shown on the accompanying consolidated statements of operations ended on December 28, 2014 (“fiscal 2014”), December 29, 2013 (“fiscal 2013”) and December 30, 2012 (“fiscal 2012”). | ||||||
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation | |||||
The accompanying consolidated financial statements include the accounts of Lakes and its subsidiaries. | ||||||
All material intercompany accounts and transactions have been eliminated in consolidation. | ||||||
Investments in unconsolidated investees, which are 20% or less owned and the Company does not have the ability to significantly influence the operating or financial decisions of the entity, are accounted for under the cost method. See note 8, Investment in Rock Ohio Ventures, LLC and note 9, Investment in Dania Entertainment Holdings, LLC. | ||||||
Effective September 10, 2014, the Company implemented a 1-for-2 reverse split of its common stock where each two shares of issued and outstanding common stock were converted into one share of common stock. The reverse split reduced the number of shares of the Company’s common stock outstanding from approximately 26.8 million to 13.4 million. The par value of the common stock remains at $0.01 per share and the number of authorized shares of common stock decreased from 200 million to 100 million. Proportional adjustments were also made to the company’s outstanding stock options. All share information presented in this Annual Report on Form 10-K gives effect to the reverse stock split. | ||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents | |||||
Cash and cash equivalents consist of highly-liquid investments with original maturities of three months or less. Although these balances may at times exceed the federal insured deposit limit, the Company believes such risk is mitigated by the quality of the institution holding such deposit. | ||||||
Marketable Securities, Policy [Policy Text Block] | Short-Term Investments and Concentrations of Credit Risk | |||||
Short-term investments consist of commercial paper, corporate bonds and certificates of deposit which are classified as available-for-sale securities and are valued at current market value, with the resulting unrealized gains and losses, if any, excluded from earnings and reported, net of tax, as a separate component of shareholders' equity until realized. The Company’s investments in certificates of deposit are federally-insured. All of the Company’s investments in commercial paper and corporate bonds carry a rating by one or more of the nationally recognized statistical rating organizations. Any change in such rating agencies' approach to evaluating credit and assigning an opinion could negatively impact the fair value of the Company’s investments. Any impairment loss to reduce an investment's carrying amount to its fair market value is recognized in income when a decline in the fair market value of an individual security below its cost or carrying value is determined to be other-than-temporary. | ||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment | |||||
Property and equipment is stated at cost less accumulated depreciation. Depreciation of property and equipment is computed using the straight-line method over the following estimated useful lives: | ||||||
Building and site improvements (in years) | 5 | - | 40 | |||
Furniture and equipment (in years) | 3 | - | 15 | |||
Investment, Policy [Policy Text Block] | Investments in Unconsolidated Investees | |||||
Investments in an entity where the Company owns 20% or less of the voting stock of the entity and does not exercise significant influence over operating and financial policies of the entity are accounted for using the cost method. | ||||||
The Company has a policy in place to review its investments at least annually, to evaluate the accounting method and carrying value of its investments in unconsolidated investees. The Company's cost method investments are evaluated, on at least a quarterly basis, for potential other-than-temporary impairment, or when an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investments. Lakes monitors the investments for impairment by considering all information available to the Company including the economic environment of the markets served by the properties; market conditions including existing and potential future competition; recent or expected changes in the regulatory environment; operational performance and financial results; known changes in the objectives of the properties’ management; known or expected changes in ownership; and any other known significant factors relating to the businesses underlying the investments. If the Company believes that the carrying value of an investment is in excess of its estimated fair value, it is the Company’s policy to record an impairment charge to adjust the carrying value to the estimated fair value, if the impairment is considered other-than-temporary. | ||||||
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Gaming License | |||||
The Company’s gaming license represents the right to conduct gaming in the State of Maryland. This intangible asset is subject to amortization as it has a definite life of 15 years. Amortization of the gaming license began on the date the gaming facility opened for public play, which was May 22, 2013. Lakes evaluates this intangible asset for impairment on at least a quarterly basis. | ||||||
Land Held for Development [Policy Text Block] | Land Held for Development | |||||
Included in land held for development is undeveloped land in California related to the Company’s previous involvement in a potential casino project with the Jamul Indian Village (“Jamul Tribe”). Lakes evaluates this asset for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. | ||||||
Revenue Recognition, Loyalty Programs [Policy Text Block] | Rewards Club Program | |||||
Lakes has established a Rewards Club promotional program at Rocky Gap to encourage repeat business from frequent customers and patrons. Members earn points based on gaming activity and amounts spent on the purchase of rooms, food, beverage and resort activities. Such points can be redeemed for complimentary slot play and free goods and services at Rocky Gap’s hotel, restaurants, spa and golf course. Lakes records points redeemed for complimentary slot play as a reduction to gaming revenue and points redeemed for free goods and services as promotional allowances. The Rewards Club point accrual is included in current liabilities on Lakes’ consolidated balance sheet. | ||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition and Promotional Allowances | |||||
Gaming revenue, which is defined as the difference between gaming wins and losses, is recognized as wins and losses occur from gaming activities. The retail value of rooms, food and beverage, and other services furnished to guests without charge, including coupons for discounts when redeemed, is included in gross revenues and then deducted as a promotional allowance. The estimated cost of providing such promotional allowances is included in gaming expenses. | ||||||
Food, beverage, and retail revenues are recorded at the time of sale. Room revenue is recorded at the time of occupancy. Sales taxes and surcharges collected from guests and remitted to governmental authorities are presented on a net basis. Accounts receivable deemed uncollectible are charged off through a provision for uncollectible accounts. No material amounts were deemed uncollectible during fiscal years 2014, 2013 or 2012. | ||||||
Revenue from the management, development, financing of and consulting with Indian-owned casino gaming facilities is recognized as it is earned pursuant to each respective agreement. | ||||||
Gaming Tax Policy [Policy Text Block] | Gaming Taxes | |||||
Rocky Gap is subject to gaming taxes based on gross gaming revenues and also pays an annual flat tax based on the number of table games and VLTs in operation during the year. These gaming taxes are recorded as gaming expenses in the consolidated statements of operations. Total gaming taxes were $20.2 million and $10.7 million for the fiscal years ended December 28, 2014 and December 29, 2013, respectively. There were no gaming taxes for the fiscal year ended December 30, 2012. | ||||||
Advertising Costs, Policy [Policy Text Block] | Advertising Expenses | |||||
The Company expenses advertising costs as incurred. Advertising expense, which is included in general and administrative expenses, was $2.5 million, $2.0 million and $0.1 million for fiscal years 2014, 2013 and 2012, respectively. | ||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation Expense | |||||
