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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950137-08-006742.txt : 20080505
<SEC-HEADER>0000950137-08-006742.hdr.sgml : 20080505
<ACCEPTANCE-DATETIME>20080505172046
ACCESSION NUMBER:		0000950137-08-006742
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20080429
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080505
DATE AS OF CHANGE:		20080505

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:		08803720

	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>c26392e8vk.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<TITLE>e8vk</TITLE>
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<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; margin-top: 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): &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April&nbsp;29, 2008</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B><FONT style="border-bottom: 1px solid #000000">Lakes Entertainment, Inc.</FONT></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="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&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 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 valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="center">130 Cheshire Lane, Suite&nbsp;101, 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="left" style="border-top: 1px solid #000000">&nbsp;</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 valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&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 valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&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="left" style="border-top: 1px solid #000000">&nbsp;</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>

<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: 6pt">
<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></TD>
</TR>

<TR>
    <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="left" style="margin-top: 6pt">
<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></TD>
</TR>

<TR>
    <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="left" style="margin-top: 6pt">
<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></TD>
</TR>

<TR>
    <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="left" style="margin-top: 6pt">
<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></TD>
</TR>

<TR>
    <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"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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







<!-- link2 "Item&nbsp;1.02. Entry into a Material Definitive Agreement." -->

<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></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;1.02.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Entry into a Material Definitive Agreement.</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective as of April&nbsp;29, 2008, Lakes Ohio Development, LLC, an indirect wholly owned subsidiary of
Lakes Entertainment, Inc. (&#147;<B>Lakes</B>&#148;), entered into a Joint Venture Agreement with Myohionow.com, LLC
(&#147;<B>Myohio</B>&#148;) dated April&nbsp;29, 2008 (&#147;<B>Agreement</B>&#148;) for the purpose of placing on the November&nbsp;4, 2008
Ohio statewide election ballot a referendum to amend the Ohio constitution to permit a casino
resort to be located at the intersections of Interstate 71 and State Route 73 in Clinton County,
Ohio (&#147;<B>Referendum</B>&#148;) and, if approved, developing and operating a $600,000,000 casino resort in
Clinton County, Ohio. Lakes is planning to loan approximately $8&nbsp;million to the joint venture
through August at an interest rate of 10% per annum, and an additional amount from August to the
November election depending on various factors including polling numbers, market studies, cash
position and financing alternatives. These amounts will be repaid
only upon the successful development, opening and operation of this
proposed casino. Although the Agreement provides that Lakes will initially
own 80% of the joint venture, Lakes anticipates that its ownership
will be reduced to approximately
70% at the time the proposed casino opens as a result of contingent factors arising from the
passage of the Referendum and financing the development of the proposed casino.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Referendum passes, the joint venture must advance to the owners of Myohio an annual amount
totaling $250,000 to be paid in equal monthly installments commencing on December&nbsp;1, 2008, as an
advance of any profit distributions due and payable to Myohio, which will be offset against the
first such profit distribution. As compensation for Lakes&#146;s management services for the casino
once open, Lakes shall be paid 1% of the gross casino revenues.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lakes previously was restricted from being involved in any casino development in Ohio by its
management agreement with the Pokagon Gaming Authority, a governmental subdivision of the Pokagon
Band of Potawatomi Indians (&#147;<B>Authority</B>&#148;). However, Lakes obtained written consent from the
Authority to pursue the proposed Ohio casino development.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Copies of the Company&#146;s material agreement relating to, and the press release announcing, the joint
venture are attached as exhibits to this Current Report on Form 8-K.</DIV>

<!-- link2 "Item&nbsp;9.01. Financial Statements and Exhibits." -->

<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></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;9.01.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Financial Statements and Exhibits.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Not Applicable
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Not Applicable
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Not Applicable
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Exhibits
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Joint Venture Agreement dated April&nbsp;29, 2008 between Lakes Ohio Development, LLC and
Myohionow.com, LLC.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Lakes Entertainment, Inc. Press Release dated April&nbsp;30, 2008.</TD>
</TR>



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

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



</TABLE>
</DIV>
<!-- link1 " SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<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"><FONT style="font-variant: SMALL-CAPS">LAKES ENTERTAINMENT, INC.</FONT><BR>
(Registrant)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: May 5, 2008&nbsp;</TD>
    <TD colspan="3" 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"><!-- Folio -->3<!-- /Folio -->
</DIV>




