-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Sfhr6pAcgAeot04rsQC6EPrd4Oj2bO0TPHyLJqZepDDSpITesO6nKFyQZAkEVG4Y
 oXs/GTZT/hExAl7MbX+/Uw==

<SEC-DOCUMENT>0000950134-05-000212.txt : 20050105
<SEC-HEADER>0000950134-05-000212.hdr.sgml : 20050105
<ACCEPTANCE-DATETIME>20050105143532
ACCESSION NUMBER:		0000950134-05-000212
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20041229
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050105
DATE AS OF CHANGE:		20050105

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:		05512034

	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>c90927e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">




<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>


<P align="center" style="font-size: 10pt"><B>CURRENT REPORT</B>



<P align="center" style="font-size: 12pt"><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B>


<P align="center" style="font-size: 10pt">Date of Report (Date of earliest event reported): December&nbsp;29, 2004


<P align="center" style="font-size: 24pt"><B>Lakes Entertainment, Inc.</B>


<DIV align="center" style="font-size: 10pt">
<HR size="1" noshade width="40%" align="center" color="#000000">
(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Minnesota
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0-24993
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">41-1913991</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of<BR>
incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">130 Cheshire Lane, Minnetonka, Minnesota
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">55305</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code:&nbsp;&nbsp;&nbsp;&nbsp;(952)&nbsp;449-9092



<P align="center" style="font-size: 10pt">Not Applicable
<HR noshade width="33%" align="center" size="1" color="#000000">
<DIV align="center" style="font-size: 10pt">(Former name or former address, if changed since last report)
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:


<P align="left" style="font-size: 10pt"><FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)<BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


<P>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;1.01. Entry into a Material Definitive Agreement.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;7.01. Regulation&nbsp;FD Disclosure.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;9.01. Financial Statements and Exhibits.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="c90927exv99w1.htm">Press Release</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link2 "Item&nbsp;1.01. Entry into a Material Definitive Agreement." -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;1.01. Entry into a Material Definitive Agreement.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective as of December&nbsp;29, 2004, the Company, through its wholly-owned subsidiaries, entered
into a consulting and development agreement and a management contract with the Kickapoo Traditional
Tribe of Texas (the &#147;Tribe&#148;). The Company will provide consulting and development services to
assist the Tribe in expanding the amenities and facilities offered by the Tribe&#146;s existing Lucky
Eagle Casino located in Eagle Pass, Texas, approximately 140 miles southwest of San Antonio. The
Company will also provide management services for the Tribe&#146;s casino resort operations subject to
regulatory approval.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For its consulting and development services, the Company will receive a one-time development
fee of $2&nbsp;million and a consulting fee of twelve percent of any adjusted gross revenues of the
project in excess of $30&nbsp;million per year for a period of seven years, subject to regulatory
approval. These consulting and development fees will be earned but not paid to the Company during
the first twelve months of the agreement. If the NIGC approves the management contract between the
Company and the Tribe as described below within the first twelve months, the Company will waive the
consulting and development fees and will only be compensated under the management contract.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has agreed to make advances in the form of a development loan to the Tribe,
subject to a project budget to be agreed upon by the Company and the Tribe and certain other
conditions. The development loan will be for preliminary development costs under the project
budget, including up to $1&nbsp;million for the purchase or option of new land. The Company has also
agreed to use reasonable efforts to assist the Tribe in obtaining permanent financing for any
projects developed under the agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The management contract is subject to the approval of the National Indian Gaming Commission.
The Company will be entitled to receive management fees of approximately thirty percent of total
net profits in excess of $12&nbsp;million for each twelve-month period. The contract term is seven
years from the first day that the Company is able to commence management of the gaming operations
under all legal and regulatory requirements (the &#147;Commencement Date&#148;), provided that the Tribe has
the right to buy out the remaining term after the project has been in continuous operation for
forty-eight months for an amount based on the present value of future management fees. Subject to
certain conditions, the Company agrees to make advances for the project&#146;s working capital
requirements, if needed, during the first six months after the Commencement Date. The advances are
to be repaid through an operating note payable from revenues generated by future operations bearing
interest at two percent over the prime rate. The Company also agrees to fund any shortfall in
certain minimum monthly payments to the Tribe from the project by means of non-interest bearing
advances made pursuant to the same operating note.