Lakes has various share-based compensation programs, which provide for equity awards including stock options and restricted stock. Lakes uses the straight-line method to recognize compensation expense associated with share-based awards based on the fair value on the date of grant, net of the estimated forfeiture rate, if any. Expense is recognized over the requisite service period related to each award, which is the period between the grant date and the award’s stated vesting term. The fair value of stock options is estimated using the Black-Scholes option pricing model. All of Lakes’ stock compensation expense is recorded in selling, general and administrative expenses in the consolidated statements of operations. See note 13, Share-Based Compensation, for additional discussion. | ||||||
Income Tax, Policy [Policy Text Block] | Income Taxes | |||||
The determination of the Company’s income tax-related account balances requires the exercise of significant judgment by management. Accordingly, the Company determines deferred tax assets and liabilities based upon the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Management assesses the likelihood that deferred tax assets will be recovered from future taxable income and establishes a valuation allowance when management believes recovery is not likely. | ||||||
The Company records estimated penalties and interest related to income tax matters, including uncertain tax positions, if any, as a component of income tax expense. | ||||||
Legal Costs, Policy [Policy Text Block] | Litigation Costs | |||||
The Company does not accrue for future litigation costs, if any, to be incurred in connection with outstanding litigation and other dispute matters but rather records such costs when the legal and other services are rendered. | ||||||
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards | |||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue from the transfer of goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. ASU 2014-09 will be effective for the Company’s first quarter of 2017. Lakes is evaluating the impact this new standard will have on its financial statements. | ||||||
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 requires entities to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss (“NOL”) or tax credit carryforward whenever the NOL or tax credit carryforward would be available to reduce the additional taxable income or tax due if the tax position is disallowed. This ASU requires entities to assess whether to net the unrecognized tax benefit with a deferred tax asset as of the reporting date. ASU 2013-11 became effective as of March 30, 2014. The adoption of ASU 2013-11 did not have an impact on the Company’s consolidated financial statements. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||
Dec. 28, 2014 | |||||
Accounting Policies [Abstract] | |||||
Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals [Table Text Block] | Building and site improvements (in years) | 5 | - | 40 | |
Furniture and equipment (in years) | 3 | - | 15 |
Note_5_ShortTerm_Investments_T
Note 5 - Short-Term Investments (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | 28-Dec-14 | Amortized Cost | Fair Value | Unrealized | |||||||||
Gain/(Loss) | |||||||||||||
Commercial paper | $ | 23,982 | $ | 23,984 | $ | 2 | |||||||
Corporate bonds | 21,717 | 21,693 | (24 | ) | |||||||||
Certificates of deposit | 961 | 961 | — | ||||||||||
Balances at December 29, 2013 | $ | 46,660 | $ | 46,638 | $ | (22 | ) | ||||||
29-Dec-13 | Amortized Cost | Fair Value | Unrealized | ||||||||||
Gain/(Loss) | |||||||||||||
Commercial paper | $ | 21,986 | $ | 21,993 | $ | 7 | |||||||
Corporate bonds | 27,113 | 27,106 | (7 | ) | |||||||||
Balances at December 29, 2013 | $ | 49,099 | $ | 49,099 | $ | — |
Note_6_Property_and_Equipment_1
Note 6 - Property and Equipment, Net (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | December 28, | December 29, | |||||||
2014 | 2013 | ||||||||
Building and site improvements | $ | 27,905 | $ | 24,611 | |||||
Furniture and equipment | 13,445 | 12,370 | |||||||
Construction in process | 83 | 219 | |||||||
41,433 | 37,200 | ||||||||
Less accumulated depreciation | (8,694 | ) | (5,541 | ) | |||||
$ | 32,739 | $ | 31,659 |
Note_7_Gaming_License_Tables
Note 7 - Gaming License (Tables) (Licensing Agreements [Member]) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||
Licensing Agreements [Member] | |||||||||||||||||||||||||
Note 7 - Gaming License (Tables) [Line Items] | |||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 28, | December 29, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Original cost | $ | 2,100 | $ | 2,100 | |||||||||||||||||||||
Accumulated amortization | (225 | ) | (85 | ) | |||||||||||||||||||||
$ | 1,875 | $ | 2,015 | ||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||
Estimated amortization expense | $ | 140 | $ | 140 | $ | 140 | $ | 140 | $ | 140 | $ | 1,175 |
Note_11_Debt_Tables
Note 11 - Debt (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | December 28, | December 29, | |||||||
2014 | 2013 | ||||||||
Financing Facility | $ | 11,691 | $ | 13,315 | |||||
Capital lease obligations | 50 | 182 | |||||||
Total debt | 11,741 | 13,497 | |||||||
Less: current maturities, net of discount | (1,368 | ) | (1,251 | ) | |||||
Less: unamortized debt discount | (1,432 | ) | (1,925 | ) | |||||
Long-term debt, net of current maturities and discount | $ | 8,941 | $ | 10,321 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Fiscal years ending: | ||||||||
2015 | $ | 1,766 | |||||||
2016 | 1,813 | ||||||||
2017 | 1,918 | ||||||||
2018 | 2,028 | ||||||||
2019 | 2,144 | ||||||||
Thereafter | 2,072 | ||||||||
$ | 11,741 |
Note_12_Promotional_Allowances1
Note 12 - Promotional Allowances (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Promotional Allowances [Abstract] | |||||||||
Estimated Retail Value for Promotional Allowances [Table Text Block] | Fiscal Year Ended | ||||||||
December 28, | December 29, | ||||||||
2014 | 2013 | ||||||||
Food and beverage | $ | 498 | $ | 131 | |||||
Rooms | 2,529 | 1,005 | |||||||
Other | 157 | — | |||||||
Total promotional allowances | $ | 3,184 | $ | 1,136 | |||||
Cost of Promotional Allowances [Table Text Block] | Fiscal Year Ended | ||||||||
December 28, | December 29, | ||||||||
2014 | 2013 | ||||||||
Food and beverage | $ | 234 | $ | 131 | |||||
Rooms | 655 | 242 | |||||||
Other | 122 | — | |||||||
Total promotional allowances | $ | 1,011 | $ | 373 |
Note_13_Sharebased_Compensatio1
Note 13 - Share-based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Common Shares | ||||||||||||||||
Options | Exercisable | Available | Weighted-Average | ||||||||||||||
Outstanding | for Grant | Exercise | |||||||||||||||
Price | |||||||||||||||||
2014 | |||||||||||||||||
Balance at December 29, 2013 | 798,171 | 585,769 | 263,424 | $ | 5.97 | ||||||||||||
Exercised | (28,343 | ) | — | 4.73 | |||||||||||||
Forfeited/cancelled/expired | (25,211 | ) | 24,211 | 5.19 | |||||||||||||
Granted | 11,000 | (11,000 | ) | 9.18 | |||||||||||||
Balance at December 28, 2014 | 755,617 | 616,792 | 276,635 | 6.09 | |||||||||||||
2013 | |||||||||||||||||
Balance at December 30, 2012 | 764,034 | 649,412 | 437,797 | $ | 5.84 | ||||||||||||
Exercised | (140,236 | ) | — | 5.52 | |||||||||||||
Forfeited/cancelled/expired | (53,377 | ) | 53,377 | 6.25 | |||||||||||||
Granted | 227,750 | (227,750 | ) | 6.18 | |||||||||||||
Balance at December 29, 2013 | 798,171 | 585,769 | 263,424 | 5.97 | |||||||||||||
2012 | |||||||||||||||||
Balance at January 1, 2012 | 822,334 | 577,690 | 437,297 | $ | 5.84 | ||||||||||||
Forfeited/cancelled/expired | (58,300 | ) | 500 | 5.76 | |||||||||||||
Balance at December 30, 2012 | 764,034 | 649,412 | 437,797 | 5.84 | |||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2014 | 2013 | |||||||||||||||
Expected dividend yield | — | — | |||||||||||||||
Risk-free interest rate | 2.39 | – | 2.88% | 1.96 | – | 2.70% | |||||||||||
Expected term (in years) | 10 | 10 | |||||||||||||||
Expected volatility | 32.87 | – | 39.35% | 39.32 | – | 43.78% | |||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Restricted | Weighted-Average | |||||||||||||||
Stock Units | Grant- | ||||||||||||||||
Date Fair Value | |||||||||||||||||
2012 | |||||||||||||||||
Balance at January 1, 2012 | 19,169 | $ | 6.5 | ||||||||||||||
Vested | (19,169 | ) | 6.5 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Balance at December 30, 2012 | — | — |
Note_15_Income_Taxes_Tables
Note 15 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Fiscal Year Ended | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | — | $ | — | $ | (2,482 | ) | ||||||