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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>c26392exv10w1.htm
<DESCRIPTION>JOINT VENTURE AGREEMENT
<TEXT>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>JOINT VENTURE AGREEMENT BETWEEN<BR>
MYOHIONOW.COM, LLC AND<BR>
LAKES OHIO DEVELOPMENT, LLC</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Joint Venture
Agreement (the &#147;<B>Agreement</B>&#148;) is entered into on
April&nbsp;29, 2008,
between Lakes Ohio Development, LLC, a Minnesota limited liability company (&#147;<B>Lakes</B>&#148;) and
Myohionow.com, LLC, an Ohio limited liability company (&#147;<B>Myohionow</B>&#148;). Lakes and Myohionow are
sometimes each referred to as a Party and collectively referred to as the &#147;Parties.&#148;
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RECITALS</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="1%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Myohionow has researched and prepared plans pertaining to placing a referendum on the
November&nbsp;2008 Ohio statewide election ballot (&#147;<B>Ballot</B>&#148;) to approve an amendment to the Ohio
Constitution that would permit the development and operation of a casino in Clinton County,
Ohio.</TD>
</TR>

</TABLE>
</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="1%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Lakes has specific expertise in developing, financing, and operating casino resort
developments in the United States.</TD>
</TR>

</TABLE>
</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="1%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In light of the foregoing, the Parties desire to utilize their respective strengths by
establishing a joint venture through a new limited liability company to initially be jointly
owned by Lakes and Myohionow (&#147;<B>JV</B>&#148;), to develop and operate a casino resort enterprise of a
size and scope commensurate with the surrounding population base in Clinton County, Ohio by
performing their respective obligations as set forth herein.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW, THEREFORE</B>, in consideration of the foregoing and the mutual covenants and undertakings
provided herein, the Parties agree as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE I<BR>
FORMATION OF THE JV</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1.1 Organization</B>. The Parties will operate the JV as through a new limited liability
company organized in the state of Ohio (&#147;<B>LLC</B>&#148;). The JV shall be registered in the state of Ohio
and its registered office shall be at 30195 Chagrin Blvd., Suite&nbsp;300, Pepper Pike Place, Pepper
Pike, Ohio 44124-5703 c/o Jack Kurant. Organization of the LLC, including drafting of all
necessary documents, shall be performed by an attorney mutually selected by the Parties. The LLC&#146;s
operating agreement (&#147;<B>Operating Agreement</B>&#148;) and other governing documents will include the
provisions of this Agreement to the extent appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1.2 Ownership</B>. Subject to any dilution set forth in Article&nbsp;II and any transfer set
forth in Article&nbsp;V, the equity interest in the LLC (&#147;<B>Equity Interest</B>&#148;) will be owned initially 80%
by Lakes and 20% by Myohionow (&#147;<B>Member Percentages</B>&#148;). Such
</DIV>

