Lakes Entertainment Inc. is taking a big hit on the casino it manages for the Shingle Springs Band of Miwok Indians of California.
The $530 million Red Hawk Casino opened in December 2008. But the facility has been doing so poorly that the tribe has been unable to keep up its loan payments to Lakes.
As a result, Lakes said it has cut the value of the loans by $21 million, The Sacramento Bee reported. The company also took a wrote down another $16 million on top of its investment in the tribe.
"The general overall economy in northern California continues to be one of the worst in the country and the Red Hawk Casino continues to feel its effects," Lakes President nd CFO Tim Cope said in a press release.
Get the Story:
Red Hawk Casino operator posts quarterly, annual loss
(The Sacramento Business Journal 3/30)
Operator gives struggling Red Hawk Casino a break on loan (The Sacramento Bee 3/31)
Business Deals | California
Lakes Entertainment takes a big hit on Shingle Springs casino
Thursday, March 31, 2011
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