<!-- link2 "Item&nbsp;7.01. Regulation&nbsp;FD Disclosure." -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;7.01. Regulation&nbsp;FD Disclosure.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;3, 2005, 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.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;9.01. Financial Statements and Exhibits." -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Not Applicable


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Not Applicable


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Exhibits


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 Lakes Entertainment, Inc. Press Release dated January&nbsp;3, 2005.

<!-- link1 "SIGNATURE" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">LAKES ENTERTAINMENT, INC.<BR>
(Registrant)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: January 5, 2005&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Timothy J. Cope&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
   <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Timothy J. Cope&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left" colspan="2">President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated January&nbsp;3, 2005.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c90927exv99w1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<FONT face="Helvetica,Arial,sans-serif">
<P align="right" style="font-size: 10pt"><BR>
<B>EXHIBIT 99.1</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="c90927c9092747.gif" alt="(LAKES LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>NEWS RELEASE<BR>
Lakes Entertainment, Inc.<BR>
130 Cheshire Lane<BR>
Minnetonka, MN 55305<BR>
952-449-9092<BR>
952-449-9353 (fax)<BR>
www.lakesentertainment.com<BR>
Traded: Nasdaq &#147;LACO&#148;</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><HR size="2" noshade>
<DIV align="left" style="font-size: 10pt"><B>FOR FURTHER INFORMATION CONTACT:</B></DIV>

<P align="left" style="font-size: 10pt">Timothy J. Cope 952-449-7030
<DIV align="left" style="font-size: 10pt"><HR size="1" noshade></DIV>
<DIV align="left" style="font-size: 10pt"><B>FOR IMMEDIATE RELEASE:</B><BR>
Monday, January&nbsp;3, 2005</DIV>



<P align="center" style="font-size: 10pt"><B>LAKES ENTERTAINMENT, INC. SIGNS CONSULTING AGREEMENT<BR>
AND MANAGEMENT AGREEMENT WITH THE KICKAPOO<BR>
TRADITIONAL TRIBE OF TEXAS</B>


<P align="left" style="font-size: 10pt"><B>Minneapolis, January&nbsp;3, 2005 &#150; Lakes Entertainment, Inc. (Nasdaq &#147;LACO&#148;) </B>announced today that
it has signed a consulting agreement and a management contract with the Kickapoo Traditional Tribe
of Texas.


<P align="left" style="font-size: 10pt">The Tribe recently opened the expanded Lucky Eagle Casino in Eagle Pass, Texas located
approximately 140 miles southwest of San Antonio. The casino currently consists of approximately
1,000 Class&nbsp;II type gaming devices, a variety of Class&nbsp;II table games including poker, two
restaurant outlets and a multi-functional outlet that seats over 2,000 customers.


<P align="left" style="font-size: 10pt">Lyle Berman, Chairman and CEO of Lakes commented, &#147;The Kickapoo Traditional Tribe have created a
tremendous opportunity for themselves with the gaming facility they have opened. We look forward
to creating an even better destination resort that will provide an exciting and first class
experience for the casino guests. Initial plans include expanding the casino space to include
approximately 2,000 Class&nbsp;II type gaming devices, a new buffet restaurant with approximately 400
seats, a new steakhouse restaurant and the development of a new road for better access to the
casino site. Additional plans would eventually include approximately 400 hotel rooms, a child care
and kids arcade facility, additional restaurants, a new event and entertainment center, golf
course, water park and travel plaza.&#148; Berman continued, &#147; We appreciate the help of Kevin Kean who
introduced our company to the Tribe&#148;


<P align="left" style="font-size: 10pt">Chairman Juan Garza, Jr. of the Traditional Council stated, &#147;We look forward to a long term
relationship with Lakes. Through their assistance with our casino resort project our Tribal members
will be able to realize new and greater benefits for themselves and the community in which they
live.&#148;


