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<SEC-DOCUMENT>0000950134-05-010131.txt : 20050513
<SEC-HEADER>0000950134-05-010131.hdr.sgml : 20050513
<ACCEPTANCE-DATETIME>20050513163301
ACCESSION NUMBER:		0000950134-05-010131
CONFORMED SUBMISSION TYPE:	NT 10-Q
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050403
FILED AS OF DATE:		20050513
DATE AS OF CHANGE:		20050513
EFFECTIVENESS DATE:		20050513

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-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24993
		FILM NUMBER:		05829801

	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-Q
<SEQUENCE>1
<FILENAME>c95329ntnt10vq.htm
<DESCRIPTION>NOTIFICATION OF LATE FILING
<TEXT>
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<TITLE>nt10vq</TITLE>
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<P align="center"><font size="2"><B>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>
</font>


<P align="center"><FONT size="2"><B>FORM 12b-25</B></FONT>

<P align="right"><FONT size="2"><B>Commission File Number: 000-24993</B></FONT>


<P align="center"><FONT size="2"><B>NOTIFICATION OF LATE FILING</B></FONT>

<CENTER>
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        <TD width="12%">&nbsp;</TD>
        <TD width="56%">&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD nowrap><FONT size="2"><I>(Check One):</I></FONT></TD>
        <TD nowrap><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Form&nbsp;10-K</FONT></TD>
        <TD nowrap><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Form&nbsp;20-F</FONT></TD>
        <TD nowrap><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Form&nbsp;11-K</FONT></TD>
        <TD nowrap><FONT size="2"><FONT face="wingdings">&#120;</FONT>&nbsp;&nbsp; Form&nbsp;10-Q</FONT></TD>
</TR>
<TR valign="bottom">
<TD nowrap><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Form&nbsp;N-SAR</FONT></TD>
<TD nowrap><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Form&nbsp;N-CSR</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
</TR>
</TABLE>
</CENTER>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="1" width="100%" align="center">
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2">For Period Ended: <U>April&nbsp;3,
2005</U></font></TD>

</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Transition Report on Form&nbsp;10-K</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Transition Report on Form&nbsp;20-F</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD nowrap><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Transition Report on Form&nbsp;11-K</FONT></TD>
</TR>
<TR valign="bottom">
<TD nowrap><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Transition Report on Form&nbsp;10-Q</font></TD>
</TR>
<TR valign="bottom">
<TD nowrap><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Transition Report
on Form&nbsp;N-SAR</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap><FONT size="2">For the Transition Period Ended: __________________________________________</font></TD>

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

<P><FONT size="2">If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates:</FONT>
<P><FONT size="2"><hr size="1" noshade>
</FONT>

<BR clear="all">

<P align="center"><FONT size="2"><B>PART I &#151; REGISTRANT INFORMATION</B></FONT>

<p><FONT size="2">Lakes Entertainment Inc.<hr size="1" noshade>Full Name of Registrant</font>
<p><FONT size="2"><hr size="1" noshade>Former Name if Applicable</font>
<p><FONT size="2">130 Cheshire Lane, Minnetonka, MN 55305<hr size="1" noshade>Address of Principal Executive
Office<i> (Street and Number)</i></font>
<p><FONT size="2">Minnetonka, MN 55305<hr size="1" noshade>City, State and Zip Code</font>



<P align="center"><FONT size="2"><B>PART II &#151; RULES 12b-25(b)&nbsp;AND (c)</B></FONT>

<P><FONT size="2">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)</FONT>



<P align="center">1

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        <TD width="3%">&nbsp;</TD>
        <TD width="1%" align="left"><FONT size="2">(a)</font></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="93%"><FONT size="2">The reason described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense</font></TD>
</TR>
<TR valign="top">
        <TD valign="middle" width="3%"><font face="wingdings">&#120;</font></TD>
        <TD width="1%" align="left"><FONT size="2">(b)</font></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="93%"><FONT size="2">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</font></TD>
</TR>
<TR valign="top">
        <TD width="3%">&nbsp;</TD>
        <TD width="1%" align="left"><FONT size="2">(c)</font></TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="93%"><FONT size="2">The accountant&#146;s statement or other exhibit required by Rule&nbsp;12b-25(c)
has been attached if applicable. Not applicable</font></TD>
</TR>
</TABLE>