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Member Percentages may be adjusted upon agreement of the Parties or as otherwise required by
the LLC documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1.3 Purpose</B>. The purpose of the JV will be to perform all tasks necessary to place on
the Ballot a referendum that will amend the Ohio Constitution to permit the development of a casino
resort in Clinton County, Ohio (the &#147;<B>Referendum</B>&#148;), and once approved, to plan, develop, finance and
operate a casino resort in Clinton County, Ohio (&#147;<B>Casino</B>&#148;) (the Referendum and Casino shall
collectively be referred to as the &#147;<B>Project</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1.4 Name</B>. The Parties agree that the JV shall operate under the name Blue Water Joint
Venture or such other name as chosen by the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1.5 Operating Agreement</B>. The Parties agree to execute, and cause any future Equity
Owners to execute, the Operating Agreement attached hereto as <U>Schedule&nbsp;1.5</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1.6 Acceptance</B>. The Parties agree to cause the JV to accept and adopt this Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II<BR>
OWNERSHIP AND FUNDING OF THE JV</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.1 Initial Funding</B>. The JV will be owned and funded as follows:
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The issuance of membership units of the JV shall be in
proportion to the Parties&#146; respective Member Percentages. Accordingly, Lakes
shall receive 8,000 membership units of the JV, and Myohionow shall receive
2,000 membership units of the JV. In the event that it is necessary to
provide an Equity Interest to the current owners of the land on which the
Casino will be developed in order to obtain the transfer of the land,
Myohionow shall be required to transfer part of its Equity Interest to obtain
such land transfer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Lakes shall loan the JV up to $2,500,000 to reimburse the
Parties for reasonable, necessary and properly documented expenses pertaining
to the Project as incurred. All amounts loaned by Lakes shall be repaid as
set forth in Section&nbsp;2.2.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.2 Operating Deficits</B>. Operating deficits of the JV beyond those provided for in the
initial loan or needs for additional working capital will be funded by the Parties in proportion to
their respective Capital Percentages. Unless otherwise agreed upon at the time of funding, such
deficits will be funded by loans from the Parties.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.3 Repayment of Loans from Parties</B>. All loans made under Section&nbsp;2.1 shall be
repaid, with simple interest accruing at a rate of 10% per annum from the date of advance, pro rata
to the Parties&#146; Member Percentage prior to any profit distribution to the Parties; provided,
however, that repayment of such loans shall be subordinate to any third party financing if such
subordination is required by such third party lender. Each Party agrees to execute and deliver any
other instrument, agreement, or document reasonably required by such third-party lender to affect
such subordination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.4 Loans from Third Parties to Finance Casino</B>. Funds required to develop the Casino
as contemplated by the Business Plan may be obtained from third parties in such amounts and on the
terms and conditions as approved by the Board. If third parties require an Equity Interest to
provide financing for development of the Casino, the Parties shall be diluted pro rata to their
Member Percentage. For example, if a third party requires a 5% Equity Interest to finance the
development of Casino at a time when Lakes and Myohionow remain 80/20 owners, Lakes&#146;s Member
Percentage would be reduced to 76% and Myohionow&#146;s Member Percentage would be reduced to 19%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.5 Additional Capital Requirement</B>. If a Party, and/or each of them, is required to
make equity investment(s) in the JV for any reason, the terms and conditions of such investment
(including the granting of Equity Interest therefor) shall be as if such investment was made by a
third party negotiated at arms length.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III<BR>
GOVERNANCE OF THE JV</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Parties agree that the JV will be governed substantially as set forth below, and that
these governance provisions are for the direct benefit of the JV and its business. The Parties
further agree: (a)&nbsp;that the JV Articles will be structured to reflect this governance to the
fullest extent permitted under applicable law; and (b)&nbsp;that, in the event of a conflict between the
Articles and the following provisions, the following provisions will prevail to the extent such a
result is not directly contrary to applicable law or public policy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.1 Management Team</B>. The day-to-day operations of the JV will be conducted by a Chief
Executive Officer (&#147;<B>CEO</B>&#148;) and its staff.
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>CEO. </B>The CEO and key management people will be appointed by
Lakes. The initial CEO of the JV shall be Lyle Berman.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>CEO Duties</B>. Subject to the provisions of this Section, the
CEO, or his designee (including the President), will have full power and
authority to conduct and manage the business of the JV and to undertake and
implement, on behalf of the JV, all decisions approved by the Board.</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.2 Board of Governors</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Composition</B>. The JV will have a Board of Governors (the
&#147;<B>Board</B>&#148;) comprised of five (5)&nbsp;persons. Myohionow will designate two (2)
members, Lakes will designate three (3)&nbsp;members. The Board will elect the
Chairman who will be a designee of Lakes. Members of the Board shall be
designated by Notice and will serve until replaced by the Party so
designating. Each Party may designate an alternative governor to attend
meetings and exercise the powers of a regular Board Member appointed by such
Party, which alternative governor shall be appointed by the Board. Initial
Board Members shall be:</TD>
</TR>

</TABLE>
</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>Lakes Designated:</B><BR>
Lyle Berman, Chairman<BR>
Tim Cope<BR>
Damon Schramm<BR>
<BR></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>Myohionow Designated</B>:<BR>
Rick Lertzman<BR>
Brad Pressman</TD>
</TR>

</TABLE>
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Routine Decisions by the Board</B>. For all matters other than
those set forth in Section&nbsp;3.2.3:</TD>
</TR>

</TABLE>
</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.2.2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>meetings shall be held at least four times annually on a quarterly
basis and each member shall be given at least seven days&#146; written
notice of any meeting of the Board:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.2.2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>attendance in person at such a meeting, without written objection
to lack of sufficient notice, waives this notice requirement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.2.2.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>two-thirds of the members shall constitute a quorum;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.2.2.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the vote of a majority of all members present in person shall be
decisive;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.2.2.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whenever necessary under Ohio law, decisions of the Board shall be
confirmed by a general member meeting.</TD>
</TR>

</TABLE>
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.2.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Special Matters</B>. With respect to each of the following
situations, the Board will not have the power to act unless all Board members
vote in favor of a resolution; and whenever necessary under Ohio law,
decisions of the Board shall be confirmed by a general member meeting.</TD>
</TR>

</TABLE>
</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.2.3.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sale of substantially all of the assets of the JV;</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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


