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<SEC-DOCUMENT>0000950134-05-000974.txt : 20050119
<SEC-HEADER>0000950134-05-000974.hdr.sgml : 20050119
<ACCEPTANCE-DATETIME>20050119172937
ACCESSION NUMBER:		0000950134-05-000974
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20050112
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050119
DATE AS OF CHANGE:		20050119

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:		05537151

	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>c91297e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<HEAD>
<TITLE>e8vk</TITLE>
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<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">



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<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: 12pt"><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): January&nbsp;12, 2005

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


<DIV align="center" style="border-top: 1px solid #000000"></DIV>


<DIV align="center" style="font-size: 10pt">(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%">
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<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
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<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 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>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="center">130 Cheshire Lane, Minnetonka, Minnesota<BR></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">55305</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="center">(Address of principal executive offices)<BR></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="center">Registrant&#146;s telephone number, including area code:<BR></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(952) 449-9092</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">Not Applicable<BR></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="center">(Former name or former address, if changed since last report)<BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%" style="font-size: 10pt">
<TR>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17
CFR 230.425)</TD>
</TR>
</TABLE>
</DIV>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%" style="font-size: 10pt">
<TR>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17
CFR 240.14a-12)</TD>
</TR>
</TABLE>
</DIV>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%" style="font-size: 10pt">
<TR>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>
</TABLE>
</DIV>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%" style="font-size: 10pt">
<TR>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>
</TABLE>
</DIV>



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







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

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<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>
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	<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="c91297exv99w1.htm">Press Release</A></TD></TR>
</TABLE>
</CENTER>
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<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 January&nbsp;12, 2005, the Company, through its wholly-owned
subsidiaries, entered into gaming development consulting agreements and
management contracts with the Pawnee Nation of Oklahoma (the
&#147;Nation&#148;), a federally recognized Indian Tribe&#148;). The
Company will provide consulting and development services to assist
the Nation in
developing and equipping three separate casino destinations in Oklahoma
including: 1) development of a first class casino and ancillary amenities and
facilities in northern Oklahoma near the Kansas border (the &#147;Chilocco
Project&#148;); 2) expansion of the Nation&#146;s existing travel plaza at the
intersection of U.S. Highway 412 and State Highway 18, approximately twenty
miles from Stillwater, Oklahoma (the &#147;Travel Plaza&#148;); and 3) operational
consulting (with the possibility of expansion) in conjunction with
the Nation&#146;s
existing casino facility, currently operating approximately 60 gaming devices
along with a retail convenience store and gas station in Pawnee, Oklahoma (the
&#147;Trading Post&#148;). The Company will also provide management services for the
Nation&#146;s casino operations at each location subject to regulatory approval.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the three projects has its own independent gaming development consulting agreement
and management contract. Key terms relating to the agreements for each of the
three projects are as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Chilocco
Project</I>. For its gaming development consulting services related to
the Chilocco Project, the Company will receive a development fee
based on a percentage of the projected costs of the project, paid upon the opening of the
project, and a flat monthly fee for a period of 120 months commencing
upon the opening of the project. The aggregate fee levels for all
three of the projects are estimated to be in the range of
$2.5&nbsp;million to $3.0&nbsp;million per year, payable after the
opening of the projects.


<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 Nation, subject to a project budget to be agreed upon by the Company and
the Nation and certain other conditions. The development loan will be for
preliminary development costs under the project budget. The Company has also
agreed to use reasonable efforts to assist the Nation 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 for the Chilocco Project is subject to the approval of the National Indian
Gaming Commission and certain other conditions. The Company will be entitled to receive management fees of
approximately thirty percent of total net profits for each month
during the term of the agreements. If the NIGC approves the
management contract between the Company and the Nation as described
below, the Company has agreed to reduce its fees due under the
management contract by all, or a portion of, the consulting and
development fees earned by any Lakes affiliate.
The contract term is seven years (reduced to five years if certain conditions
are met) from the first day that the Company is able to commence management of
the Chilocco Project gaming operations under all legal and regulatory
requirements (the &#147;Commencement Date&#148;), provided that the
Nation has the right
to buy out the remaining term after the project has been in continuous
operation for specified periods of time, depending on the length of
the contracts, 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