State | — | — | 18 | ||||||||||
— | — | (2,464 | ) | ||||||||||
Deferred: | |||||||||||||
Federal | — | — | — | ||||||||||
State | — | — | — | ||||||||||
— | — | — | |||||||||||
Total: | $ | — | $ | — | $ | (2,464 | ) | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Fiscal Year Ended | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory federal tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal income taxes | — | — | 1.6 | ||||||||||
Change in valuation allowance | (34.9 | ) | (35.3 | ) | (373.8 | ) | |||||||
Permanent tax differences | (0.1 | ) | 0.3 | 5.5 | |||||||||
Other, net | — | — | 6 | ||||||||||
— | % | — | % | (325.7 | )% | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 28, | December 29, | |||||||||||
2014 | 2013 | ||||||||||||
Current deferred tax asset: | |||||||||||||
Accruals and reserves | $ | 674 | $ | 448 | |||||||||
Transaction costs | 193 | — | |||||||||||
Valuation allowances | (867 | ) | (448 | ) | |||||||||
$ | — | $ | — | ||||||||||
Non-current deferred taxes: | |||||||||||||
Development costs | $ | 3,173 | $ | 3,848 | |||||||||
Deferred interest on notes receivable | — | 1,121 | |||||||||||
Stock compensation expense | 1,269 | 1,367 | |||||||||||
Amortization of intangible assets | 48 | 58 | |||||||||||
Alternative minimum tax credit carryforward | 919 | 919 | |||||||||||
Net operating loss carryforwards | 40,684 | 30,594 | |||||||||||
Investment in unconsolidated investee | (1,530 | ) | (3,172 | ) | |||||||||
Other | (730 | ) | (699 | ) | |||||||||
Valuation allowances | (43,833 | ) | (34,036 | ) | |||||||||
$ | — | $ | — |
Note_17_Financial_Instruments_1
Note 17 - Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Fair Value Disclosures [Abstract] | |||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 28-Dec-14 | 29-Dec-13 | |||||||
Short-Term Investments | |||||||||
Commercial paper | $ | 23,984 | $ | 21,993 | |||||
Corporate bonds | 21,693 | 27,106 | |||||||
Certificates of deposit | 961 | — |
Note_18_Commitments_and_Contin1
Note 18 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||
Minimum lease payment | $ | 425 | $ | 425 | $ | 425 | $ | 425 | $ | 425 | $ | 13,600 |
Note_20_Segment_Information_Ta
Note 20 - Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Indian | ||||||||||||||||||||
Rocky | Casino | ||||||||||||||||||||
Gap | Projects | Other | Eliminations | Consolidated | |||||||||||||||||
Fiscal 2014 | |||||||||||||||||||||
Net revenue | $ | 55 | $ | — | $ | 1.8 | $ | (1.6 | ) | $ | 55.2 | ||||||||||
Management fee revenue – Rocky Gap | — | — | 1.6 | (1.6 | ) | — | |||||||||||||||
Management fee expense – Rocky Gap | (1.6 | ) | — | — | 1.6 | — | |||||||||||||||
Gain on sale of cost method investment | — | — | 2.4 | — | 2.4 | ||||||||||||||||
Charges related to arbitration award | — | — | (2.5 | ) | — | (2.5 | ) | ||||||||||||||
Impairments and other losses | — | — | (21.0 | ) | — | (21.0 | ) | ||||||||||||||
Depreciation and amortization expense | (3.3 | ) | — | (0.2 | ) | — | (3.5 | ) | |||||||||||||
Earnings (loss) from operations | 3.2 | — | (27.2 | ) | — | (24.0 | ) | ||||||||||||||
Interest expense | (1.2 | ) | — | — | — | (1.2 | ) | ||||||||||||||
Total assets | 35.7 | — | 86.3 | — | 122 | ||||||||||||||||
Capital expenditures | 4.3 | — | 0.2 | — | 4.5 | ||||||||||||||||
Fiscal 2013 | |||||||||||||||||||||
Net revenue | $ | 30.9 | $ | 7.8 | $ | 0.8 | $ | (0.7 | ) | $ | 38.8 | ||||||||||
Management fee revenue – Rocky Gap | — | — | 0.7 | (0.7 | ) | — | |||||||||||||||
Management fee expense – Rocky Gap | (0.7 | ) | — | — | 0.7 | — | |||||||||||||||
Recovery of impairment on notes receivable | — | 17.4 | — | — | 17.4 | ||||||||||||||||
Gain on extinguishment of liabilities | — | 3.8 | — | — | 3.8 | ||||||||||||||||
Impairments and other losses | — | (3.4 | ) | — | — | (3.4 | ) | ||||||||||||||
Amortization of intangible assets related to Indian casino projects | — | (0.7 | ) | — | — | (0.7 | ) | ||||||||||||||
Depreciation and amortization expense | (2.1 | ) | — | (0.2 | ) | — | (2.3 | ) | |||||||||||||
Earnings (loss) from operations | (5.2 | ) | 24.5 | (5.9 | ) | — | 13.4 | ||||||||||||||
Interest expense | (0.7 | ) | (0.5 | ) | — | — | (1.2 | ) | |||||||||||||
Gain on modification of debt | 1.7 | — | — | — | 1.7 | ||||||||||||||||
Total assets | 34.4 | — | 112.9 | — | 147.3 | ||||||||||||||||
Capital expenditures | 20.6 | — | 0.1 | — | 20.7 | ||||||||||||||||
Investment in unconsolidated investee | — | — | 21 | — | 21 | ||||||||||||||||
Fiscal 2012 | |||||||||||||||||||||
Net revenue | $ | 3.2 | $ | 7.7 | $ | 0.1 | $ | — | $ | 11 | |||||||||||
Impairments and other losses | (1.2 | ) | (1.8 | ) | (1.5 | ) | — | (4.5 | ) | ||||||||||||
Amortization of intangible assets related to Indian casino projects | — | (1.1 | ) | — | — | (1.1 | ) | ||||||||||||||
Depreciation and amortization expense | (0.5 | ) | — | (0.2 | ) | — | (0.7 | ) | |||||||||||||
Earnings (loss) from operations | (2.7 | ) | 4.4 | (8.8 | ) | — | (7.1 | ) | |||||||||||||
Interest expense | — | (0.9 | ) | — | — | (0.9 | ) | ||||||||||||||
Total assets | 12 | 46.7 | 61 | — | 119.7 | ||||||||||||||||
Capital expenditures | 8.7 | — | — | — | 8.7 | ||||||||||||||||
Investment in unconsolidated investee | — | — | 20.2 | — | 20.2 |
Note_21_Selected_Quarterly_Fin1
Note 21 - Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | 2014 | First | Second | Third | Fourth | ||||||||||||
Quarter | Quarter (1) | Quarter (2) | Quarter (3) | ||||||||||||||
Net revenues | $ | 12,310 | $ | 14,107 | $ | 15,930 | $ | 12,825 | |||||||||
Earnings (loss) from operations | (1,647 | ) | 326 | (22,822 | ) | 192 | |||||||||||
Net earnings (loss) | (1,768 | ) | 57 | (23,076 | ) | (58 | ) | ||||||||||
Earnings (loss) per basic share | $ | (0.14 | ) | $ | 0 | $ | (1.72 | ) | $ | 0 | |||||||
2013 | First | Second | Third | Fourth | |||||||||||||
Quarter (1) | Quarter (1) | Quarter (2) | Quarter (3) | ||||||||||||||
Net revenues | $ | 3,304 | $ | 8,549 | $ | 15,492 | $ | 11,445 | |||||||||
Earnings (loss) from operations | (1,878 | ) | (1,243 | ) | 18,758 | (2,228 | ) | ||||||||||
Net earnings (loss) | (333 | ) | 244 | 19,599 | (859 | ) | |||||||||||
Earnings (loss) per basic share | $ | (0.03 | ) | $ | 0.02 | $ | 1.48 | $ | (0.06 | ) |
Note_1_Nature_of_Business_Deta
Note 1 - Nature of Business (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 5 Months Ended | 8 Months Ended | 1 Months Ended | |
Dec. 12, 2013 | Dec. 11, 2013 | Sep. 28, 2014 | Dec. 28, 2014 | Jan. 25, 2015 | Dec. 29, 2013 | Dec. 30, 2012 | Sep. 30, 2015 | Aug. 29, 2013 | |
Note 1 - Nature of Business (Details) [Line Items] | |||||||||
Cost-method Investments, Other than Temporary Impairment | $21,000,000 | ||||||||
Voting Securities Ownership Threshold, Percent | 4.99% | 15.00% | |||||||
Entity Number of Employees | 504 | ||||||||
Entity Number of Full Time Employees | 365 | ||||||||
Employees Covered By a Collective Bargaining Agreement, Percent | 60.00% | ||||||||
Subsequent Event [Member] | Rock Ohio Ventures [Member] | |||||||||
Note 1 - Nature of Business (Details) [Line Items] | |||||||||
Payments for (Proceeds from) Investments | -800,000 | ||||||||
Subsequent Event [Member] | Golden Gaming [Member] | |||||||||
Note 1 - Nature of Business (Details) [Line Items] | |||||||||
Merger Agreement Share Price (in Dollars per share) | $9.57 | ||||||||
Rock Ohio Ventures [Member] | |||||||||
Note 1 - Nature of Business (Details) [Line Items] | |||||||||
Payments for (Proceeds from) Investments | 21,000,000 | ||||||||
Cost Method Investments, Fair Value Disclosure | 0 | 800,000 | |||||||
Cost-method Investments, Other than Temporary Impairment | 21,000,000 | 21,000,000 | |||||||
Rocky Gap Resort [Member] | |||||||||
Note 1 - Nature of Business (Details) [Line Items] | |||||||||
Construction and Development Costs | 35,000,000 | ||||||||
Golden Gaming [Member] | |||||||||
Note 1 - Nature of Business (Details) [Line Items] | |||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 7,858,145 | ||||||||
Percentage of Total Fully Diluted Post-merger Shares | 35.70% | ||||||||
Current Shareholders, Percentage | 64.30% | ||||||||
Cash Termination Fee | 5,000,000 | ||||||||
Operating Tax Loss Carryforwards Preserved upon Acquisition Close | 89,000,000 | ||||||||
Merger Agreement [Member] | Golden Gaming [Member] | |||||||||
Note 1 - Nature of Business (Details) [Line Items] | |||||||||
Maximum Reimburse Transaction Expenses | 500,000 | ||||||||
Shingle Springs Tribe [Member] | |||||||||
Note 1 - Nature of Business (Details) [Line Items] | |||||||||