<P align="left" style="font-size: 10pt">For its consulting and development services, Lakes will receive a one time development fee equal to
two million dollars ($2,000,000) and twelve percent (12%) of any adjusted

</FONT>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<FONT face="Helvetica,Arial,sans-serif">
<P align="left" style="font-size: 10pt">
gross revenue in excess of thirty million dollars ($30,000,000) per year for a period of seven (7)
years, subject to regulatory approval. These fees will be earned but not paid to Lakes during the
first twelve (12)&nbsp;months of the agreement. In the event the NIGC approves the management contract
between Lakes and the Tribe within the first twelve (12)&nbsp;months, Lakes will waive the consulting
and development fees described above and will only operate and be paid under the approved
management agreement. The management agreement shall continue for a term of seven (7)&nbsp;years from
the first day that Lakes is able to commence management of the gaming operations under all legal
and regulatory requirements. As compensation for Lakes&#146; management services, Lakes shall receive
approximately thirty percent (30%) of total net profits in excess of twelve million dollars
($12,000,000) for each twelve (12)&nbsp;month period, subject to regulatory approval.


<P align="left" style="font-size: 10pt">Tim Cope, President of Lakes indicated, &#147;We look forward to being able to immediately help the
Tribe by providing them advice on their new development plans. As soon as our management agreement
is approved by the NIGC, we will be able to provide additional help to the Tribe by assuming
management of the casino operations utilizing our gaming experience and expertise in a variety of
ways.&#148;


<P align="left" style="font-size: 10pt">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 64% of WPT Enterprises, Inc. (Nasdaq &#147;WPTE&#148;), 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.


<P align="left" style="font-size: 10pt">Lakes Entertainment, Inc. common shares are traded on the Nasdaq National Market under the trading
symbol &#147;LACO&#148;.


<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Private Securities Litigation Reform Act of 1995 provides a &#147;safe harbor&#148; 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&#146; 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&#146; expansion goals; risks of entry into new businesses; reliance on Lakes&#146; 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&#146;s consolidated results of operations or the market
value of the WPT shares held by the Company, including WPT&#146;s significant dependence on the Travel
Channel as a source of revenue; the potential that WPT&#146;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&#146;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&#146;s
relationships with key licensing and strategic partners; and WPT&#146;s dependence on its senior
management team. For more information, review the Company&#146;s filings with the Securities and
Exchange Commission.