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

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<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">



<P align="left" style="font-size: 10pt">minimum monthly payments to the
Nation from the project by means of
non-interest bearing advances made pursuant to the same operating note.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Travel Plaza</I>. The Company has entered into a separate gaming development
and consulting agreement and management contract with the Nation with respect to
the Travel Plaza project. The material provisions of these agreements are
similar to those for the Chilocco Project, except that the
management agreement is for a period of five years, subject to increase to
seven years if certain conditions are met.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Trading
Post</I>. The Company has entered into a separate gaming development
and consulting agreement and management contract with the Nation with respect to
the Trading Post project to consult and subject to NIGC approval,
manage the Nation&#146;s
existing gaming facility. The material provisions of these agreements are similar to
those for the Chilocco Project, except that: (1)&nbsp;the
management agreement is for
a period of five years, subject to increase to seven years if certain
conditions are met, and (42)&nbsp;any additional expansion or development of the
Trading Post remains in the Nation&#146;s discretion and subject to future NIGC
approval (should the Nation opt for expansion).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Arrangement
with Consultant</I>. The Company has executed a letter proposing that Kevin
Kean will be compensated for his consulting services
(relating to the Nation) rendered to the Company. Under this
arrangement, subject to Mr.&nbsp;Kean obtaining certain regulatory approvals,
 Mr.&nbsp;Kean will receive twenty percent of the
Company&#146;s fee compensation, earned under the gaming development consulting
agreements and management contracts with the Nation (i.e., six percent of the
incremental total revenues, out of the Company&#146;s thirty percent share).
The parties are currently negotiating the final definitive agreement. Such
agreement will further provide that payments will be due to Mr.&nbsp;Kean when the
Company is paid by the Nation, except for certain limited advances to be paid by
the Company against his share of the fees.

<!-- 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;17, 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&nbsp;99.1 to this Form 8-K.


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

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<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;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable


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


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 &nbsp;&nbsp; Lakes Entertainment, Inc. Press Release dated January&nbsp;17, 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"><BR>
LAKES ENTERTAINMENT, INC.<BR>
(Registrant)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date:&nbsp;&nbsp;January 19, 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>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Timothy J. Cope&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">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>

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<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="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="1" 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;17, 2005.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c91297exv99w1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<TITLE>exv99w1</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link2 "EXHIBIT 99.1" -->

<P align="right" style="font-size: 10pt"><B>EXHIBIT 99.1</B>

<P>&nbsp;

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
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    <TD width="70%"></TD>
    <TD width="8%"></TD>
    <TD width="22%"></TD>
</TR>
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<TR valign="bottom">
    <TD align="left" valign="middle"><IMG src="c91297lakes.gif" alt="(LAKES ENTERTAINMENT, INC. LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="font-size: 12pt"><B>NEWS RELEASE</B></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Lakes Entertainment, Inc.</B></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>130 Cheshire Lane</B></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Minnetonka, MN 55305</B></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>952-449-9092</B></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>952-449-9353 (fax)</B></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>www.lakesentertainment.com</B></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Traded: Nasdaq &#147;LACO&#148;</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><HR size="2" noshade width="100%" align="center" color="#000000">


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



<DIV align="left" style="font-size: 10pt">Timothy J. Cope 952-449-7030</DIV>



<DIV align="left" style="font-size: 10pt"><HR size="1" noshade width="100%" align="center" color="#000000"></DIV>