<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.2.3.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>authorization or approval of a merger, consolidation or a material
change in the capital structure (including the reclassification of
membership units) of the JV;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.2.3.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>creation or incurrence of indebtedness for borrowed money if,
after giving effect to the creation of such indebtedness, the total
amount of the JV&#146;s indebtedness for borrowed money will exceed
$2,500,000, except unsecured current liabilities incurred in the
ordinary course of business and loans pursuant to Section&nbsp;2.1.3;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.2.3.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any amendment to the Articles or the Operating Agreement.</TD>
</TR>

</TABLE>
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.2.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Written Actions/Consents</B>. Any action or consent that may be
taken or given at a meeting may be taken or given by written consent signed by
the number of Board Members of LLC Members that would be entitled to take such
action or give such consent at a meeting at which all Board Members or LLC
Members were present.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.3 Parties&#146; Roles Generally</B>. The Parties&#146; roles, responsibilities and obligations
shall be as follows:
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.3.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Myohionow</B>. Myohionow shall be responsible for the following
tasks:</TD>
</TR>

</TABLE>
</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.3.1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Retention of a third party company (in consultation with Lakes)
that will obtain signatures for the petition required for the
Referendum;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.3.1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Retention of legal counsel (in consultation with Lakes) required
to draft the Referendum and handle all other normal and customary
legal issues required for the Project;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.3.1.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securing an option to purchase land on which the Casino will be
developed and, if necessary, transferring to the land owner(s) up to
2% Equity Interest from Myohionow&#146;s Equity Interest;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.3.1.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securing all regulatory licenses and permits necessary for
regulatory approval of the Project prior to the Ballot, and
cooperating and assisting Lakes with securing all regulatory licenses
and permits after the Ballot; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.3.1.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such other services as agreed upon by the parties.</TD>
</TR>

</TABLE>
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.3.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Lakes</B>. Lakes shall be responsible for all services
reasonable and necessary to develop and operate the Casino, including all
financial and accounting decisions and record-keeping therefor, subsequent</TD>
</TR>

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


<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: #textcolor#; background: #bgcolor#">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the approval of the Referendum. Lakes&#146;s obligations hereunder shall be
conditioned on the successful adoption of the Referendum and amendment to
the Ohio Constitution that will permit the Casino to be developed, the JV
receiving all necessary permits required for develop and operation
thereof, and purchasing the land on which the Casino will be built.
Notwithstanding the foregoing, Lakes shall only be required to use
reasonable best efforts to obtain third party financing to finance the
development of the Casino, and in no event shall Lakes be required to
finance the development using its own funds.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.4 Compensation</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.4.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Myohionow</B>. If and only if the Referendum is passed, the JV
shall advance Brad Pressman and Rick Lertzman each an annual sum of $125,000,
to be paid in equal monthly installments commencing on December&nbsp;1, 2008, as an
advance of any profit distributions due and payable to Myohionow, the total
amount advanced of which shall be offset against the first such profit
distribution. If the first such profit distribution is insufficient to
reimburse the advances to date, the remaining amount shall be offset against
each successive profit distribution until the total amount advanced is
reimbursed in full. Such advances shall continue until the Casino opens for
public play.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.4.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Lakes. </B>As compensation for Lakes&#146;s management services
hereunder, Lakes shall receive one percent (1%) of Gross Total Revenues for
the prior calendar month, paid on the twentieth day of each calendar month for
the preceding month, for so long as this Agreement shall remain in effect
during the term hereof. &#147;<B>Gross Total Revenues</B>&#148; shall be Casino&#146;s total
revenue from all gaming activities and total receipts from the sale or rental
of food, beverages, souvenirs, hotel facilities, equipment and all other goods
and services that are incidental to the operation of the Casino.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.5 Member Meeting</B>. The JV shall hold an annual member meeting each year at the
offices of the JV or at such other time and place as the Parties may agree, subject to the
requirements of Ohio law. A special member meeting can be held on seven days&#146; written notice at
the request of the Board. In all member votes, a majority in interest shall be decisive. A quorum
shall exist if owners of a majority of the Equity Interest are present.
</DIV>