Proceeds from Collection of Loans Receivable | $57,100,000 |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Sep. 10, 2014 | Sep. 09, 2014 |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Common Stock, Shares, Outstanding (in Shares) | 13,389 | 13,361 | 13,400 | 26,800 | |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.01 | $0.01 | 0.01 | ||
Common Stock, Shares Authorized (in Shares) | 100,000 | 100,000 | 100,000 | 200,000 | |
General and Administrative Expense [Member] | |||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Advertising Expense | $2,500,000 | $2,000,000 | $100,000 | ||
Licensing Agreements [Member] | |||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||
Reverse Stock Split [Member] | |||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | ||||
Gaming Revenue [Member] | |||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Gaming Tax Expense | $20,200,000 | $10,700,000 | $0 |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Property, Plant and Equipment, Estimated Useful Lives | 12 Months Ended |
Dec. 28, 2014 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Property, plant, and equipment, useful life | 5 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Property, plant, and equipment, useful life | 40 years |
Furniture and Equipment [Member] | Minimum [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Property, plant, and equipment, useful life | 3 years |
Furniture and Equipment [Member] | Maximum [Member] | |
Significant Acquisitions and Disposals [Line Items] | |
Property, plant, and equipment, useful life | 15 years |
Note_3_Debt_Termination_Agreem1
Note 3 - Debt Termination Agreement with the Shingle Springs Tribe (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended |
Sep. 29, 2013 | Dec. 29, 2013 | Aug. 29, 2013 | |
Note 3 - Debt Termination Agreement with the Shingle Springs Tribe (Details) [Line Items] | |||
Allowance for Doubtful Accounts Receivable, Recoveries | $17,400,000 | $17,382,000 | |
Gains (Losses) on Extinguishment of Debt | 3,800,000 | 3,752,000 | |
Shingle Springs Tribe [Member] | |||
Note 3 - Debt Termination Agreement with the Shingle Springs Tribe (Details) [Line Items] | |||
Proceeds from Collection of Loans Receivable | 57,100,000 | ||
Allowance for Doubtful Accounts Receivable, Recoveries | 17,400,000 | ||
Notes, Loans and Financing Receivable, Net, Noncurrent | 39,700,000 | ||
Notes, Loans and Financing Receivable, Gross, Current | 69,700,000 | ||
Gains (Losses) on Extinguishment of Debt | 3,800,000 | ||
Impairment of Intangible Assets, Finite-lived | 2,400,000 | ||
Finite-Lived Intangible Assets, Net | $0 |
Note_4_Termination_of_Jamul_De1
Note 4 - Termination of Jamul Development Agreement (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | ||||||
Mar. 31, 2012 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 28, 2014 | Mar. 31, 2012 | Dec. 29, 2013 | Sep. 29, 2012 | Apr. 24, 2014 | Sep. 30, 2012 | 15-May-14 | |
Note 4 - Termination of Jamul Development Agreement (Details) [Line Items] | ||||||||||
Land Available for Development | $960,000 | $1,130,000 | ||||||||
Impairment Charges [Member] | Jamul Tribe [Member] | ||||||||||
Note 4 - Termination of Jamul Development Agreement (Details) [Line Items] | ||||||||||
Advances on Notes Receivable | 500,000 | 1,300,000 | 1,800,000 | |||||||
Intercreditor Agreement [Member] | Jamul Tribe [Member] | ||||||||||
Note 4 - Termination of Jamul Development Agreement (Details) [Line Items] | ||||||||||
Notes, Loans and Financing Receivable, Gross, Noncurrent | 60,000,000 | |||||||||
Loans Receivable with Fixed Rates of Interest | 0.0425 | |||||||||
Amended Intercreditor Agreement [Member] | Penn National and the Jamul Tribe [Member] | ||||||||||
Note 4 - Termination of Jamul Development Agreement (Details) [Line Items] | ||||||||||
Debt Instrument, Maximum Refinance Amount | 400,000,000 | |||||||||
Refinanced Debt, Maturity Period | 7 years | |||||||||
Debt Instrument, Debt Default Proceed, Quarterly Amount | 1,500,000 | |||||||||
Option Agreement [Member] | Penn National [Member] | ||||||||||
Note 4 - Termination of Jamul Development Agreement (Details) [Line Items] | ||||||||||
Land Available for Development | 7,000,000 | 7,000,000 | ||||||||
Land Available for Development, Inflation, Percent | 1.00% | 1.00% | ||||||||
Annual Payment Option, Land Available for Development | 100,000 | |||||||||
Amended Option Agreement [Member] | Penn National [Member] | ||||||||||
Note 4 - Termination of Jamul Development Agreement (Details) [Line Items] | ||||||||||
Land Available for Development | 5,500,000 | |||||||||
Annual Payment Option, Land Available for Development | 100,000 | |||||||||
Amended Option Agreement [Member] | ||||||||||
Note 4 - Termination of Jamul Development Agreement (Details) [Line Items] | ||||||||||
Land Available for Development | 5,500,000 | |||||||||
Jamul Tribe [Member] | ||||||||||
Note 4 - Termination of Jamul Development Agreement (Details) [Line Items] | ||||||||||
Accrued Advances on Notes Receivable | 57,500,000 | |||||||||
Notes Receivable, Fair Value Disclosure | $0 | $0 |
Note_5_ShortTerm_Investments_D
Note 5 - Short-Term Investments (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 28, 2014 | Dec. 28, 2014 | Dec. 29, 2013 | |
Note 5 - Short-Term Investments (Details) [Line Items] | |||
Available-for-sale Securities, Gross Unrealized Gain (Loss) | ($22,000) | ($100,000) | $0 |
Short-term Investments [Member] | |||
Note 5 - Short-Term Investments (Details) [Line Items] | |||
Other than Temporary Impairment Losses, Investments | $0 | $0 |
Note_5_ShortTerm_Investments_D1
Note 5 - Short-Term Investments (Details) - Short-Term Investments (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Dec. 28, 2014 | Dec. 29, 2013 |
Note 5 - Short-Term Investments (Details) - Short-Term Investments [Line Items] | |||
Amortized Cost | $46,660 | $49,099 | |
Fair Value | 46,638 | 49,099 | |
Unrealized Gain (Loss) | -22 | -100 | 0 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | |||
Note 5 - Short-Term Investments (Details) - Short-Term Investments [Line Items] | |||
Amortized Cost | 23,982 | 21,986 | |
Fair Value | 23,984 | 21,993 | |
Unrealized Gain (Loss) | 2 | 7 | |
Corporate Bond Securities [Member] | |||
Note 5 - Short-Term Investments (Details) - Short-Term Investments [Line Items] | |||
Amortized Cost | 21,717 | 27,113 | |
Fair Value | 21,693 | 27,106 | |
Unrealized Gain (Loss) | -24 | -7 | |
Certificates of Deposit [Member] | |||
Note 5 - Short-Term Investments (Details) - Short-Term Investments [Line Items] | |||
Amortized Cost | 961 | ||
Fair Value | $961 |
Note_6_Property_and_Equipment_2
Note 6 - Property and Equipment, Net (Details) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Note 6 - Property and Equipment, Net (Details) [Line Items] | ||
Property, Plant and Equipment, Net | $32,739 | $31,659 |
Office Facility Located in Minnetonka, Minnesota [Member] | ||
Note 6 - Property and Equipment, Net (Details) [Line Items] | ||
Property, Plant and Equipment, Net | $4,600 |
Note_6_Property_and_Equipment_3
Note 6 - Property and Equipment, Net (Details) - Property, Plant and Equipment, at Cost (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $41,433 | $37,200 |
Less accumulated depreciation | -8,694 | -5,541 |
32,739 | 31,659 | |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 27,905 | 24,611 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 13,445 | 12,370 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $83 | $219 |
Note_7_Gaming_License_Details
Note 7 - Gaming License (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 28, 2014 |
Note 7 - Gaming License (Details) [Line Items] | |||
Amortization of Intangible Assets | $716 | $1,056 | |
Licensing Agreements [Member] | |||
Note 7 - Gaming License (Details) [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Amortization of Intangible Assets | $100 | $100 |
Note_7_Gaming_License_Details_
Note 7 - Gaming License (Details) - Gaming License (Licensing Agreements [Member], USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
Licensing Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Original cost | $2,100,000 | $2,100,000 |
Accumulated amortization | -225,000 | -85,000 |
$1,875,000 | $2,015,000 |
Note_7_Gaming_License_Details_1
Note 7 - Gaming License (Details) - Estimated Future Amortization Expense for Gaming License (Licensing Agreements [Member], USD $) | Dec. 28, 2014 |
In Thousands, unless otherwise specified | |
Licensing Agreements [Member] | |
Note 7 - Gaming License (Details) - Estimated Future Amortization Expense for Gaming License [Line Items] | |
Estimated amortization expense | $140 |
Estimated amortization expense | 140 |
