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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950134-05-005425.txt : 20050318
<SEC-HEADER>0000950134-05-005425.hdr.sgml : 20050318
<ACCEPTANCE-DATETIME>20050318070103
ACCESSION NUMBER:		0000950134-05-005425
CONFORMED SUBMISSION TYPE:	NT 10-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050102
FILED AS OF DATE:		20050318
DATE AS OF CHANGE:		20050318
EFFECTIVENESS DATE:		20050318

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:		NT 10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24993
		FILM NUMBER:		05690316

	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>NT 10-K
<SEQUENCE>1
<FILENAME>c92713ntnt10vk.htm
<DESCRIPTION>NOTIFICATION OF LATE FILING - FORM 10-K
<TEXT>
<HTML>
<HEAD>
<TITLE>nt10vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<center>
<TABLE style="font-size: 10pt" width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="15%"></TD>
        <TD width="85%"></TD>
</TR>
<TR valign="top">
        <TD colspan="2"><hr size="1" noshade></TD>
</TR>
<TR valign="top">
        <TD valign="top">SEC 1344<br>(07-03)</TD>
        <TD valign="middle"><b>Persons who are to respond to the collection of information
contained in this form are not required to respond unless the form displays a currently valid
OMB control number.</b></TD>
</TR>
<TR valign="top">
        <TD colspan="2"><hr size="1" noshade></TD>
</TR>
</TABLE>
</center>

<P>
<TABLE style="font-size: 10pt" align="right" width="190" border="1" cellspacing="0" cellpadding="1">
<TR><TD align="center">OMB APPROVAL</TD></TR>
<TR><TD>OMB Number: 3235-0058</TD></TR>
<TR><TD>Expires: March 31, 2006</TD></TR>
<TR><TD>Estimated average burden<BR>
hours per response...2.50</TD></TR>
</TABLE>
<BR clear="all">
<p>&nbsp;
<TABLE style="font-size: 10pt" align="right" width="190" border="1" cellspacing="0" cellpadding="2">
<TR><TD>Commission File No.:&nbsp;000-24993</TD></TR>

</TABLE>
<BR clear="all">
<BR clear="all">


<P style="font-size: 10pt" align="center"><B>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>


<P style="font-size: 10pt" align="center"><B>FORM 12b-25</B>

<P style="font-size: 10pt" align="center"><B>NOTIFICATION OF LATE FILING</B>

<CENTER>
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="14%">&nbsp;</TD>
        <TD width="12%">&nbsp;</TD>
        <TD width="12%">&nbsp;</TD>
        <TD width="12%">&nbsp;</TD>
        <TD width="56%">&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD nowrap><I>(Check One):</I></TD>
        <TD nowrap><FONT face="wingdings">&#120;</FONT>&nbsp;&nbsp; Form&nbsp;10-K</TD>
        <TD nowrap><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Form&nbsp;20-F</TD>
        <TD nowrap><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Form&nbsp;11-K</TD>
        <TD nowrap><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Form&nbsp;10-Q</TD>
</TR>
<TR valign="bottom">
<TD nowrap><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Form&nbsp;N-SAR</TD>
<TD nowrap><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Form&nbsp;N-CSR</TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>
</TABLE>
</CENTER>


<CENTER>
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="1" width="100%" align="center">
<TR valign="bottom">
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap>For Period Ended: <U>January 2, 2005</u></TD>

</TR>
<TR valign="bottom">
        <TD nowrap><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Transition Report on Form&nbsp;10-K</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD nowrap><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Transition Report on Form&nbsp;20-F</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD nowrap><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Transition Report on Form&nbsp;11-K</TD>
</TR>
<TR valign="bottom">
<TD nowrap><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Transition Report on Form&nbsp;10-Q</TD>
</TR>
<TR valign="bottom">
<TD nowrap><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Transition Report
on Form&nbsp;N-SAR</TD>
</TR>
<TR valign="bottom">
        <TD nowrap>For the Transition Period Ended: __________________________________________</TD>

</TR>
</TABLE>
</CENTER>

<BR clear="all">

<TABLE style="font-size: 10pt" align="right" width="100%" border="1" cellspacing="0" cellpadding="2">
<TR><TD align="center"><I>Read
Instruction (on back page) Before Preparing Form.&nbsp;Please Print or
Type.</I>
</TD></TR>
<TR><TD align="center"><B>Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.</B>
</TD></TR>
</TABLE>
<BR clear="all">
<BR clear="all">

<P style="font-size: 10pt">If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates:
<P><hr size="1" noshade>