<P align="center"><FONT size="2"><B>PART III &#151; NARRATIVE</B></font>

<P><FONT size="2">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. </font>

<P align="center"><FONT size="2">(Attach extra Sheets if Needed)</font>


<P align="left" style="margin-left:9%; font-size: 10pt">The delay in filing the registrant&#146;s Form 10-Q for the quarter ended April&nbsp;3, 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-Q filing and the
filing of the Form 10-K for the year ended January&nbsp;2, 2005, which is also delayed. The
delay enables Lakes to continue its discussions with the SEC staff about its comments
before filing the Form 10-Q. 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 continues its discussions with the SEC staff regarding its comments;
however, the comments have not yet been resolved.



<P align="center"><FONT size="2"><B>PART IV &#151; OTHER INFORMATION</B>
</font>

<P><FONT size="2">(1)&nbsp;Name and telephone number of person to contact in regard to this
notification
</font>

<P>

<CENTER>
<TABLE 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"><FONT size="2">Martin R.
Rosenbaum, Esq.</FONT></TD>
        <TD></TD>
        <TD align="center" valign="top"><FONT size="2">(612)</FONT></TD>
        <TD></TD>
        <TD align="right" valign="top"><FONT size="2">672-8326</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan=5 align="left" valign="top"><FONT size="2"><hr size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
        <TD align="left" valign="top"><FONT size="2">(Name)</FONT></TD>
        <TD></TD>
        <TD align="center" valign="top"><FONT size="2">(Area Code)</FONT></TD>
        <TD></TD>
        <TD align="right" valign="top"><FONT size="2">(Telephone Number)</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P><FONT size="2">(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).</FONT>

<P align="right"><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;
Yes <FONT face="wingdings">&#120;</FONT>&nbsp;&nbsp; No
</FONT>

<P align="left"><FONT size="2">Form 10-K for the year ended
January&nbsp;2, 2005</FONT>
<hr size="1" noshade>

<P><FONT size="2">(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?
</FONT>

<P align="right"><FONT size="2"><FONT face="wingdings">&#120;</FONT>&nbsp;&nbsp;
Yes <FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; No
</FONT>


<P align="center"><FONT size="2">2</FONT>

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<P><FONT size="2">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><hr size="1" noshade>
</FONT>



<P align="left" style="margin-left:9%; font-size: 10pt">Lakes&#146; results of operations for the first quarter of fiscal 2005 cannot currently
be estimated, as the reported results may be affected by the resolution of the
comments of the SEC staff, as described above.


<TABLE 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"><FONT size="2">Lakes
Entertainment, Inc.</FONT></TD>
</TR>
<TR valign="bottom">

<TD colspan=5 align="left" valign="top"><FONT size="2"><hr align="center" size="1" noshade width="75%"></FONT></TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2">(Name of Registrant as Specified in Charter)</FONT></TD>
</TR>

</TABLE>



<P><FONT size="2">has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
</FONT>

<p>
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<TR>
        <TD align="left"><FONT size="2">Date</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;May&nbsp;13, 2005</font></TD>
        <TD align="right"><FONT size="2">By</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;/s/ Timothy J. Cope</font></TD>
</TR>

<TR>
        <TD></TD>
        <TD><hr size="1" noshade></TD>
        <TD></TD>
        <TD><hr size="1" noshade></TD>
</TR>
<TR>
        <TD align="left"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</font></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;Timothy J.
Cope<BR>&nbsp;&nbsp;&nbsp;President, Chief Financial
Officer,<BR>&nbsp;&nbsp;&nbsp;Treasurer and Secretary</font></TD>
</TR>

</table>



<P align="center"><FONT size="2">3</FONT>

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