Estimated amortization expense | 140 |
Estimated amortization expense | 140 |
Estimated amortization expense | 140 |
Estimated amortization expense | $1,175 |
Note_8_Investment_in_Rock_Ohio1
Note 8 - Investment in Rock Ohio Ventures, LLC (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||
Sep. 28, 2014 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Jan. 25, 2015 | 22-May-13 | Apr. 21, 2014 | Oct. 17, 2014 | Oct. 02, 2011 | Jun. 29, 2014 | |
Note 8 - Investment in Rock Ohio Ventures, LLC (Details) [Line Items] | |||||||||||
Cost Method Investments | $20,997,000 | $20,200,000 | |||||||||
Cost-method Investments, Other than Temporary Impairment | 21,000,000 | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 4,516,000 | 20,695,000 | 3,795,000 | ||||||||
Dania Entertainment Center [Member] | Ownership Redemmed [Member] | |||||||||||
Note 8 - Investment in Rock Ohio Ventures, LLC (Details) [Line Items] | |||||||||||
Investment Owned, Percent of Net Assets | 5.00% | ||||||||||
Dania Entertainment Center [Member] | Investment Sold [Member] | |||||||||||
Note 8 - Investment in Rock Ohio Ventures, LLC (Details) [Line Items] | |||||||||||
Cost Method Investments | 2,600,000 | ||||||||||
Dania Entertainment Center [Member] | Payments Received [Member] | |||||||||||
Note 8 - Investment in Rock Ohio Ventures, LLC (Details) [Line Items] | |||||||||||
Cost Method Investments | 1,000,000 | 1,400,000 | |||||||||
Gain on Sale of Investments | 2,400,000 | ||||||||||
Dania Entertainment Center [Member] | |||||||||||
Note 8 - Investment in Rock Ohio Ventures, LLC (Details) [Line Items] | |||||||||||
Advances on Notes Receivable | 4,000,000 | ||||||||||
Notes, Loans and Financing Receivable, Net, Current | 0 | ||||||||||
Dania Entertainment Holdings [Member] | Ownership Redemmed [Member] | |||||||||||
Note 8 - Investment in Rock Ohio Ventures, LLC (Details) [Line Items] | |||||||||||
Investment Owned, Percent of Net Assets | 20.00% | ||||||||||
Dania Entertainment Holdings [Member] | |||||||||||
Note 8 - Investment in Rock Ohio Ventures, LLC (Details) [Line Items] | |||||||||||
Investment Owned, Percent of Net Assets | 20.00% | ||||||||||
Subsequent Event [Member] | Rock Ohio Ventures [Member] | |||||||||||
Note 8 - Investment in Rock Ohio Ventures, LLC (Details) [Line Items] | |||||||||||
Payments for (Proceeds from) Investments | -800,000 | ||||||||||
Ownership Transfered [Member] | Dania Entertainment Center [Member] | |||||||||||
Note 8 - Investment in Rock Ohio Ventures, LLC (Details) [Line Items] | |||||||||||
Investment Owned, Percent of Net Assets | 40.00% | ||||||||||
Rock Ohio Ventures [Member] | |||||||||||
Note 8 - Investment in Rock Ohio Ventures, LLC (Details) [Line Items] | |||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 10.00% | 10.00% | |||||||||
Cost Method Investments | 0 | 0 | 21,000,000 | 21,000,000 | |||||||
Cost Method Investments, Fair Value Disclosure | 0 | 800,000 | |||||||||
Cost-method Investments, Other than Temporary Impairment | 21,000,000 | 21,000,000 | |||||||||
Payments for (Proceeds from) Investments | 21,000,000 | ||||||||||
Dania Entertainment Holdings [Member] | |||||||||||
Note 8 - Investment in Rock Ohio Ventures, LLC (Details) [Line Items] | |||||||||||
Cost Method Investments | 0 | 0 | |||||||||
Dania Entertainment Center [Member] | |||||||||||
Note 8 - Investment in Rock Ohio Ventures, LLC (Details) [Line Items] | |||||||||||
Payments to Acquire Property, Plant, and Equipment | $65,500,000 |
Note_10_Land_Details
Note 10 - Land (Details) (USD $) | 12 Months Ended | |||||
Dec. 28, 2014 | Dec. 30, 2012 | Dec. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2012 | 15-May-14 | |
Note 10 - Land (Details) [Line Items] | ||||||
Land Available for Development | $960,000 | $1,130,000 | ||||
Proceeds from Sale of Land Classified as Held for Sale | 236,000 | 368,000 | ||||
Gain (Loss) on Sale of Land Classsified as Held for Sale | 66,000 | |||||
Land [Member] | ||||||
Note 10 - Land (Details) [Line Items] | ||||||
Asset Impairment Charges | 0 | 0 | ||||
Option Agreement [Member] | Penn National [Member] | ||||||
Note 10 - Land (Details) [Line Items] | ||||||
Land Available for Development | 7,000,000 | 7,000,000 | ||||
Land Available for Development, Inflation, Percent | 1.00% | 1.00% | ||||
Annual Payment Option, Land Available for Development | 100,000 | |||||
Amended Option Agreement [Member] | Penn National [Member] | ||||||
Note 10 - Land (Details) [Line Items] | ||||||
Land Available for Development | 5,500,000 | |||||
Annual Payment Option, Land Available for Development | 100,000 | |||||
Amended Option Agreement [Member] | ||||||
Note 10 - Land (Details) [Line Items] | ||||||
Land Available for Development | 5,500,000 | |||||
Oklahoma [Member] | ||||||
Note 10 - Land (Details) [Line Items] | ||||||
Land Available for Development | 200,000 | |||||
Proceeds from Sale of Land Classified as Held for Sale | 300,000 | |||||
Gain (Loss) on Sale of Land Classsified as Held for Sale | $100,000 |
Note_11_Debt_Details
Note 11 - Debt (Details) (USD $) | 12 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | 13 Months Ended | 14 Months Ended | |||
Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Oct. 31, 2013 | Dec. 28, 2014 | Dec. 28, 2014 | Dec. 28, 2014 | Oct. 28, 2014 | Dec. 30, 2012 | |
Note 11 - Debt (Details) [Line Items] | |||||||||
Long-term Line of Credit | $13,315,000 | $13,315,000 | $13,315,000 | $11,691,000 | $11,691,000 | $11,691,000 | |||
Gains (Losses) on Restructuring of Debt | 1,658,000 | ||||||||
Fair Value of Debt Instrument, Unamortized Discount | 1,925,000 | 1,925,000 | 1,925,000 | 1,432,000 | 1,432,000 | 1,432,000 | |||
Revolving Credit Facility [Member] | Centennial Bank [Member] | |||||||||
Note 11 - Debt (Details) [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 8,000,000 | ||||||||
Line of Credit Facility, Interest Rate at Period End | 8.95% | ||||||||
Financing Facility [Member] | Centennial Bank [Member] | |||||||||
Note 11 - Debt (Details) [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 17,500,000 | ||||||||
Line of Credit Facility, Interest Rate at Period End | 5.50% | 5.50% | 5.50% | ||||||
Proceeds from Lines of Credit | 13,400,000 | ||||||||
Line of Credit Facility, Interest Rate During Period | 10.50% | 5.50% | |||||||
Line of Credit Facility, Expiration Period | 84 months | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 4,100,000 | 4,100,000 | 4,100,000 | ||||||
Long-term Line of Credit | 13,300,000 | 13,300,000 | 13,300,000 | 11,700,000 | 11,700,000 | 11,700,000 | |||
Gains (Losses) on Restructuring of Debt | 1,700,000 | ||||||||
Fair Value of Debt Instrument, Unamortized Discount | 2,000,000 | 2,000,000 | 2,000,000 | ||||||
Debt Issuance Cost | 300,000 | ||||||||
Accretion of Discount | $100,000 | $500,000 |
Note_11_Debt_Details_Longterm_
Note 11 - Debt (Details) - Long-term Debt (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Long-term Debt, Unclassified [Abstract] | ||
Financing Facility | $11,691 | $13,315 |
Capital lease obligations | 50 | 182 |
Total debt | 11,741 | 13,497 |
Less: current maturities, net of discount | -1,368 | -1,251 |
Less: unamortized debt discount | -1,432 | -1,925 |
Long-term debt, net of current maturities and discount | $8,941 | $10,321 |
Note_11_Debt_Details_Longterm_1
Note 11 - Debt (Details) - Long-term Debt, Principal Payment Schedule (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Long-term Debt, Principal Payment Schedule [Abstract] | ||
2015 | $1,766 | |
2016 | 1,813 | |
2017 | 1,918 | |
2018 | 2,028 | |
2019 | 2,144 | |
Thereafter | 2,072 | |
$11,741 | $13,497 |
Note_12_Promotional_Allowances2
Note 12 - Promotional Allowances (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Promotional Allowances [Abstract] | |||
Promotional Allowances | $3,184,000 | $1,136,000 | $0 |
Note_12_Promotional_Allowances3
Note 12 - Promotional Allowances (Details) - Estimated Retail Value of Promotional Allowance (USD $) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Note 12 - Promotional Allowances (Details) - Estimated Retail Value of Promotional Allowance [Line Items] | |||
Promotional Allowances | $3,184,000 | $1,136,000 | $0 |
Food and Beverage [Member] | |||
Note 12 - Promotional Allowances (Details) - Estimated Retail Value of Promotional Allowance [Line Items] | |||
Promotional Allowances | 498,000 | 131,000 | |
Rooms [Member] | |||
Note 12 - Promotional Allowances (Details) - Estimated Retail Value of Promotional Allowance [Line Items] | |||
Promotional Allowances | 2,529,000 | 1,005,000 | |
Other [Member] | |||
Note 12 - Promotional Allowances (Details) - Estimated Retail Value of Promotional Allowance [Line Items] | |||