<BR clear="all">

<P style="font-size: 10pt" align="left"><B>PART I &#151; REGISTRANT INFORMATION</B>

<p style="font-size: 10pt"><P align="left" style="font-size: 10pt">Lakes Entertainment, Inc.
<hr size="1" noshade><div style="font-size: 10pt">Full
Name of Registrant</div>
<p style="font-size: 10pt"><hr size="1" noshade><div style="font-size: 10pt">Former
Name if Applicable</div>
<p style="font-size: 10pt">130 Cheshire Lane, Minnetonka, MN 55305
<Hr size="1" noshade>
<div style="font-size: 10pt">Address of Principal Executive
Office<i> (Street and Number)</i></div>
<p style="font-size: 10pt">Minnetonka, MN 55305<hr size="1" noshade>City, State and Zip Code



<P style="font-size: 10pt" align="left"><B>PART II &#151; RULES 12b-25(b)&nbsp;AND (c)</B>

<P style="font-size: 10pt">If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule&nbsp;12b-25(b), the
following should be completed. (Check box if appropriate)

<P style="font-size: 10pt">
<TABLE style="font-size: 10pt" width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="3%">&nbsp;</TD>
        <TD width="1%" align="left">(a)</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="93%">The reason described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense</TD>
</TR>
<TR valign="top">

<TD valign="middle" width="3%"><font face="wingdings">&#120;</font></TD>
        <TD width="1%" align="left">(b)</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="93%">The subject annual report, semi-annual report, transition report on
Form&nbsp;10-K, Form 20-F, Form 11-K, Form&nbsp;N-SAR or Form N-CSR, or portion thereof, will
be filed on or before the fifteenth calendar day following the prescribed
due date; or the subject quarterly report or transition report on Form
10-Q, or portion thereof, will be filed on or before the fifth
calendar day following the prescribed due date; and</TD>
</TR>
<TR valign="top">
        <TD width="3%">&nbsp;</TD>
        <TD width="1%" align="left">(c)</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="93%">The accountant&#146;s statement or other exhibit required by Rule&nbsp;12b-25(c)
has been attached if applicable. <u>Not Applicable.</u></TD>
</TR>
</TABLE>

<P style="font-size: 10pt" align="left"><B>PART III &#151; NARRATIVE</B>

<P style="font-size: 10pt">State below in reasonable detail why Forms&nbsp;10-K, 20-F, 11-K, 10-Q,
N-SAR, N-CSR, or the transition report or portion thereof, could not be
filed within the prescribed time period.

<P style="font-size: 10pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The delay in filing the registrant&#146;s Form 10-K for the year ended
January&nbsp;2, 2005 is in response to comments Lakes has received from
the SEC staff on Lakes&#146; Form 10-K for the year ended December&nbsp;28,
2003. The comments, which relate to a review of Lakes&#146; financial
statements, would affect Lakes&#146; current Form 10-K filing. The delay
enables Lakes to continue its discussions with the SEC staff about
its comments before filing the Form 10-K. The SEC staff has
questioned Lakes&#146; accounting for development costs and advances
related to Indian casinos. Lakes records costs and advances to Indian
tribes for the development of casinos as assets on its balance sheet.
Lakes has responded to the SEC staff&#146;s comments; however, the
comments have not yet been resolved.




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

<P style="font-size: 10pt" align="left"><B>PART IV &#151; OTHER INFORMATION</B>


<P style="font-size: 10pt">(1)&nbsp;Name and telephone number of person to contact in regard to this
notification


<P>

<CENTER>
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="25%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="25%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align="left" valign="top"></TD>
        <TD></TD>
        <TD align="center" valign="top"></TD>
        <TD></TD>
        <TD align="right" valign="top"></TD>
</TR>
<TR valign="bottom">
        <TD colspan=1 align="left" valign="top">Martin R. Rosenbaum,
Esq.
</TD>
<td>&nbsp;</td>
        <TD colspan=1 align="center" valign="top">(612)</td>
<td>&nbsp;</td>
        <TD colspan=1 align="right" valign="top">672-8326</td>
</TR>

<TR valign="bottom">
<TD colspan=5 align="left" valign="top">
<hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align="left" valign="top">(Name)</TD>
        <TD></TD>
        <TD align="center" valign="top">(Area Code)</TD>
        <TD></TD>
        <TD align="right" valign="top">(Telephone Number)</TD>
</TR>

</TABLE>
</CENTER>

<P style="font-size: 10pt">(2)&nbsp;Have all other periodic reports required
under Section&nbsp;13 or 15(d) of
the Securities Exchange Act of 1934 or Section&nbsp;30 of the Investment Company Act
of 1940 during the preceding 12&nbsp;months or for such shorter period that the
registrant was required to file such report(s) been filed? If answer is no,
identify report(s).

