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<SEC-DOCUMENT>0000950134-05-005535.txt : 20050321
<SEC-HEADER>0000950134-05-005535.hdr.sgml : 20050321
<ACCEPTANCE-DATETIME>20050321164421
ACCESSION NUMBER:		0000950134-05-005535
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20050315
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050321
DATE AS OF CHANGE:		20050321

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:		05694589

	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>c93507e8vk.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">



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<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: 12pt">Date of Report (Date of earliest event reported): March&nbsp;15, 2005

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


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="50%" align="center" color="#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%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
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    <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><TD>&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="center" style="border-top: 1px solid #000000">&nbsp;<BR></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><TD>&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><TD>&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="center" style="border-top: 1px solid #000000">&nbsp;<BR></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">
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<TR>
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    <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>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>









<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="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="c93507exv99w1.htm">Press Release</A></TD></TR>
</TABLE>
</CENTER>
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<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;On March&nbsp;15, 2005, the Company, through its wholly-owned subsidiaries,
entered into consulting agreements and management contracts with The Iowa Tribe
of Oklahoma, a federally recognized Indian Tribe and The Iowa Tribe of
Oklahoma, a federally-chartered corporation (collectively, the &#147;Tribe&#148;). The
agreements are effective as of January&nbsp;27, 2005. The Company will provide
consulting services to assist the Tribe with two separate casino destinations
in Oklahoma including (i)&nbsp;assisting in developing a new first class casino and
ancillary amenities and facilities to be located on Indian land approximately
25 miles northeast of Oklahoma City along Route 66 (the &#147;Development Project&#148;);
and (ii)&nbsp;assisting with operational efforts at the Tribe&#146;s existing Cimarron
Casino, located in Perkins Oklahoma (the &#147;Cimarron Casino&#148;). The Company will
also provide management services for the Tribe&#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 projects has a gaming consulting agreement and a management
contract, independent of the other project. Key terms relating to the
agreements for the projects are as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The Development Project</I>. For its gaming development consulting services
related to the Development Project, the Company will receive a development fee
of 2% of the projected costs of the project, paid upon the opening of the
project, and a flat monthly fee for a period of 120&nbsp;months commencing upon the
opening of the project.


<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. 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 for the Development 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 30%
of total net profits for each month during the term of the agreement less any
amounts earned by any Company affiliate for consulting on the project. If the
NIGC approves the management contract between the Company and the Tribe 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 from the first
day that the Company is able to commence management of the Development Project
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 a
specified period of time, for an amount based on the then present value of
estimated 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 project
payments to the Tribe by means of non-interest bearing advances under the same
operating note.


<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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cimarron Casino</I>. The Company has entered into a separate gaming
consulting agreement and management contract with the Tribe with respect to the
Cimarron Casino. Many of the material provisions of these agreements are
similar to those for the Development Project, except that: (i)&nbsp;the consulting
contract is primarily for services related to the existing operations (with the
possibility of further development); (ii)&nbsp;the Company will provide up to a $1
million business improvement loan rather than a preliminary development loan;
(iii)&nbsp;there are no terms related to assisting the Tribe to obtain any
additional permanent financing beyond the business improvement loan; (iv)&nbsp;the
consulting fee will consist entirely of a limited flat monthly fee; and (v)
the annual fee under the management contract will be 30% of net total revenues
in excess of $4&nbsp;million (reduced by any amounts earned by any Company affiliate
for consulting services).


<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 Tribe) rendered to the Company. Under this arrangement, subject to Mr.
Kean obtaining certain regulatory approvals, Mr.&nbsp;Kean will receive twenty
percent of the Company&#146;s fee compensation, that is received under the gaming
development consulting agreements and management contracts with the Tribe
(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 Tribe, 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 March&nbsp;21, 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.

<!-- 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;Not Applicable


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


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



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakes Entertainment, Inc. Press Release dated March&nbsp;21, 2005.


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

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


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    <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: March 21, 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">
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    <TD width="40%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" 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 -->
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<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated March&nbsp;21, 2005.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c93507exv99w1.htm
<DESCRIPTION>PRESS RELEASE
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<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%">
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<TR valign="bottom">
    <TD align="left" valign="top"><IMG src="c93507lakes.gif" alt="(LAKES LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" 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>
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</DIV>

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


<DIV align="left" style="font-size: 10pt"><B>FOR FURTHER INFORMATION CONTACT:<BR></B>
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:<BR></B>
Monday, March&nbsp;21, 2005</DIV>



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


<P align="left" style="font-size: 10pt"><B>Minneapolis, March&nbsp;21, 2005 &#151; Lakes Entertainment, Inc. (Nasdaq &#147;LACO&#148;)</B>
announced today that it has signed development consulting agreements and
management contracts with the Iowa Tribe of Oklahoma in connection with
assisting the Tribe in developing, equipping and managing two separate casino
destinations.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Iowa plans include the development and operation of a new first class
casino resort facility located on Indian land along historical Route 66
approximately 25 miles northeast of Oklahoma City. The project which will be
one of the closest to the Oklahoma City market, is master planned to include a
large first class casino, hotel and meeting space, a child care and arcade
facility, entertainment and events center, parking, a golf course, multiple
restaurant and bar venues and other casino resort amenities. The first phase
of the project is planned to include approximately 1,500 gaming devices,
various restaurant and bar outlets, approximately 40 table games and a large
poker room.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As soon as regulatory approval has been received, Lakes will provide consulting
services, and subject to approval of the NIGC, management services to assist
the Tribe with the Tribe&#146;s Cimarron Casino located in Perkins, Oklahoma, which
currently consists of approximately 200 gaming devices and a bingo hall.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to regulatory approval, the company will provide management services
for the Tribe&#146;s casino operations at each location. Under the terms of the
management contracts, Lakes will provide overall operational direction at each
of the casinos in exchange for a fee equivalent to 30% of net revenues from the
new casino project and 30% of incremental net revenues produced at the Cimarron
Casino.


<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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lyle Berman, Chairman and CEO of Lakes stated, &#147;We are very excited about
teaming up with the Iowa Tribe to help them build a new, dynamic and first
class casino operation and to assist them with their current operations.
Chairwoman Phoebe O&#146;Dell and the members of the Iowa Business Committee have
been extremely good to work with and we look forward to a long term business
relationship. We appreciate the efforts of Kevin Kean who was instrumental in
bringing the Iowa Tribe and Lakes together. Subject to regulatory approval,
Mr.&nbsp;Kean will consult on the projects for a fee equivalent to approximately 20%
of the management fees received by Lakes.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tim Cope, President and CFO of Lakes commented, &#147;Lakes is very proud to be
selected by the Iowa Tribe as its casino management company. The new casino
development, along with continued improvements at the existing facility, will
provide the Iowa Tribe a tremendous opportunity to enhance the Tribe&#146;s economic
self-sufficiency and business diversification. As soon as regulatory approval
is received, we will immediately help the Tribe with operations at the Cimarron
Casino. As soon as regulatory approval is received for the new casino
location, we will begin the development and construction of that project. We
currently estimate the first phase of the new casino to be open in early 2007.&#148;


<P align="left" style="font-size: 10pt"><B><U>About Lakes Entertainment</U></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakes Entertainment, Inc. currently has development and management agreements
with six separate Tribes for new casino operations in Michigan, California,
Texas and Oklahoma, a total of nine separate casino sites. In addition, Lakes
has announced plans to develop a company owned casino resort project in
Vicksburg, Mississippi. The Company also 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>
<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-----
