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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950134-05-021621.txt : 20051115
<SEC-HEADER>0000950134-05-021621.hdr.sgml : 20051115
<ACCEPTANCE-DATETIME>20051115100852
ACCESSION NUMBER:		0000950134-05-021621
CONFORMED SUBMISSION TYPE:	NT 10-Q
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20051002
FILED AS OF DATE:		20051115
DATE AS OF CHANGE:		20051115
EFFECTIVENESS DATE:		20051115

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:		051204865

	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>c00022ntnt10vq.htm
<DESCRIPTION>NOTIFICATION OF LATE FILING
<TEXT>
<HTML>
<HEAD>
<TITLE>nt10vq</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<center>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="15%"></TD>
        <TD width="85%"></TD>
</TR>
<TR valign="top">
        <TD colspan="2"><font size="2"><hr size="1" noshade></font></TD>
</TR>
<TR valign="top">
        <TD valign="bottom"><font size="2">SEC 1344
<BR>(2-2002)<BR>Previous<BR> versions<BR> obsolete</font></TD>
        <TD valign="middle"><font size="2"><b>Persons who potentially 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></font></TD>
</TR>
<TR valign="top">
        <TD colspan="2"><font size="2"><hr size="1" noshade></font></TD>
</TR>
</TABLE>
</center>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="70%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="13%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="15%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap align="center"><FONT size="2">OMB APPROVAL</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
OMB Number:
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">3235-0058</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Expires:
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD nowrap align="right" valign="top"><FONT size="2">March&nbsp;31, 2006</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="2" nowrap align="left" valign="top"><FONT size="2">Estimated average burden<br>hours per

response</FONT></TD>

        <TD align="right" valign="bottom"><FONT size="2">2.50</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD colspan="2" nowrap align="left" valign="top"><FONT size="2">SEC
FILE NUMBER</FONT></TD>

        <TD align="right" valign="bottom"><FONT size="2">0-24993</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD colspan="2" nowrap align="left" valign="top"><FONT size="2">CUSIP NUMBER</FONT></TD>

        <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

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

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="41%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="35%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="14%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align="left"><FONT size="2"><I>(Check One):</I></FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Form&nbsp;10-K</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Form&nbsp;20-F</FONT></TD>
        <TD></TD>

<TD nowrap align="left" valign="top"><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Form&nbsp;11-K</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD></TR>

<TR valign="bottom">
<TD valign="top"><FONT size="2"><FONT face="wingdings">&#254;</FONT>&nbsp;&nbsp; Form&nbsp;10-Q</FONT></TD>
        <TD></TD>
        <TD  nowrap align="left" valign="top"><FONT size="2">
<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Form&nbsp;10-D</FONT></TD>
        <TD></TD>
<TR><TD><TR><TD><TR><TD><TR><TD></TR>
<TR valign="bottom">
<TD valign="top"><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Form&nbsp;N-SAR</FONT></TD>
        <TD></TD>
        <TD  nowrap align="left" valign="top"><FONT size="2">
<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Form&nbsp;N-CSR</FONT></TD>
        <TD></TD>
</TR>
</TABLE>
</CENTER>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="10%">&nbsp;</TD>
        <TD width="80%">&nbsp;</TD>
</TR>
<TR>
        <TD nowrap><FONT size="2">For Period Ended:</font></TD>
        <TD><FONT size="2">&nbsp;October 2, 2005</font></TD>
</TR>
<TR>
        <TD align="left">&nbsp;</TD>
        <TD align="left"><hr size="1" noshade width="25%"></TD>
</TR>
</TABLE>

<BR clear="all">

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="49%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="46%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap valign="top"><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Transition Report on Form&nbsp;10-K</FONT></TD>
        <TD></TD>
        <TD  nowrap align="left" valign="top"><FONT size="2">
<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Transition Report on Form&nbsp;10-Q</font></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Transition Report on Form&nbsp;20-F</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Transition Report on Form&nbsp;N-SAR</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Transition Report on Form&nbsp;11-K</FONT></TD>
</TR>
</TABLE>
</CENTER>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="15%">&nbsp;</TD>
        <TD width="75%">&nbsp;</TD>
</TR>
<TR>
        <TD nowrap><FONT size="2">For the Transition Period Ended</font></TD>
        <TD><FONT size="2">&nbsp;</font></TD>
</TR>
<TR>
        <TD align="left">&nbsp;</TD>
        <TD align="left"><hr size="1" noshade width="25%"></TD>
</TR>
</TABLE>
<BR clear="all">