</DIV>

</FONT>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>c90927c9092747.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c90927c9092747.gif
M1TE&.#EA*P&"`/<``/[^_CP\/)&1D4]/3_?W]Y^?G]O;VQ@8&!H:&EM;6UY>
M7E555?W]_;^_OQ04%%965E%1471T=!(2$K>WM_#P\'!P<#\_/[Z^OM;6UFQL
M;/S\_%)24E!04#T]/145%65E9:FIJ</#PUU=76%A8:NKJ_KZ^D5%1=34U)65
ME1,3$SL[.^CHZ&1D9):6EOO[^TI*2K*RLI.3D[FYN>/CXZ:FIJ&AH8^/CYF9
MF4)"0O3T]*ZNKHV-C7M[>S$Q,75U=<[.SEQ<7#X^/GQ\?("`@"@H*.KJZJ6E
MI5-34X:&AOCX^-S<W.?GY_+R\N'AX4U-36]O;WY^?L7%Q>SL[%145(Z.CDM+
M2_7U]1P<'.+BXO'Q\?GY^>3DY*^OK[&QL82$A)Z>GO;V]JRLK&9F9LK*RM_?
MW]W=W186%L3$Q)*2DG-S<]+2TN7EY;.SL_/S\]'1T4A(2.WM[86%A1<7%\_/
MSZBHJ"PL++:VMN;FYE=75ZJJJG]_?]#0T"(B(FEI:5E963`P,,S,S$%!04E)
M26MK:QL;&V)B8GAX>.GIZ5A86$!`0.OKZW=W=R8F)KN[N^#@X%I:6LG)R79V
M=LC(R'U]?2HJ*HN+B[6UM2LK*VYN;BDI*9R<G(>'AX*"@F!@8&AH:$Q,3-G9
MV2,C(T-#0X.#@VIJ:M[>WK2TM)24E,?'QV-C8QD9&=?7UZ.CH^[N[M75U:2D
MI"$A(1T='<;&QL'!P6=G9RXN+K"PL#0T-(&!@5]?7XB(B-/3TT9&1A`0$&UM
M;9"0D-K:VB0D))V=G2\O+XF)B<W-S9B8F#8V-N_O[YN;F[V]O=C8V')R<G%Q
M<7IZ>I>7EZ*BHB<G)SHZ.C<W-TY.3HJ*BJ"@H!\?'[BXN$='1R`@('EY>9J:
MFJ>GISDY.1X>'C,S,[JZNKR\O*VMK41$1"4E)8R,C#(R,C@X.#4U-<#`P,+"
MPBTM+<O+RQ$1$?___P``````````````````````````````````````````
M`````````````````````"'Y!```````+``````K`8(```C_`-\)'$BPH,&#
M"!,J7,BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/($.*'$FRI,F3*%.J7,FRI<N7
M,&/*G$FSILV;.'/JW.E1`[0"0(,";0!`YR&A2(%:8B`2@(RD0;-<9"`.JM`)
M%5E9W<IUZQB0`(J8\H(H4"8^?&J]Z&,,`X.B&`D<<$>W+ET%<'%VL<N7+B4#
M30?TK0OL8JMH@^W&J8@@L>/'CGEX9"!)3P?(Y3)P21)W[F`%.Z%`=J=CI.#$
M@"L"\`0Y4!'&HV-#EKP1P!(QLNMZ&P,@KT2YB4'GU%!GM!#3CE-/!+!GM"V+
MC7-+MTL;(P`&)#Q/=P=%BV^(P#_K_R03^P%RU!49X(`,00OT[=NK7P30+`7\
MNDYF4`S?5SA.-K&%HH%(IPVFG$2L0.8`!A=%=Y]L\E4$AA\/VJ6"`=\UQ!]?
M_MU$3&P2`$)@<A2M80%DN608D8,5SH81`VFT:!<.;:BHT(9V=5@3`R/(AL2(