<DIV align="left" style="font-size: 10pt"><B>FOR IMMEDIATE RELEASE:</B></DIV>



<DIV align="left" style="font-size: 10pt">Monday, January&nbsp;17, 2005</DIV>



<P align="center" style="font-size: 12pt"><B>LAKES ENTERTAINMENT,
INC. SIGNS DEVELOPMENT CONSULTING<BR>
AGREEMENTS AND MANAGEMENT CONTRACTS FOR THREE<BR>
GAMING PROJECTS WITH THE PAWNEE NATION OF OKLAHOMA</B>


<P align="left" style="font-size: 10pt"><B>Minneapolis, January&nbsp;17, 2005 &#151; Lakes Entertainment, Inc. (Nasdaq &#147;LACO&#148;)</B>
announced today that it has signed gaming development consulting agreements and
management contracts with the Pawnee Nation of Oklahoma in connection with
assisting the Nation in developing, equipping and managing three separate
casino destinations.


<P align="left" style="font-size: 10pt">The largest of the casino resort developments will be located on approximately
eight hundred acres of Indian gaming land owned by the Pawnee Nation in
northern Oklahoma near the Kansas border. This project is master planned to
include a large first class casino, hotel and meeting space, multiple
restaurants and bar venues, an entertainment and event center, a golf course
and various other casino resort amenities. The first phase of the project is
planned to include approximately 1,200 gaming devices, various restaurants and
bars, a 150 room hotel, and up to 24 table games subject to the final terms of
the Nation&#146;s compact with the state of Oklahoma.


<P align="left" style="font-size: 10pt">The Pawnee Nation currently operates a &#147;Travel Plaza&#148; at the intersection of
U.S. Highway 412 and State Highway 18, approximately twenty miles from
Stillwater. The Nation intends to expand the Travel Plaza to include gaming
and has engaged Lakes to assist with this project. When expanded, the planned
project will open with approximately 150 gaming devices, 4 table games, and a
full service restaurant and bar.

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

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

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


<P align="left" style="font-size: 10pt">The management contract for each of these two locations includes a fee of 30%
of net revenues as determined by federal law for a period of five to seven
years, depending on the scope of the facilities. The contracts are subject to
approval of the National Indian Gaming Commission and certain other conditions.


<P align="left" style="font-size: 10pt">The Pawnee Nation also operates its &#147;Trading Post&#148; Casino, which currently
includes approximately 60 gaming devices along with a retail convenience store
and gas station in the town of Pawnee, Oklahoma. Lakes will assist in the
management of this project and in its expansion if the Nation decides to
develop the location further. For its management services on this project,
Lakes will receive a 30% &#147;net revenues&#148; fee based on the incremental net income
produced at this location during the length of the management contract,
expected to be from five to seven years, subject to regulatory approval and
certain other conditions.


<P align="left" style="font-size: 10pt">Lyle Berman, Chairman and CEO of Lakes commented, &#147;The Pawnee Nation has a
tremendous location near the Kansas border on which to develop a first class
casino resort. We look forward to working with the Pawnee Business Council and
the Nation&#146;s business corporations to provide the Nation with new business
opportunities to enhance its economic self-sufficiency and diversification. We
appreciate the efforts of Kevin Kean who was instrumental in bringing the
Nation and Lakes together. Subject to regulatory approval, Mr.&nbsp;Kean will
consult on the projects for a fee equivalent to approximately 6% out of the 30%
that we receive.&#148;


<P align="left" style="font-size: 10pt">Tim Cope, President of Lakes, stated, &#147;Oklahoma is a rapidly expanding gaming
market and we are excited about the opportunity to do business with the Pawnee
Nation. Each of the three locations has its own distinct market and by
combining the marketing efforts of the three casinos, we will be able to
provide our guests an even better experience. We estimate the northern Oklahoma
casino to open in the middle of 2006 with the Travel Plaza expansion completed
during 2005.&#148;


<P align="left" style="font-size: 10pt">Lakes Entertainment, Inc. currently has development and management agreements
with four separate Tribes for one new casino operation in Michigan, two in
California and one in Texas. 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="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">


<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: 8pt">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>



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


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end

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