<P align="center"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Read
Instruction (on back page) Before Preparing Form.&nbsp;Please Print or
Type.</I></FONT>

<P align="center"><FONT size="2"><B>Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.</B></FONT>

<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>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="100">&nbsp;</TD>
</TR>
<TR>
        <TD align="left"><FONT size="2">&nbsp;</font></TD>
</TR>
<TR>
        <TD><hr size="1" noshade></TD>
</TR>
</TABLE>
<BR clear="all">

<P align="left"><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">N/A<hr size="1" noshade>Former Name if Applicable</font>
<p><FONT size="2">130 Cheshire Lane<hr size="1" noshade>Address of Principal Executive
Office<i> (Street and Number)</i></font>
<p><FONT size="2">Minnetonka, Minnesota 55305<hr size="1" noshade>City, State and Zip Code</font>



<P align="left"><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>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <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 reasons 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">&#254;</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, 11-K, Form N-SAR or Form&nbsp;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 subject distribution report on Form 10-D, 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.</font></TD>
</TR>
</TABLE>

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

<P><FONT size="2">State below in reasonable detail the reasons why
Forms&nbsp;10-K, 20-F, 11-K, 10-Q, 10-D, 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"><b>(Attach Extra Sheets if Needed)</b></font>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The delay in filing the Registrant&#146;s Quarterly Report on Form 10-Q for the quarter
ended October&nbsp;2, 2005 is the result of comments that it has received from the SEC Staff
pertaining to the Registrant&#146;s Annual Report on Form 10-K for the fiscal year ended
December&nbsp;28, 2003. As previously announced, these comments relate to the Registrant&#146;s
accounting for development costs and advances to Indian tribes for the development of
casinos as assets on its balance sheet. As a result of the SEC Staff comments the
Registrant has not filed its Annual Report on Form 10-K for the fiscal year ended January
2, 2005 or its Quarterly Reports on Form 10-Q for the quarters ended April&nbsp;3, 2005 and
July&nbsp;3, 2005. The Registrant continues its discussions with the SEC Staff about its
comments; however, the comments have not yet been resolved.
</DIV>

<P align="center">

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


<P align="left"><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">Timothy J. Cope</FONT></TD>
        <TD></TD>
        <TD align="center" valign="top"><FONT size="2">(952)</FONT></TD>
        <TD></TD>
        <TD align="right" valign="top"><FONT size="2">449-9092</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 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">&#254;</FONT>&nbsp;&nbsp; No
</FONT>

<P>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Registrant has not filed its Annual Report on Form 10-K for the fiscal year ended January
2, 2005 or its Quarterly Report on Form 10-Q for the quarter ended April&nbsp;3, 2005 or its
Quarterly Report on Form 10-Q for the quarter ended July&nbsp;3, 2005.
</DIV>

<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">&#254;</FONT>&nbsp;&nbsp; Yes <FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; No
</FONT>

<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.
</FONT>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Registrant&#146;s results of operations for the third 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 described above.
</DIV>



<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 size="1" noshade></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>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="25%"></TD>
        <TD width="3%"></TD>
        <TD width="25%"></TD>
</TR>
<TR>
        <TD align="right"><FONT size="2">Date</FONT></TD>
        <TD><FONT size="2">&nbsp; November 15, 2005</font></TD>
        <TD align="right"><FONT size="2">By</FONT></TD>
        <TD><FONT size="2">&nbsp; /s/ Timothy J. Cope</font></TD>
</TR>

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

</table>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">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.</font></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2"><b>ATTENTION</b></font>

<P align="center"><FONT size="2"><B>Intentional misstatements or
omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001).</B>
</font>

<P align="center"><FONT size="2"><B>General Instructions</B></font>

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

<P><FONT size="2">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 the public record in the Commission files.
</font>

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

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

<P><FONT size="2">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 a report 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).
</font>


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