MZ$D$P"20$2(%1BS*F%B$0H:AI%TI1H1C73K2U,0?L@T`I($32:$*9$/8"%&2
M3_+%)$0`N.)!F77!(.9!4]Z54R/VQ?;-FQ<5V->!#XD`V30N9$0FFW2=^1`#
MJ1!*%RRO/12G.U7.9(-T982D)U]\-C2&!(\Y((Q&@[HC@0.DEFKJJ:BB"H5%
M;&@WF`0FX/]"QRR`0-(%,2]P^E@+>!+T:*0RT9*8-H.18"F)#P'`Q"?LP0%J
M8CA<T,"TU%9K[;76*F&1L(Y)\P43O87;6PXU]/"8"<XZ]&M.H@Q6QQ2#07!L
MD`_5,-H9O3H4Z@(Q,7&-8XBDFU`.B3@F`5;JNIHC3B6LV=<0/@P&"U,?76I7
MI@K=<0QD%>2K;V+\PI2,8Y10T&L9Y@[6"RX>KWL3%XGE\4IBI8!D<5T8)^1#
M+YUNP=&^,5&8F#@>%^#8$2TK3"5.OB1V`B"$#-:%QQ'=3%?.!XT1]6-(4-T0
MT"\!4$MBF0SH4!%R)-8#Q0RY;),@@SF010[M]L6)S<@R!$`5D&7_PD1'8+L$
M@,-]B>$U+XD%P_9";M/$P)=]@=,;"X/5@C>]"@$PRV@H>/TUR#`AX]@77@N1
M&`*.*BVG308DQD)OOR36A.<-6>T.U@,!`$8HD+U!.T.!LP3`"8ZAXG7L@R&0
M='`WM9!8`^\`H$QB8?R^D.VX"P3`,Y"9P8;U"@7/$B".0>(U%B&DKW[Z42PO
MGDU'R"Y0$[KRQ0GX"6'/$`:0.S8(9QX1WTK(EQ@:X&\BC9.)!F`QF"L$ZATE
MP%)?$''`@^A/(2ZH`&3DL(<*'D2`*0&`&AR#"0^"1W60J@D`FI"8;,!E2(.A
M1*4Z<D&$`*`+A$O,#DQH$!"F9`F."8;9_TZ2P)AL;C!I>.$X$@,#C]3P(``P
M`61483*0^#`E=1I,.'BH(10"RR63&HPU"+**Q.C!B7D["`I&HPDN%N2*)P&`
M!`?S!T6X\49>5*$4^V(&9/BJ?W8Q#PW32!``P(&!C^F`!NXX$#B>I$>.84$K
M&`FG/-)$$3FLRQ]\`P`5Q-"-3\P=``P!F138@9("<61)`-"-QTB`%&!`I:\L
M*1,`2"(Q?N!DQ/HB`0QP,93:`T7]$H,'DJBR)!JX!&1PX`A9"J2(+T&#&0V"
MBL3H8I"8&P@#W@"9*T3!F*"+B1=&DP)BQ%(DT'1)!JA7$`"T(HMVF<(O"1D]
M.HQ&#XNS8CAALO^%:<2F%L9X"TC2R1(X!&$PL9B#00!`A,%<(I]Y(B0`UG"9
MQQ!B!LY\AP!S0(,6>/2C(&T!--P(`"?)Q@(@2,(="3K`*PS&!%98:/QXJ9^-
MA!(`HQB-%TPBP!G,,3%$(&D2GI";%(S@`KWA"$M5PHW$T")#`'!&8DYI4T)N
M(1:0881[2M+3E#F&""#10-URTXDU*)66,='@8-"@(D@D!FE5Q1P`G#":/)RD
MJY`!*TB28+O$."`-.?#@4E/"S<$@=:$,^%=?0E&"N'))>Y88YF`VD-%&[G,@
M,_`J4$,"`"M$`(6..<8-&GN1P9XDL8EIU$'X-AA'.'9/`\G!V!X3"QG_H`2O
MC]%K2*SP#)=*QP.D4.U^T/J2,20F%F+"1&(F8,(:-F`T"Q@B5R\KD,SFE23#
M.\=V&+$,\)G6)#Q(C!/$U-3!=$TC-=0")2#C@:G=E;KOL&YN35*"28`V,1[X
MWG"9)Q-X#>848CI#)NF2B>:FL3F0D49E4PE?^7[UM&08Q'0\H(O??;<DY7":