Promotional Allowances | $157,000 |
Note_12_Promotional_Allowances4
Note 12 - Promotional Allowances (Details) - Estimated Cost of Providing Promotional Allowances (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Note 12 - Promotional Allowances (Details) - Estimated Cost of Providing Promotional Allowances [Line Items] | |||
Food and beverage | $4,771 | $3,758 | $955 |
Rooms | 694 | 863 | 296 |
Total promotional allowances | 1,011 | 373 | |
Cost of Sales [Member] | |||
Note 12 - Promotional Allowances (Details) - Estimated Cost of Providing Promotional Allowances [Line Items] | |||
Food and beverage | 234 | 131 | |
Rooms | 655 | 242 | |
Other | $122 |
Note_13_Sharebased_Compensatio2
Note 13 - Share-based Compensation (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Jun. 30, 2007 | Jan. 01, 2012 |
Note 13 - Share-based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 755,617 | 798,171 | 764,034 | 822,334 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 276,635 | 263,424 | 437,797 | 437,297 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 292 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $6.09 | $5.97 | $5.84 | $5.84 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $0.70 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in Dollars per share) | $6.01 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 109 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 0.6 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 0.1 | 0.4 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 28,343 | 140,236 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $4.65 | $3.45 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 11,000 | 227,750 | 0 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 0.3 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 109 days | ||||
Employee Stock Option [Member] | |||||
Note 13 - Share-based Compensation (Details) [Line Items] | |||||
Allocated Share-based Compensation Expense | $0.30 | $0.50 | $0.40 | ||
Restricted Stock Units (RSUs) [Member] | |||||
Note 13 - Share-based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in Shares) | 17,629 | ||||
Vesting Period One [Member] | Stock Option And Compensation Plan Of 2007 [Member] | |||||
Note 13 - Share-based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Vesting Period Two [Member] | Stock Option And Compensation Plan Of 2007 [Member] | |||||
Note 13 - Share-based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Vesting Period Three [Member] | Stock Option And Compensation Plan Of 2007 [Member] | |||||
Note 13 - Share-based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||
Stock Option And Compensation Plan Of 2007 [Member] | |||||
Note 13 - Share-based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 1,250,000 | ||||
Share Based Compensation Vested Options Exercisable Term | 10 years | ||||
The 1998 Plan [Member] | |||||
Note 13 - Share-based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 12,500 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 0 |
Note_13_Sharebased_Compensatio3
Note 13 - Share-based Compensation (Details) - Stock Option Activity (USD $) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
2014 | |||
Options Outstanding | 798,171 | 764,034 | 822,334 |
Exercisable | 585,769 | 649,412 | 577,690 |
Available for Grant | 263,424 | 437,797 | 437,297 |
Weighted-Average Exercise Price (in Dollars per share) | $5.97 | $5.84 | $5.84 |
Options Outstanding | 755,617 | 798,171 | 764,034 |
Exercisable | 616,792 | 585,769 | 649,412 |
Available for Grant | 276,635 | 263,424 | 437,797 |
Weighted-Average Exercise Price (in Dollars per share) | $6.09 | $5.97 | $5.84 |
Options Outstanding, Exercised | -28,343 | -140,236 | 0 |
Weighted-Average Exercise Price, Exercised (in Dollars per share) | $4.73 | $5.52 | |
Options Outstanding, Forfeited/cancelled/expired | -25,211 | -53,377 | -58,300 |
Available for Grant, Forfeited/cancelled/expired | 24,211 | 53,377 | 500 |
Weighted-Average Exercise Price, Forfeited/cancelled/expired (in Dollars per share) | $5.19 | $6.25 | $5.76 |
Options Outstanding, Granted | 11,000 | 227,750 | 0 |
Available for Grant, Granted | -11,000 | -227,750 | |
Weighted-Average Exercise Price, Granted (in Dollars per share) | $9.18 | $6.18 |
Note_13_Sharebased_Compensatio4
Note 13 - Share-based Compensation (Details) - Fair Value of Stock Options Granted | 12 Months Ended | |
Dec. 28, 2014 | Dec. 29, 2013 | |
Note 13 - Share-based Compensation (Details) - Fair Value of Stock Options Granted [Line Items] | ||
Expected term (in years) | 10 years | 10 years |
Minimum [Member] | ||
Note 13 - Share-based Compensation (Details) - Fair Value of Stock Options Granted [Line Items] | ||
Risk-free interest rate | 2.39% | 1.96% |
Expected volatility | 32.87% | 39.32% |
Maximum [Member] | ||
Note 13 - Share-based Compensation (Details) - Fair Value of Stock Options Granted [Line Items] | ||
Risk-free interest rate | 2.88% | 2.70% |
Expected volatility | 39.35% | 43.78% |
Note_13_Sharebased_Compensatio5
Note 13 - Share-based Compensation (Details) - Restricted Stock Unit Activity (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | |
Dec. 30, 2012 | Jan. 01, 2012 | |
Restricted Stock Units (RSUs) [Member] | ||
2012 | ||
Balance at January 1, 2012 | 19,169 | |
Balance at January 1, 2012 | $6.50 | |
Vested | -19,169 | |
Vested | $6.50 |
Note_14_Earnings_Per_Share_Det
Note 14 - Earnings Per Share (Details) | 12 Months Ended | |
Dec. 28, 2014 | Dec. 29, 2013 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 755,617 | 694,765 |
Note_15_Income_Taxes_Details
Note 15 - Income Taxes (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 28, 2014 |
Earliest Tax Year [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Note 15 - Income Taxes (Details) [Line Items] | |
Income Tax Examination, Year under Examination | 2009 |
Latest Tax Year [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Note 15 - Income Taxes (Details) [Line Items] | |
Income Tax Examination, Year under Examination | 2013 |
Tax Year 2010 [Member] | State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | |
Note 15 - Income Taxes (Details) [Line Items] | |
Income Tax Examination, Year under Examination | 2010 |
Domestic Tax Authority [Member] | |
Note 15 - Income Taxes (Details) [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 96.3 |
State and Local Jurisdiction [Member] | |
Note 15 - Income Taxes (Details) [Line Items] | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 127.9 |
Note_15_Income_Taxes_Details_C
Note 15 - Income Taxes (Details) - Components of Income Tax Provision (Benefit) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Current: | |||
Federal | $0 | $0 | ($2,482) |
State | 0 | 0 | 18 |
0 | 0 | -2,464 | |
Deferred: | |||
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
0 | 0 | 0 | |
Total: | $0 | $0 | ($2,464) |
Note_15_Income_Taxes_Details_E
Note 15 - Income Taxes (Details) - Effective Income Tax Rate Reconciliation | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Effective Income Tax Rate Reconciliation [Abstract] | |||
Statutory federal tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal income taxes | 1.60% | ||
Change in valuation allowance | -34.90% | -35.30% | -373.80% |
Permanent tax differences | -0.10% | 0.30% | 5.50% |
Other, net | 6.00% | ||
-325.70% |
Note_15_Income_Taxes_Details_D
Note 15 - Income Taxes (Details) - Deferred Tax Assets and Liabilities (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Current deferred tax asset: | ||
Accruals and reserves | $674 | $448 |
Transaction costs | 193 | |
Valuation allowances | -867 | -448 |
0 | 0 | |
Non-current deferred taxes: | ||
Development costs | 3,173 | 3,848 |
Deferred interest on notes receivable | 1,121 | |
Stock compensation expense | 1,269 | 1,367 |
Amortization of intangible assets | 48 | 58 |
Alternative minimum tax credit carryforward | 919 | 919 |
Net operating loss carryforwards | 40,684 | 30,594 |
Investment in unconsolidated investee | -1,530 | -3,172 |
Other | -730 | -699 |
Valuation allowances | -43,833 | -34,036 |
$0 | $0 |
Note_16_Employee_Retirement_Pl1
Note 16 - Employee Retirement Plan (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 4.00% | ||
Defined Benefit Plan, Contributions by Employer | $0.20 | $0.10 | $0.10 |
Note_17_Financial_Instruments_2
Note 17 - Financial Instruments and Fair Value Measurements (Details) (Rock Ohio Ventures [Member], USD $) | 0 Months Ended | 12 Months Ended | ||
Jan. 25, 2015 | Dec. 29, 2013 | Dec. 28, 2014 | Sep. 28, 2014 | |
Note 17 - Financial Instruments and Fair Value Measurements (Details) [Line Items] | ||||