<P align="right" style="font-size: 10pt"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;
No <FONT face="wingdings">&#120;</FONT>&nbsp;&nbsp; Yes

<P><hr size="1" noshade>
<P style="font-size: 10pt">(3)&nbsp;Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof?


<P style="font-size: 10pt" align="right"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;
No <FONT face="wingdings">&#120;</FONT>&nbsp;&nbsp; Yes


<P style="font-size: 10pt">If so,&nbsp;attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.<br><br>

Lakes&#146; 2004 results of operations cannot currently be estimated,
as the reported results may be affected by the resolution of the
comments of the SEC staff, as described above.

<hr size="1" noshade>

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top"></TD>
</TR>
<TR valign="bottom">

<TD colspan=5 align="center" valign="top">Lakes Entertainment, Inc.<hr align="center" size="1" noshade width="75%"></TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top">(Name of Registrant as Specified in Charter)</TD>
</TR>

</TABLE>



<P style="font-size: 10pt">has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.


<p>
<TABLE style="font-size: 10pt" width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="1%"></TD>
        <TD width="25%"></TD>
        <TD width="3%"></TD>
        <TD width="25%"></TD>
</TR>
<TR>
        <TD align="left">Date</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;March 18, 2005</TD>
        <TD align="right">By</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Timothy J. Cope</TD>
</TR>

<TR>
        <TD></TD>
        <TD><hr size="1" noshade></TD>
        <TD></TD>
        <TD><hr size="1" noshade></TD>
</TR>

</table>

<P>
<TABLE style="font-size: 10pt" width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>INSTRUCTION: The form may be signed by an executive officer of the
registrant or by any other duly authorized representative. The name and
title of the person signing the form shall be typed or printed beneath the
signature. If the statement is signed on behalf of the registrant by an
authorized representative (other than an executive officer), evidence of
the representative&#146;s authority to sign on behalf of the registrant shall be
filed with the form.</TD>
</TR>
</TABLE>
<P style="font-size: 10pt" align="center"><b>ATTENTION</b>

<BR clear="all">
<TABLE style="font-size: 10pt" align="right" width="100%" border="1" cellspacing="0" cellpadding="3">
<TR><TD><B>Intentional misstatements or
omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001).</B></TD></TR>
</TABLE>
<BR clear="all">

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

<P style="font-size: 10pt">1.&nbsp;This form is required by Rule&nbsp;12b-25
(17 CFR 240.12b-25) of the General Rules and Regulations under the Securities Exchange Act of 1934.


<P style="font-size: 10pt">2.&nbsp;One signed original and four conformed copies of this form and
amendments thereto must be completed and filed with the Securities and Exchange
Commission, Washington, D.C. 20549, in accordance with Rule&nbsp;0-3 of the General
Rules and Regulations under the Act. The information contained in or filed with
the form will be made a matter of public record in the Commission files.

<P style="font-size: 10pt">3.&nbsp;A manually signed copy of the form and amendments thereto shall be filed
with each national securities exchange on which any class of securities of the
registrant is registered.


<P style="font-size: 10pt">4.&nbsp;Amendments to the notifications must also be filed on Form&nbsp;12b-25 but
need not restate information that has been correctly furnished. The form shall
be clearly identified as an amended notification.


<P style="font-size: 10pt">5.&nbsp;<i>Electronic Filers.</i> This form shall not be used by electronic filers
unable to timely file a report solely due to electronic difficulties. Filers
unable to submit reports within the time period prescribed due to difficulties
in electronic filing should comply with either Rule&nbsp;201 or Rule&nbsp;202 of
Regulation&nbsp;S-T (&#167; 232.201 or &#167; 232.202 of this chapter) or apply for an
adjustment in filing date pursuant to Rule&nbsp;13(b)
of Regulation&nbsp;S-T (&#167; 232.13(b) of this chapter).



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

<center>
<TABLE style="font-size: 10pt" width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="15%"></TD>
        <TD width="85%"></TD>
</TR>
<TR valign="top">
        <TD colspan="2"><hr size="1" noshade></TD>
</TR>
<TR valign="top">
        <TD valign="top">SEC 1344<br>(07-03)</TD>
        <TD valign="middle"><b>Persons who are to respond to the collection of information
contained in this form are not required to respond unless the form displays a currently valid
OMB control number.</b></TD>
</TR>
<TR valign="top">
        <TD colspan="2"><hr size="1" noshade></TD>
</TR>
</TABLE>
</center>

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