MF"APHL'X+"-/!(#0N/;>P82,(`[>+$H8<($C2/8Q'NC<;X@KO"+`LRYRRYP"
M$B,##X9X&8AT3"B.-%T3&T0*OGB`DI?,Y`=X8L':`T`2ON"-%R?F"H<](7]A
M8M*^'.--`#!'8N+@8XER8C2/$.A(!)C4S$&Y_Y`N8(4R8R.'.WCMPB-)U&"*
MF3E3)$:>(*8G'`H&&?.!T\@\:6<2<#'@/4,4CUL67"82<]Z$```8B;E$S3`"
MS)*.Y@$Y.'1?3ISH0KJ!6:.Q@Y;?]Q)%W)@N$I`%0]2;F.=PFI[O<$$"2HD&
M4?.%U*4F2!MBL#7'4(,"J8NT\%#!L[Y<@;0+:49B6';K;&I/39#I01O6#-]@
M:T\&?("Q)9+-ZI8`8&0O=4B"!I/+:C]VH=*&S!-D><R=V))WCF&&^_H#$P`4
M(C$1R)<;$L.("@)3>SD(=Z>4@,IZVWL"6%7;HRNI[)4P(6W_=4@.&BT!-[@;
MMC:TQFC0,7%!==O;VO\4@,%FV#8:JP3!?(2>0]"1F$T<\.#:1/5CN$!)A_-$
M"HA)S#,25O$0TB`QPVC"0TB!RYOC.G<P\*UCP"'<GYT<Y=JKA&,B0/1RKP0`
MIAM,`J@FB\34P>G6;F>,('._C_B<)P-/S`/RA>>/$`!N@X$"U59@97=\N"(X
MSUT3&FT70H3@CF_O2)L7.A$-$'X`='=Y'$^@\+Z`@&H`(-9@&A'1M+?37I"9
M>P"OOLI)<.#TJ#_](&@'`$:(-_)%CZ,1'--!B'"`F/@+?.ZLX$]7UL"-B>\(
M71VZG(8.Q@E=Y[>YAX!?`D1D[7TA@G0EHOO<7:#O=1E&3*V.Z)8,OR^$H!W_
M`RK/%VK`WNLA]&]?3.`Y`"7F[Q.I/D%8^QB]<W_4@H.`8_`5D22\FBZ4U46Q
M9Q(`4!R#\0N>XP)FD!CA8!'R-Q!8\`VEQ'`;$7RUP1H`YSFWE!BK)X#H%T=K
MX!B-X#E15'/@\X#:DU.0P0'3]Q[=]W4J9W:+IS>XX!@QD'P<8FX[X!B'0#M]
MD!BW<()/AQ!+0&B/H0,F9($:`0`3\!AT0#6.('5\(0&@@(,+(SR=<&44@3R\
M5'40@8+:,S.080)W\"PON!*E\!C1L`0.D012)8-6N#3"<PN)4044<7V)P7D4
M`88"H0$Z%QDE-R:DMTJNYQBB4`1XP@!GYC_[QA<B_W!'@3@0!$!XE1812Y`.
MB5$-UL.'`K$*V$<7"+`")C<8@)81,^@0`!`'">8&:E9(#&`%NV8P^N6!?9$)
M"7"+N)B+NKB+O(B+;*`W9^`8"K4<>)`8%+2'0VAID3`:'%!!H<((O1B-TI@`
M-Q@1RK*`CR$'A>!+X@(`CK`(FN<8GQ!J<:@H=F$#>D-*<8-L%*&"??$'6(",
MGK<0K6!\CI$"IG!`H4(H([`<$1`;*7`+#U`(J;``MX"-D&$)5/,HYN@.Z+@0
MG:0V%@$"B7$P\OAN$:&*D%$'?^."#5D7_3@113`,#?D`6U6.'_F0"J$%&-<7
M4V`1N^`8/Q)_R:@0BK`>D/_Q*1[YD>X0DA/Q"@A9)@@0CZO&D^?($'$W&#M5
M$3F`0H](D_/($&S0;([A`62PDQ_IDT*R"8J"#9[#D.:HDC:4!XXA<Q0!`!^0
M:9&($)Q82+DP&F)PDA*QCVRBE=98`J+Q)"E@!+0#EHHBEE"TC`TDEQ.A"8F1
M`JL`E1@I$4K0DHDA!P9$$719)G8I$2[@!80G'7Q0`*=(BT9)%X!I$"5`DH,1
