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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950134-04-019413.txt : 20041216
<SEC-HEADER>0000950134-04-019413.hdr.sgml : 20041216
<ACCEPTANCE-DATETIME>20041216151057
ACCESSION NUMBER:		0000950134-04-019413
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041216
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20041216
DATE AS OF CHANGE:		20041216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LAKES ENTERTAINMENT INC
		CENTRAL INDEX KEY:			0001071255
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
		IRS NUMBER:				411913991
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24993
		FILM NUMBER:		041207988

	BUSINESS ADDRESS:	
		STREET 1:		130 CHESHIERE LANE
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55305
		BUSINESS PHONE:		6124499092

	MAIL ADDRESS:	
		STREET 1:		130 CHESHIRE LANE
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55305

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LAKES GAMING INC
		DATE OF NAME CHANGE:	19980929
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c90558e8vk.txt
<DESCRIPTION>FORM 8-K
<TEXT>
<PAGE>
================================================================================


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT


     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


       Date of Report (Date of earliest event reported): December 16, 2004


                            LAKES ENTERTAINMENT, INC.
                  ---------------------------------------------
             (Exact name of registrant as specified in its charter)


         Minnesota                        0-24993                41-1913991
    --------------------            --------------------       --------------
(State or other jurisdiction      (Commission File Number)     (IRS Employer
     of incorporation)                                       Identification No.)



130 Cheshire Lane, Minnetonka, Minnesota                           55305
- ----------------------------------------                         ----------
(Address of principal executive offices)                         (Zip Code)

       Registrant's telephone number, including area code: (952) 449-9092


                                 Not Applicable
                -------------------------------------------------
          (Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[  ] Written communications pursuant to Rule 425 under the Securities Act (17
     CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
     CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))


================================================================================


<PAGE>




ITEM 7.01.    REGULATION FD DISCLOSURE.

         On December 16, 2004, Lakes Entertainment, Inc. issued a press release.
A copy of the press release is being furnished to the Securities and Exchange
Commission and is attached as Exhibit 99.1 to this Form 8-K.

ITEM 9.01.    FINANCIAL STATEMENTS AND EXHIBITS.

      (a)     Not Applicable

      (b)     Not Applicable

      (c)     Exhibits

      99.1     Lakes Entertainment, Inc. Press Release dated December 16, 2004.



                                    SIGNATURE


         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                             LAKES ENTERTAINMENT, INC.
                                             (Registrant)



Date: December 16, 2004                      By:  /s/ Timothy J. Cope
                                                  ------------------------------
                                                  Name: Timothy J. Cope
                                                  Title: President and Chief
                                                         Financial Officer


<PAGE>



                                  EXHIBIT INDEX


EXHIBIT NO.          DESCRIPTION
- -----------          -----------
99.1                 Press Release dated December 16, 2004.



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c90558exv99w1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
<PAGE>



                                                                    EXHIBIT 99.1

[LAKES ENTERTAINMENT LOGO]                            NEWS RELEASE
                                                      LAKES ENTERTAINMENT, INC.
                                                      130 CHESHIRE LANE
                                                      MINNETONKA, MN  55305
                                                      952-449-9092
                                                      952-449-9353 (fax)
                                                      WWW.LAKESENTERTAINMENT.COM
                                                      TRADED: NASDAQ "LACO"
- --------------------------------------------------------------------------------
FOR FURTHER INFORMATION CONTACT:
Timothy J. Cope 952-449-7030
- --------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE:
Thursday, December 16, 2004


                            LAKES SETTLES TAX DISPUTE
                               WITH GRAND CASINOS


MINNEAPOLIS, DECEMBER 16, 2004 -- LAKES ENTERTAINMENT, INC. (NASDAQ "LACO")
today announced that it has entered into a settlement agreement with Grand
Casinos, Inc. and its parent company, Park Place Entertainment Corporation (now
known as Caesars Entertainment, Inc.). Under the agreement, Park Place has paid
to Lakes $11,250,000 in cash in settlement of a tax dispute.

The dispute arose out of a tax allocation agreement between Lakes and Grand in
connection with the spin-off of Lakes to the shareholders of Grand in 1998.
Under the settlement agreement, if the Internal Revenue Service subsequently
disallows the tax benefits that were the subject of the dispute, Lakes will
reimburse Grand and/or Park Place for its share of the disallowed benefits.

Lyle Berman, Chairman and CEO of Lakes stated, "We are pleased that this
settlement will provide Lakes with additional cash to utilize in its casino
development and management business, as well as its other business activities."

Lakes Entertainment, Inc. currently has development and management agreements
with three separate Tribes for one new casino operation in Michigan and two in
California. Lakes also has agreements for the development of an additional
casino on Indian-owned land in California through a joint venture with MRD
Gaming, which is currently being disputed by the Tribe. Additionally, the
Company owns approximately 63% of WPT Enterprises, Inc. (Nasdaq "WPTE"), a
separate publicly held media and entertainment company principally engaged in
the development, production and marketing of gaming themed televised programming
including the World Poker Tour television series, the licensing and sale of
branded products and the sale of corporate sponsorships.

Lakes Entertainment, Inc. common shares are traded on the Nasdaq National Market
under the trading symbol "LACO".




<PAGE>



- --------------------------------------------------------------------------------
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statements. Certain information included in this press
release (as well as information included in oral statements or other written
statements made or to be made by Lakes Entertainment, Inc.) contains statements
that are forward-looking, such as statements relating to plans for future
expansion and other business development activities as well as other capital
spending, financing sources and the effects of regulation (including gaming and
tax regulation) and competition. Such forward-looking information involves
important risks and uncertainties that could significantly affect anticipated
results in the future and, accordingly, such results may differ from those
expressed in any forward-looking statements made by or on behalf of the Company.
These risks and uncertainties include, but are not limited to, possible delays
in completion of Lakes' casino projects, including various regulatory approvals
and numerous other conditions which must be satisfied before completion of these
projects; possible termination or adverse modification of management contracts;
continued indemnification obligations to Grand Casinos; highly competitive
industry; possible changes in regulations; reliance on continued positive
relationships with Indian tribes and repayment of amounts owed to Lakes by
Indian tribes; possible need for future financing to meet Lakes' expansion
goals; risks of entry into new businesses; reliance on Lakes' management; and
the fact that the WPT shares held by Lakes are currently not liquid assets, and
there is no assurance that Lakes will be able to realize value from these
holdings equal to the current or future market value of WPT common stock. There
are also risks and uncertainties relating to WPT that may have a material effect
on the Company's consolidated results of operations or the market value of the
WPT shares held by the Company, including WPT's significant dependence on the
Travel Channel as a source of revenue; the potential that WPT's television
programming will fail to maintain a sufficient audience; the risk that
competitors with greater financial resources or marketplace presence might
develop television programming that would directly compete with WPT's television
programming; the risk that WPT may not be able to protect its entertainment
concepts, current and future brands and other intellectual property rights;
risks associated with future expansion into new or complementary businesses; the
termination or impairment of WPT's relationships with key licensing and
strategic partners; and WPT's dependence on its senior management team. For more
information, review the filings of the Company and WPT with the Securities and
Exchange Commission.
- --------------------------------------------------------------------------------


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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