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A blog about the economy and the Sacramento-area real estate market.

March 12, 2010
Red Hawk Casino: Still disappointing

The company that manages Red Hawk Casino said the Shingle Springs venue continues to perform below forecast.

Lakes Entertainment Inc. of Minneapolis said the "uncertain economic environment continues to impact this property's ability to achieve consistently strong results." It said it has made numerous changes in the operations "because operating results did not meet our expectations."

Although it didn't break out specific financial results for Red Hawk, it said a decline in fees from Shingle Springs led to a decline in company-wide revenue, to $5.3 million from $5.5 million the year before. Lakes operates a total of three casinos.

The casino, owned by the Shingle Springs Band of Miwok Indians, has already trimmed employment to about 1,500 full-time equivalent from 1.750 since it opened in late 2008. As previously reported, Lakes installed a new general manager last month. In its announcement today, Lakes added that "many of the senior management positions at the property have either been eliminated or replaced."

 

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