M!!@1`HXA`(H)<F>ICH\1"-"V(I_9DQBA`3<0#!7"#J;0@BC9D*%9$&F8&!F`
M$4O0=T]9-37)$#F`FY"Q`Y(YFY5)$2=P>]LA`5.`B!7AEX3RFP2A`S9H'=KE
M+FO_:1!M:1`P\(GN<`#P]Q"3^23161%-$`G_-QAF$`%7>1$N@`("L)_\V9_^
M^9\`&J#]*2(*40P!B@;9TQ``H`,!&@.QJ:!Z``$2.J$3:E93X0,<0*$:"@$<
MX)P2T0("&J(B"J"J5ALK]`5B<`ROY@"WD`K08&<>]&9XTIG:8XHJ0J-N9FG6
M@:.YLQRKY!'AL@(A4`,V4`W$8`.LL`XPBG5,VJ1.^J10&J52.J546J56>J58
MFJ5:NJ5<VJ5>^J5@&J9B.J9D6J9F>J9HFJ9JNJ9LVJ9N^J9P&J=R.J=T6J=V
M>J=XFJ=ZNJ=\VJ=^2A,\RJ-J&BY^FE1OAB:K@`**NJB,_^I'5.I&2G`*'M>G
M`,`%*``&.3$!`;"IG-JI2K>$NW`&SK<2<X`*'7$!`6`L8EH&9R`5&)$!`<".
M-Z&I5?`$MGJK3U`!A\`1S-`!HK@28F"''(&JJAJF:-`!)Y`1L"JK-J&I7$<2
M%1``OZH2'_`"0$JF`A``R?JJL9JI`>`#0E(4W6AI`!"M*P!FX^IFAGJC[\`"
MUAJHXBJHT2.OA$JHY#JOW2@N>J.O"AJOF?,.V7H"\LH0RPI%\RI*Y&JO&:&I
MX(HFR:":-:``4[`-;(@06+`#&Q``H]`%"E$"(,`"$"`&Q6I#.V`).3`$1U"&
M!K$$.^`$@;`#W6`CS+$(B+`!F/^@#&\""COP`PE1##M0#&10`2%;/0JA`S?0
M"K;0"4>@"XK``#0@`G@0!]MG:640!XAP!(;`<@AA!#O0!EV0"T>P"%6($%+P
M#+D0`#Q@#9AJ$06[LCMP!BL@!`L@`C?P0`M%`GT``2/`!>/9$`PK$1L0"$@0
M`$'0`0$``6N@(C^@`ISJ#`E!`9.PJ180`!U@`V\2`-L0`0&@`D19$!C0J9Y@
M0V.``QWP`E6PJ9&)$,2:$""@L6\0`),;`*23$!$P`)5`N)O*`]P`NYM*"H%8
M#$Z@`AU@N!OP`V+R`0%0#4%0N`&P`:Z`$&3P"9PJ`LPZ$6WKN0%0"0O`NP&P
M"1#%`%[_(+F;^@5]NQ!_&Q$;$`06L`DA(`,9^X0'<0AY\`BR^TT(00=!4`5A
M(`F:4`4XL*L)$0#4T`&8(`".6A!PD`='0`YYD&7M-`(!H`G`8`#=8`$)H`@)
ML;H(T;JB<`26(`M>T`$#P)L"$0$X8`*1$`(Z8`(X8`&&$`4@,`!!4%,'H0$0
M7`&S,`L^$`"&4'+(:P+;$`7*0+\QH")9``.PB@8R`$`5<;T$\;E5\`(@@`I?
MT`$60,/:\P/-2P>0(`P6``'W>1&:.@!#4,9F/`0.;!`9:PAP$0(!X`5B8JZ6
M5@@68+^5&@"GH!";&B8+X:X*D04=``1LTP<=,(P'H<$'T;J)_S"V8$`+`0#`
M!Z&Y(R"N0A``#S`@`'`*`6!K![$,`8`)V_8./&(!KGH0R)L&:^O&%5!R`:NL
MW6H0GQL`(2`0#("\LUQ(T:J'[U#)8;"PG?K+PB`F&6O(;1``BQ#'TIH04A``
M'3,04A`$"R`F`2`(!(`GU:H0%(`"DO!".\RSJINJK!L`D?!"NA``RT"[`?`*
MVD,%`5#$T6,'`5`#"2$$*I!E`%```4`#"8&\7DG+V?`!8M+*W%J]`O&Y@B!0