Cost Method Investments, Fair Value Disclosure | $800,000 | $0 | ||
Payments for (Proceeds from) Investments | 21,000,000 | |||
Subsequent Event [Member] | ||||
Note 17 - Financial Instruments and Fair Value Measurements (Details) [Line Items] | ||||
Payments for (Proceeds from) Investments | ($800,000) |
Note_17_Financial_Instruments_3
Note 17 - Financial Instruments and Fair Value Measurements (Details) - Estimated Fair Value of Financial Instruments, Current Year (USD $) | Sep. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 |
In Thousands, unless otherwise specified | |||
Short-Term Investments | |||
Available for Sale Securities | $46,638 | $49,099 | |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Short-Term Investments | |||
Available for Sale Securities | 21,993 | 23,984 | |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | |||
Short-Term Investments | |||
Available for Sale Securities | 23,984 | 21,993 | |
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Short-Term Investments | |||
Available for Sale Securities | 27,106 | 21,693 | |
Corporate Bond Securities [Member] | |||
Short-Term Investments | |||
Available for Sale Securities | 21,693 | 27,106 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Short-Term Investments | |||
Available for Sale Securities | 961 | ||
Certificates of Deposit [Member] | |||
Short-Term Investments | |||
Available for Sale Securities | $961 |
Note_18_Commitments_and_Contin2
Note 18 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 19 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | 10 Months Ended | ||
Dec. 28, 2014 | Dec. 30, 2012 | Dec. 28, 2014 | Dec. 29, 2013 | Sep. 09, 2014 | Mar. 12, 2014 | Sep. 28, 2014 | Jul. 01, 2012 | 22-May-13 | |
Note 18 - Commitments and Contingencies (Details) [Line Items] | |||||||||
Gain (Loss) Related to Litigation Settlement | ($2,500,000) | $2,160,000 | |||||||
Gaming Revenue [Member] | Rocky Gap State Park [Member] | Maryland DNR [Member] | |||||||||
Note 18 - Commitments and Contingencies (Details) [Line Items] | |||||||||
Operating Leases, Rent Expense | 275,000 | ||||||||
Operating Leases, Income Statement, Percent Revenue, Percent | 0.90% | ||||||||
Operating Lease, Lease Terms, Base Revenue | 275,000 | ||||||||
Surcharge Revenue [Member] | Rocky Gap State Park [Member] | Maryland DNR [Member] | |||||||||
Note 18 - Commitments and Contingencies (Details) [Line Items] | |||||||||
Operating Leases, Rent Expense | 150,000 | ||||||||
Operating Lease, Lease Terms, Base Revenue | 150,000 | ||||||||
Surcharge Revenue [Member] | Rocky Gap State Park [Member] | |||||||||
Note 18 - Commitments and Contingencies (Details) [Line Items] | |||||||||
Operating Leases, Rent Expense | 100,000 | 100,000 | |||||||
Per Room Per Night [Member] | Rocky Gap State Park [Member] | Maryland DNR [Member] | |||||||||
Note 18 - Commitments and Contingencies (Details) [Line Items] | |||||||||
Operating Leases, Surcharge Revenue, Per Unit | 3 | ||||||||
Per Round of Golf [Member] | Rocky Gap State Park [Member] | Maryland DNR [Member] | |||||||||
Note 18 - Commitments and Contingencies (Details) [Line Items] | |||||||||
Operating Leases, Surcharge Revenue, Per Unit | 1 | ||||||||
Jerry Argovitz Litigation [Member] | |||||||||
Note 18 - Commitments and Contingencies (Details) [Line Items] | |||||||||
Loss Contingency, Damages Sought, Value | 2,700,000 | ||||||||
Litigation Settlement, Amount | 2,400,000 | ||||||||
Gain (Loss) Related to Litigation Settlement | -2,500,000 | ||||||||
Litigation Settlement, Expense | 100,000 | ||||||||
Quest Media Group, LLC Litigation [Member] | |||||||||
Note 18 - Commitments and Contingencies (Details) [Line Items] | |||||||||
Loss Contingency, Damages Sought, Value | 25,000 | ||||||||
Rocky Gap State Park [Member] | Maryland DNR [Member] | |||||||||
Note 18 - Commitments and Contingencies (Details) [Line Items] | |||||||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 40 years | ||||||||
Area of Real Estate Property (in Acres) | 268 | 268 | |||||||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 20 years | ||||||||
Operating Leases, Rent Expense | $300,000 | $400,000 | $150,000 |
Note_18_Commitments_and_Contin3
Note 18 - Commitments and Contingencies (Details) - Future Minimum Payments for Operating Lease (USD $) | Dec. 28, 2014 |
In Thousands, unless otherwise specified | |
Future Minimum Payments for Operating Lease [Abstract] | |
Minimum lease payment | $425 |
Minimum lease payment | 425 |
Minimum lease payment | 425 |
Minimum lease payment | 425 |
Minimum lease payment | 425 |
Minimum lease payment | $13,600 |
Note_19_Related_Party_Transact1
Note 19 - Related Party Transaction (Details) (Chief Executive Officer [Member], USD $) | 3 Months Ended | 1 Months Ended |
Dec. 30, 2012 | Mar. 31, 2013 | |
Note 19 - Related Party Transaction (Details) [Line Items] | ||
Increase (Decrease) in Notes Receivables | ($250,000) | |
Proceeds from Sale of Notes Receivable | 150,000 | |
Financing Receivable, Individually Evaluated for Impairment | 150,000 | |
Notes Receivable [Member] | ||
Note 19 - Related Party Transaction (Details) [Line Items] | ||
Asset Impairment Charges | $100,000 |
Note_20_Segment_Information_De
Note 20 - Segment Information (Details) - Assets and Operations of Report Segments (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | ||||||||
Fiscal 2014 | ||||||||||||||||||
Net revenue | $12,825,000 | [1] | $15,930,000 | [2] | $14,107,000 | [3] | $12,310,000 | $11,445,000 | [4] | $15,492,000 | [5] | $8,549,000 | [6] | $3,304,000 | [6] | $55,172,000 | $38,790,000 | $10,952,000 |
Management fee revenue b Rocky Gap | 7,762,000 | 7,726,000 | ||||||||||||||||
Management fee expense b Rocky Gap | -22,566,000 | -19,332,000 | -10,191,000 | |||||||||||||||
Recovery of impairment on notes receivable | 17,400,000 | 17,382,000 | ||||||||||||||||
Gain on extinguishment of liabilities | 3,800,000 | 3,752,000 | ||||||||||||||||
Gain on sale of cost method investment | 2,391,000 | |||||||||||||||||
Charges related to arbitration award | -2,500,000 | 2,160,000 | ||||||||||||||||
Impairments and other losses | -21,000,000 | -3,400,000 | -4,500,000 | |||||||||||||||
Amortization of intangible assets related to operating casinos | -716,000 | -1,056,000 | ||||||||||||||||
Depreciation and amortization expense | -3,513,000 | -2,273,000 | -675,000 | |||||||||||||||
Earnings (loss) from operations | -24,000,000 | 13,400,000 | -7,100,000 | |||||||||||||||
Interest expense | -1,200,000 | -1,200,000 | -900,000 | |||||||||||||||
Gain on modification of debt | 1,658,000 | |||||||||||||||||
Total assets | 122,029,000 | 147,261,000 | 122,029,000 | 147,261,000 | 119,700,000 | |||||||||||||
Capital expenditures | 4,500,000 | 20,700,000 | 8,700,000 | |||||||||||||||
Investment in unconsolidated investees | 20,997,000 | 20,997,000 | 20,200,000 | |||||||||||||||
Rocky Gap Resort [Member] | Operating Segments [Member] | ||||||||||||||||||
Fiscal 2014 | ||||||||||||||||||
Net revenue | 55,000,000 | 30,900,000 | 3,200,000 | |||||||||||||||
Management fee expense b Rocky Gap | -1,600,000 | -700,000 | ||||||||||||||||
Impairments and other losses | -1,200,000 | |||||||||||||||||
Depreciation and amortization expense | -3,300,000 | -2,100,000 | -500,000 | |||||||||||||||
Earnings (loss) from operations | 3,200,000 | -5,200,000 | -2,700,000 | |||||||||||||||
Interest expense | -1,200,000 | -700,000 | ||||||||||||||||
Gain on modification of debt | 1,700,000 | |||||||||||||||||
Total assets | 35,700,000 | 34,400,000 | 35,700,000 | 34,400,000 | 12,000,000 | |||||||||||||
Capital expenditures | 4,300,000 | 20,600,000 | 8,700,000 | |||||||||||||||
Indian Casino Projects [Member] | Operating Segments [Member] | ||||||||||||||||||
Fiscal 2014 | ||||||||||||||||||
Net revenue | 7,800,000 | 7,700,000 | ||||||||||||||||
Recovery of impairment on notes receivable | 17,400,000 | |||||||||||||||||
Gain on extinguishment of liabilities | 3,800,000 | |||||||||||||||||
Impairments and other losses | -3,400,000 | -1,800,000 | ||||||||||||||||
Amortization of intangible assets related to operating casinos | -700,000 | -1,100,000 | ||||||||||||||||
Earnings (loss) from operations | 24,500,000 | 4,400,000 | ||||||||||||||||
Interest expense | -500,000 | -900,000 | ||||||||||||||||
Total assets | 46,700,000 | |||||||||||||||||
Other Segments [Member] | Operating Segments [Member] | ||||||||||||||||||
Fiscal 2014 | ||||||||||||||||||
Net revenue | 1,800,000 | 800,000 | 100,000 | |||||||||||||||
Management fee revenue b Rocky Gap | 1,600,000 | 700,000 | ||||||||||||||||
Gain on sale of cost method investment | 2,400,000 | |||||||||||||||||
