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<TYPE>EX-99.1
<SEQUENCE>9
<FILENAME>c00956exv99w1.txt
<DESCRIPTION>PRESS RELEASE
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                                                                    EXHIBIT 99.1

                                                      NEWS RELEASE
                                                      LAKES ENTERTAINMENT, INC.
[LAKES LOGO]                                          130 CHESHIRE LANE
                                                      MINNETONKA, MN 55305
                                                      952-449-9092
                                                      952-449-9353 (FAX)
                                                      WWW.LAKESENTERTAINMENT.COM
                                                      (LACO)

FOR FURTHER INFORMATION CONTACT:
Timothy J. Cope 952-449-7030

FOR IMMEDIATE RELEASE:
Friday, December 16, 2005

                       LAKES ENTERTAINMENT, INC. ANNOUNCES
                    CLOSING ON $20 MILLION FINANCING FACILITY

MINNEAPOLIS, DECEMBER 16, 2005 - LAKES ENTERTAINMENT, INC. (LACO) announced
today that it closed on a $20 million financing facility with the Lyle Berman
Family Partnership (The Partnership). An initial draw of $10 million was made
under the facility and the remaining $10 million can be drawn in $5 million
increments over time as needed. Any funds drawn under the facility bear interest
at the rate of 12% per annum and are due and payable on the third anniversary of
the first advance drawn. No commitment fees, closing fees or loan servicing fees
were assessed or paid in connection with the facility. Lakes may prepay the
facility in whole or in part without penalty. Lyle Berman, Lakes' Chairman and
Chief Executive Officer, does not have an ownership or other beneficial interest
in the Partnership. Neil Sell, a Director of Lakes, is one of the trustees of
the irrevocable trusts that are the partners in the Partnership. Tim Cope,
President and Chief Financial Officer of Lakes stated, "I am pleased that the
Company was able to obtain this facility as we continue to explore alternative
financing options. This loan commitment provides us with the capital needed to
continue to move forward with our various development projects."

The financing facility is secured by substantially all of the assets of Lakes
including Lakes' shares of WPT Enterprises (WPTE). The facility does permit
Lakes to separately sell up to 3.5 million of the approximate 12.5 million WPTE
shares it owns without application of the proceeds to payment of the financing
facility subject to certain terms and conditions. In consideration for the
financing facility, Lakes issued to the Partnership warrants for the purchase of
up to 2 million shares of its common stock at a purchase price of $7.88 per
share that expire in December, 2012. The warrants are only exercisable if Lakes'
borrowings under the facility exceed $10 million in the aggregate or if any
amounts under the facility are not repaid before February 28, 2006. In addition,
Lakes agreed to use its best efforts to cause WPTE to file a registration
statement by no later than April 15, 2006 thus allowing for the possible resale
of WPTE shares pledged by Lakes to the Partnership. If Lakes were to sell more
than the 3.5 million shares of WPTE, such proceeds would first be used to pay
down the financing

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facility. Lakes has agreed to pay substantially all of the costs incurred in the
preparation and filing of such registration statement.

As previously announced, Lakes continues to explore additional financing
alternatives to fund its operational and development needs including the
engagement of an investment banking firm to evaluate strategic alternatives for
the Company's WPTE shares.

ABOUT LAKES ENTERTAINMENT

Lakes Entertainment, Inc. currently has development and management agreements
with five separate Tribes for new casino operations in Michigan, California, and
Oklahoma, a total of eight 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 "WPTE"), 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.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
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
Lakes' common stock on The Nasdaq Stock Market; need for current financing to
meet Lakes' operational and development needs; those relating to the inability
to complete or possible delays in completion of Lakes' 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; Lakes operates in a 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' expansion
goals; risks of entry into new businesses; reliance on Lakes' management; and
the fact that the WPTE 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 WPTE common stock. There
are also risks and uncertainties relating to WPTE that may have a material
effect on the Company's consolidated results of operations or the market value
of the WPTE shares held by the Company, including WPTE's significant dependence
on the Travel Channel as a source of revenue; the potential that WPTE's
television programming will fail to maintain a sufficient audience; difficulty
of predicting the growth of WPTE's online casino business, which is a relatively
new industry with an increasing number of market entrants; the uncertainty of
the regulatory environment for online gaming, which may affect WPTE's ability to
pursue its online gaming business fully or cause WPTE's activities to be found
to be in violation of applicable United State or foreign regulations; the risk
that competitors with greater financial resources or marketplace presence might
develop television programming that would directly compete with WPTE's
television programming; the risk that WPTE 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 WPTE's relationships
with key licensing and strategic partners; and WPTE's dependence on its senior
management team. For more information, review the Company's filings with the
Securities and Exchange Commission.

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