M`(`"`=!$!+$"`6`"T!8%*E"-8AP`"6`$&)W11N`&POS*$!0``9<0<HP07!``
MJID[>!`$Y'@0`3`(#7'-F?,6`%`*=/]@`@'@S8<,SAL<`):K/3$0``R"$!&@
M`K?\#NQ<H@#0`/%L0PF@`C0,`.H0`#-IRMKZ0@/``@HAT!?AQ`/QN:1`$"2P
MT(6TN$_5HQYTOA"1L7GA`B"M$"-]$"WPT*G'`8GPR`%<`2]MK98F!96@`#;-
MJ3AM$(AL$*UK#`3QTT$=R84\$.QL6P*AU/(,1:_K!*GW`@'@N`B!O`=RU5FM
MK:Y,T._PN8O0G6)-$,J@`D,`$FC]$!E+$&S]K`CQU@;!SF_09$HVK0;!S'FM
M$&#0!["+")&0#*EPTQFLTXD<`#=PV$!-NQ:@!HP=`([]#I"=$.00`$=@VU-M
M$,BK+0/!V0G_H=5LZ]%/'`#',1`Z4-H#H:F+\1&K[1"M/1"O[=;)C!#&$`!L
M!1&ZS1`P#46H.@(5^PZ:&]@%,=@%T;K)/1"(S=S.+1"-/1#3#466K;(.L=T$
MX=T(`=Y-+-Y=3=ZDS=#:H]1I0!`:0``/2A'MW1#O+1#Q+=+SG=-M1\L3``,E
M/A#YO1#[O5!QW0X$X0O$_<TC6^#(K=R);1`1T-S/'=T/?A`07'O1@P5<(.`$
M0>'=C=7?[=D#?1"?6]X"<=X>'CVNT+QY$046@`*^#-N%U-&NW=8V)-L%D00X
ML`$N(*X&$`"/(,UXS1`L(`B6M@,J8,A,8--0/A`$3A`&+N0*?N0._[[4"*$)
MLOM".Q``X[#/`<#=`F'A!Y&MNR`F"IL07%W0'&[>Z"T05H`#,RRN>J`"I6'6
MGJ.ICT`#KO[J-&`$8:S&`9#F9MY.BP#=_]U.4!``4(`%#*`&F!``)8H0-:X0
M?8`#8[">V@,"*H`$5J`!)P"K`2`+=CO@QDW808[@RRW41L[@T)WHD7T04L`+
M3@`#.6`%ML`+&S"J5$WI[V#I!G$#`4`'34#"7#``AD(0G1[:G[[EH1X]]#X)
MCE`"#8`#4]"Y[S`&`S!V$:&IO\RI*A#=M$X0)0#2,DOOB;"4!^$*VPL!@R`(
M`<`",SX0*G#G"Z$'`1`(2;10CA`(`2`&3__P!F\`JX\@"RHRZ`-1Z-P^Y`51
MY`MNU.'^V(H.13=@Q850"!V``Y>7$"PPZ15.Y0BAJ4'0!Z5<$#00`,.9.?V>
MY:3-L84$!Q!PN)XPN:_@&V<PS=88`B+0]F[O]D!@OPOU!")@\4!0"3*[!4!@
M`N9@::O0"9N:",P0R@C!`$!@<PPQ!PG`"_:W4!.0#93;"60`#`-@`8=W$)``
M!!1?$-@@`GGP0D8`!%I;$)70"6/[#M`0]P,Q!D``]C:D"2_`N"_@)@H!!4#0
MN0#@"XU_$&T@!B;0#!W93J:P`5MO:7$`!,&?.TH@`KTV$(T`!&:9.XJ@]`&`
M`S?0BN_P`T#P9+6D(23S$3T4L`;N#I%H8FD:L`12D:X&6_YH\CL:<`=%(-/6
MB(J69@?,0/_MY#6]P01K`!`:W@TD2!!`080)%2YDV-#A0X@1)4ZD6-'B18P4
MDR!ID='C1Y`A18XD6=)D20`3_*PXV=+E2Y@Q9<Y\N*O,09HY=>[DV=/G3Z!!
KA0XE6M3H4:1)E2YEVM3I4ZA1I4ZE6M7J5:Q9M6[EVM7K5[!AQ8X5&A``.S\_
`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