Charges related to arbitration award | -2,500,000 | |||||||||||||||||
Impairments and other losses | -21,000,000 | -1,500,000 | ||||||||||||||||
Depreciation and amortization expense | -200,000 | -200,000 | -200,000 | |||||||||||||||
Earnings (loss) from operations | -27,200,000 | -5,900,000 | -8,800,000 | |||||||||||||||
Total assets | 86,300,000 | 112,900,000 | 86,300,000 | 112,900,000 | 61,000,000 | |||||||||||||
Capital expenditures | 200,000 | 100,000 | ||||||||||||||||
Investment in unconsolidated investees | 21,000,000 | 21,000,000 | 20,200,000 | |||||||||||||||
Consolidation, Eliminations [Member] | ||||||||||||||||||
Fiscal 2014 | ||||||||||||||||||
Net revenue | -1,600,000 | -700,000 | ||||||||||||||||
Management fee revenue b Rocky Gap | -1,600,000 | -700,000 | ||||||||||||||||
Management fee expense b Rocky Gap | $1,600,000 | $700,000 | ||||||||||||||||
[1] | Results included gain on sale of cost method investment of $1.4 million related to the investment in DEC. | |||||||||||||||||
[2] | Results included impairment losses of $21.0 million related to the write-down of the investment in Rock Ohio Ventures and charges related to arbitration award of $2.5 million related to the matter of Jerry Argovitz v. Lakes Entertainment, Inc. and Lakes Shingle Springs, Inc. | |||||||||||||||||
[3] | Results included gain on sale of cost method investment of $1.0 million related to the investment in DEC. | |||||||||||||||||
[4] | Results included a gain of $1.7 million related to the modification of its Financing Facility with Centennial Bank to reduce the interest rate from 10.5% to 5.5%. | |||||||||||||||||
[5] | Results included recovery of impairment on notes receivable of $17.4 million related to the Debt Termination Agreement with the Shingle Springs Tribe, gain on extinguishment of liabilities of $3.8 million associated with contract acquisition costs related to the project with the Shingle Springs Tribe that were no longer owed upon entering into the Debt Termination Agreement with the Shingle Springs Tribe, and impairment charges of $2.4 million related to the intangible assets associated with the development and management agreement with the Shingle Springs Tribe, which were considered fully impaired upon entering into the Debt Termination Agreement. Results also included an impairment charge of $1.0 million related to receivables from related parties that were directly related to the development and opening of Lakes' Indian casino projects which were determined to be uncollectible during the third quarter of 2013. | |||||||||||||||||
[6] | Results included approximately $0.3 million and $0.9 million of preopening expenses related to the Rocky Gap project for the first and second quarters of 2013, respectively. |
Note_21_Selected_Quarterly_Fin2
Note 21 - Selected Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||
Sep. 28, 2014 | Sep. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Jun. 29, 2014 | Dec. 29, 2013 | |
Note 21 - Selected Quarterly Financial Information (Unaudited) (Details) [Line Items] | |||||||||
Cost-method Investments, Realized Gain (Loss) | $2,391,000 | ||||||||
Cost-method Investments, Other than Temporary Impairment | 21,000,000 | ||||||||
-2,530,000 | |||||||||
Pre-Opening Costs | 1,184,000 | ||||||||
Allowance for Doubtful Accounts Receivable, Recoveries | 17,400,000 | 17,382,000 | |||||||
Gains (Losses) on Extinguishment of Debt | 3,800,000 | 3,752,000 | |||||||
Gains (Losses) on Restructuring of Debt | 1,658,000 | ||||||||
Scenario, Previously Reported [Member] | Financing Facility [Member] | Centennial Bank [Member] | |||||||||
Note 21 - Selected Quarterly Financial Information (Unaudited) (Details) [Line Items] | |||||||||
Line of Credit Facility, Interest Rate at Period End | 10.50% | 10.50% | |||||||
Rocky Gap Resort [Member] | |||||||||
Note 21 - Selected Quarterly Financial Information (Unaudited) (Details) [Line Items] | |||||||||
Pre-Opening Costs | 900,000 | 300,000 | |||||||
Shingle Springs Tribe [Member] | |||||||||
Note 21 - Selected Quarterly Financial Information (Unaudited) (Details) [Line Items] | |||||||||
Impairment of Intangible Assets, Finite-lived | 2,400,000 | ||||||||
Indian Casino Projects [Member] | Accounts Receivable [Member] | |||||||||
Note 21 - Selected Quarterly Financial Information (Unaudited) (Details) [Line Items] | |||||||||
Asset Impairment Charges | 1,000,000 | ||||||||
Dania Entertainment Center [Member] | |||||||||
Note 21 - Selected Quarterly Financial Information (Unaudited) (Details) [Line Items] | |||||||||
Cost-method Investments, Realized Gain (Loss) | 1,000,000 | ||||||||
Cost-method Investments, Realized Gains | 1,400,000 | ||||||||
Jerry Argovitz Litigation [Member] | |||||||||
Note 21 - Selected Quarterly Financial Information (Unaudited) (Details) [Line Items] | |||||||||
-2,500,000 | |||||||||
Financing Facility [Member] | Centennial Bank [Member] | |||||||||
Note 21 - Selected Quarterly Financial Information (Unaudited) (Details) [Line Items] | |||||||||
Gains (Losses) on Restructuring of Debt | $1,700,000 | ||||||||
Line of Credit Facility, Interest Rate at Period End | 5.50% | 5.50% |
Note_21_Selected_Quarterly_Fin3
Note 21 - Selected Quarterly Financial Information (Unaudited) (Details) - Quarterly Results (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |||||||
Quarterly Results [Abstract] | ||||||||||||||||||
Net revenues | $12,825 | [1] | $15,930 | [2] | $14,107 | [3] | $12,310 | $11,445 | [4] | $15,492 | [5] | $8,549 | [6] | $3,304 | [6] | $55,172 | $38,790 | $10,952 |
Earnings (loss) from operations | 192 | [1] | -22,822 | [2] | 326 | [3] | -1,647 | -2,228 | [4] | 18,758 | [5] | -1,243 | [6] | -1,878 | [6] | -23,951 | 13,409 | -7,089 |
Net earnings (loss) | ($58) | [1] | ($23,076) | [2] | $57 | [3] | ($1,768) | ($859) | [4] | $19,599 | [5] | $244 | [6] | ($333) | [6] | ($24,845) | $18,651 | $3,221 |
Earnings (loss) per basic share (in Dollars per share) | $0 | [1] | ($1.72) | [2] | $0 | [3] | ($0.14) | ($0.06) | [4] | $1.48 | [5] | $0.02 | [6] | ($0.03) | [6] | ($1.86) | $1.41 | $0.24 |
[1] | Results included gain on sale of cost method investment of $1.4 million related to the investment in DEC. | |||||||||||||||||
[2] | Results included impairment losses of $21.0 million related to the write-down of the investment in Rock Ohio Ventures and charges related to arbitration award of $2.5 million related to the matter of Jerry Argovitz v. Lakes Entertainment, Inc. and Lakes Shingle Springs, Inc. | |||||||||||||||||
[3] | Results included gain on sale of cost method investment of $1.0 million related to the investment in DEC. | |||||||||||||||||
[4] | Results included a gain of $1.7 million related to the modification of its Financing Facility with Centennial Bank to reduce the interest rate from 10.5% to 5.5%. | |||||||||||||||||
[5] | Results included recovery of impairment on notes receivable of $17.4 million related to the Debt Termination Agreement with the Shingle Springs Tribe, gain on extinguishment of liabilities of $3.8 million associated with contract acquisition costs related to the project with the Shingle Springs Tribe that were no longer owed upon entering into the Debt Termination Agreement with the Shingle Springs Tribe, and impairment charges of $2.4 million related to the intangible assets associated with the development and management agreement with the Shingle Springs Tribe, which were considered fully impaired upon entering into the Debt Termination Agreement. Results also included an impairment charge of $1.0 million related to receivables from related parties that were directly related to the development and opening of Lakes' Indian casino projects which were determined to be uncollectible during the third quarter of 2013. | |||||||||||||||||
[6] | Results included approximately $0.3 million and $0.9 million of preopening expenses related to the Rocky Gap project for the first and second quarters of 2013, respectively. |
Note_22_Subsequent_Events_Deta
Note 22 - Subsequent Events (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Jan. 25, 2015 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | |
Note 22 - Subsequent Events (Details) [Line Items] | ||||||
Cost Method Investments | $20,997,000 | $20,200,000 | ||||
Subsequent Event [Member] | Rock Ohio Ventures [Member] | ||||||
Note 22 - Subsequent Events (Details) [Line Items] | ||||||
Payments for (Proceeds from) Investments | -800,000 | |||||
Rock Ohio Ventures [Member] | ||||||
Note 22 - Subsequent Events (Details) [Line Items] | ||||||
Payments for (Proceeds from) Investments | 21,000,000 | |||||
Cost Method Investments | $21,000,000 | $0 | $0 | $21,000,000 |