Lakes Entertainment has released their 2010 Q2 results. The Jamul Casino project is mentioned in the same way as the last few reports – they appear to just be slowly writing the thing off. There's not an optimistic word (from their perspective) in the report. With each such report, the prospect of an actual, physical Jamul Casino grows more remote...
Woo hoo!
Some interesting notes from the financial report and from the conference call.
ReplyDeletea) Lakes continues to write off money (80c on the dollar) almost as fast as they lend it to JIV.
b) Lakes spent $938K on Environmental studies - this is not a welcome development (considering they spent $4K for Jan-Mar 2010).
C) Lakes is holding constant on the opening being today + 5 years. In May, the 1Q stated "April of 2015". In August it is now "July of 2015". A moving target is good.
D) When asked in the conference call if "getting a loan" was the only thing holding up Jamul, Lyle answered:
No! I wish it was, we would solve that.
Our obstacles in Jamul is...we...CalTrans has to bless...the Rancheria has a 7 acre site
and the egress and exit on that site is on a 2-lane road and we have to do a large number
of studies in order to give CalTrans information that they need in order to bless and give a permit to allow traffic, commercial traffic to go in and out of the site.
And they are co-operating with us, although they are somewhat slow, and we are co-operating
with them and then once they can give us the permit the only thing that would stop us from
construction other than money is if there would be a lawsuit.
But, uh, no, the credit markets have nothing to do with us going forward.
Regards,
Mike