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<SEC-DOCUMENT>0000950134-05-015795.txt : 20050812
<SEC-HEADER>0000950134-05-015795.hdr.sgml : 20050812
<ACCEPTANCE-DATETIME>20050812095628
ACCESSION NUMBER:		0000950134-05-015795
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20050808
ITEM INFORMATION:		Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050812
DATE AS OF CHANGE:		20050812

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:		051019289

	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>c97587e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</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">



<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>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

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

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT</B>
</DIV>


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

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): August&nbsp;8, 2005</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Lakes Entertainment, Inc.</B>
</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="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>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: (952)&nbsp;449-9092</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Not Applicable<BR>
(Former name or former address, if changed since last report)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><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="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><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="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><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="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><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>

<!-- 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">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3.01 Notice of Delisting of Failure to Satisfy a Continued Listing Rule or Standard;
Transfer of Listing.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;8, 2005, Lakes Entertainment, Inc. received notice from The Nasdaq Stock Market Listing
Qualifications Department that the Nasdaq Listing Qualifications Panel has determined to delist
Lakes&#146; common stock from the Nasdaq National Market effective as of the opening of business on
August&nbsp;10, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As previously reported, Lakes has not filed its Annual Report on Form 10-K for the fiscal year
ended January&nbsp;2, 2005 (&#147;2004 Form&nbsp;10-K&#148;) and its Quarterly Report on Form 10-Q for the quarter
ended April&nbsp;3, 2005 (&#147;2005 First Quarter Form&nbsp;10-Q&#148;). The delay in filing both reports is the
result of comments that Lakes received from the SEC staff pertaining to Lakes&#146; Annual Report on
Form 10-K for the fiscal year ended December&nbsp;28, 2003. These comments relate to Lakes&#146; accounting
for development costs and advances to Indian tribes for the development of casinos as assets on its
balance sheet. Lakes has not filed either the 2004 Form 10-K or 2005 First Quarter Form 10-Q
pending a resolution of the comments. Lakes&#146; failure to timely file these reports resulted in
noncompliance with Nasdaq Marketplace Rule&nbsp;4310(c)(14) which is required for continued listing of
Lakes&#146; common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lakes plans to appeal the decision of the Nasdaq Listing Qualifications Panel&#146;s determination, but
this will not delay or prevent the delisting of Lakes&#146; common stock as of the opening of business
on August&nbsp;10, 2005. There is no assurance that Lakes&#146; common stock will be relisted on The Nasdaq
Stock Market as a result of its appeal or otherwise. Once delisted, Lakes expects that quotations
for its common stock will appear in the Pink Sheets&#174; (formerly the National Daily Quotation
Bureau), where subscribing dealers can submit bid and ask prices on a daily basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lakes remains committed to regaining compliance with all filing requirements and obtaining
relisting of its common stock with The Nasdaq Stock Market as soon as possible and continues to
work diligently toward completing and filing its delinquent reports. While Lakes is working
expeditiously to resolve the SEC Staff&#146;s comments, Lakes is unable to predict when it will be able
to file its 2004 Form 10-K or its 2005 First Quarter Form 10-Q.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A copy of the press release is attached as Exhibit&nbsp;99.1 to this Form 8-K.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not Applicable</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not Applicable</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibits</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="95%">&nbsp;</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">Lakes Entertainment, Inc. Press Release dated August&nbsp;8, 2005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<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">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>

<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: August 12, 2005&nbsp;</TD>
    <TD>&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 colspan="2" 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>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c97587exv99w1.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: 'Helvetica',Arial,sans-serif">



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;99.1
</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="60%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD rowspan="8" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="c97587c9758790.gif" alt="(LAKES ENTERTAINMENT, INC. LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>NEWS RELEASE</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Lakes Entertainment, Inc.</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>130 Cheshire Lane</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Minnetonka, MN 55305</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>952-449-9092</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>952-449-9353 (fax)</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>www.lakesentertainment.com</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Traded: Nasdaq &#147;LACOE&#148;</B></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="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 3px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>FOR FURTHER INFORMATION CONTACT:</B></DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Timothy J. Cope 952-449-7030</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>FOR IMMEDIATE RELEASE:</B></DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Monday, August&nbsp;8, 2005</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>LAKES ENTERTAINMENT, INC. RECEIVES NOTICE OF DELISTING<BR>
FROM NASDAQ</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>MINNEAPOLIS, August&nbsp;8, 2005 &#151; Lakes Entertainment, Inc. (Nasdaq &#147;LACOE&#148;)</B>. Lakes Entertainment,
Inc. announced today that it has received notice from The Nasdaq Stock Market Listing
Qualifications Department that the Nasdaq Listing Qualifications Panel has determined to delist
Lakes&#146; common stock from the Nasdaq National Market effective as of the opening of business on
August&nbsp;10, 2005. As previously reported, Lakes has not filed its Annual Report on Form 10-K for
the fiscal year ended January&nbsp;2, 2005 (&#147;2004 Form&nbsp;10-K&#148;) and its Quarterly Report on Form 10-Q for
the quarter ended April&nbsp;3, 2005 (&#147;2005 First Quarter Form&nbsp;10-Q&#148;). The delay in filing both reports
is the result of comments that Lakes received from the SEC staff pertaining to Lakes&#146; Annual Report
on Form 10-K for the fiscal year ended December&nbsp;28, 2003. These comments relate to Lakes&#146;
accounting for development costs and advances to Indian tribes for the development of casinos as
assets on its balance sheet. Lakes has not filed either the 2004 Form 10-K or 2005 First Quarter
Form 10-Q pending a resolution of the comments. Lakes&#146; failure to timely file these reports
resulted in noncompliance with Nasdaq Marketplace Rule&nbsp;4310(c)(4) which is required for continued
listing of Lakes&#146; common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lakes plans to appeal the decision of the Nasdaq Listing Qualifications Panel&#146;s determination, but
this will not delay or prevent the delisting of Lakes&#146; common stock as of the opening of business
on August&nbsp;10, 2005. There is no assurance that Lakes&#146; common stock will be relisted on The Nasdaq
Stock Market as a result of its appeal or otherwise. Once delisted, Lakes expects that quotations
for its common stock will appear in the Pink Sheets&#174; (formerly the National Daily Quotation
Bureau), where subscribing dealers can submit bid and ask prices on a daily basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lakes remains committed to regaining compliance with all filing requirements and obtaining
relisting of its common stock with The Nasdaq Stock Market as soon as
</DIV>



<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: 'Helvetica',Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">possible and continues to work diligently toward completing and filing its delinquent reports.
While Lakes is working expeditiously to resolve the SEC Staff&#146;s comments, Lakes is unable to
predict when it will be able to file its 2004 Form 10-K or its 2005 First Quarter Form 10-Q.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>About Lakes Entertainment</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 62% 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.
</DIV>

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

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">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, the relisting of Lake&#146;s common stock
on The Nasdaq Stock Market, the SEC staff comments that question various aspects of Lakes&#146;
financial statements, which comments have not yet been resolved; 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; 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; 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>
</DIV>




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