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</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV<BR>
CONDUCT OF THE JV</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.1 Business Plan</B>. Lakes shall create a three-year business plan (the &#147;<B>Business Plan</B>&#148;)
which will be approved by the Board in accordance with Section&nbsp;3.2.2 and will be implemented by the
management of the JV. The Business Plan will include, but will not be limited to, initial and
subsequent funding requirements, compensation, staffing of the JV, and responsibility of Parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.2 Facilities</B>. The operating facility for the JV will be in Ohio, or such other
location as the Parties agree.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V<BR>
RESTRICTIONS ON TRANSFER OF INTERESTS IN THE JV</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.1 No Transfer Without Approval</B>. Neither Lakes nor Myohionow may transfer any of its
Equity Interest in the JV to any third party (other than direct or indirect Controlled Affiliates)
without the prior written approval of the other Party. Notwithstanding the above, transfers to
Controlled Affiliates, or to a company with which the Party mergers or transfers 100% of its stock
or assets, may be made without approval provided that (i)&nbsp;such transfer constitutes all of the
transferor&#146;s Equity Interest, (ii)&nbsp;the transferee agrees to be bound by this Agreement and the
Member Control Agreement, (iii)&nbsp;the transferor remains liable for all obligations imposed by this
Agreement; and (iv)&nbsp;the transferee undergoes a background investigation, the results of which are
satisfactory to Lakes (as the case may be). For purposes of this Agreement, a &#147;Controlled
Affiliate&#148; of a Party means (1)&nbsp;any person who is an owner of equity interest of a Party on the
date of execution; or (2)&nbsp;an entity which controls, is controlled by or is under common control
with, such Party; &#147;control&#148; means 100% ownership of both the voting power of, and the equity
interest in, an entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.2 Optional Purchase Pursuant to Section&nbsp;7.5</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>5.2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Optional Purchase Right. </B>In the event that Myohionow, or
any other owner of any Equity Interest, is found to be an Unsuitable Owner, as
defined in Section&nbsp;7.5 below, and cannot cure the Defect or chooses to cure
the Defect by transferring its Equity Interest to a third party, Lakes shall
have the option upon 30&nbsp;days written notice to purchase such Unsuitable
Owner&#146;s Equity Interest as set forth in this Section&nbsp;5.2.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>5.2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Unsuitable Owner Purchase Price. </B>Within 30&nbsp;days after the a
finding of an Unsuitable Owner pursuant to Section&nbsp;7.5 below, the Parties will
then negotiate in good faith with respect to price. If the Parties cannot
agree upon price within 30&nbsp;days, then the price will be equal to the fair
market value of the Unsuitable Owner&#146;s Equity Interest as determined by an
investment banker with</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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


<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: #textcolor#; background: #bgcolor#">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>recognized standing in the finance community and mutually acceptable to
the Parties. The parties will make the selection within 30&nbsp;days after
failing to reach a purchase price and the banker shall notify the Parties
of the fair market value within 30&nbsp;days thereafter. In the event the
Parties cannot agree on an investment banker, each Party will select one
banker within 30&nbsp;days after failing to agree on a banker and the two
bankers will select a third banker, which third banker will conclusively
determine fair market value within 30&nbsp;days after being selected. For the
purpose of this Section&nbsp;5.2, the fair market value of the Unsuitable
Owner&#146;s Equity Interest shall be the &#147;<B>Unsuitable Owner Purchase Price</B>&#148;.
The Unsuitable Owner Purchase Price shall be subject to regulatory
approval, if required</TD>
</TR>

</TABLE>
</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>5.2.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Payment of Unsuitable Owner Purchase Price</B>. Lakes shall pay
to the Unsuitable Owner the Unsuitable Owner Purchase Price over a three year
period, without interest, by making 36 equal monthly payments commencing on
the 30<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day after the Unsuitable Owner Purchase Price is
determined under Section&nbsp;5.2.2 herein.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI<BR>
TERM AND TERMINATION OF THE JV</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.1 Term and Termination of the JV. </B>Unless otherwise terminated as provided below,
the JV will be of perpetual duration. Subject to the provisions of Section&nbsp;6.2, the JV will be
terminated:
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>By Mutual Consent. </B>At any time by the mutual consent of the
Parties;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>For Breach. </B>Upon the material breach, which is not cured
within 30&nbsp;days after notice thereof, by a Party of its obligations to the JV
or otherwise under this Agreement, at the option of the non-breaching Party
exercised within ten days after the expiration of the 30-day cure period;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.1.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Bankruptcy. </B>Automatically upon the filing of a voluntary
petition or answer admitting jurisdiction of the court and the material
allegations, or the consent to, an involuntary petition pursuant to or
purporting to be pursuant to any reorganization or insolvency law of any
jurisdiction, or an assignment for the benefit of creditors, or an application
for or consent to the appointment of a receiver or trustee of a substantial
part of the property of a Party hereto;</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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


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



</TABLE>
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.1.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Adverse Regulatory Action</B>. Upon an Adverse Regulatory
Action that triggers an Optional Purchase Right as set forth in Section&nbsp;7.5.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.1.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Failure of Referendum</B>. If the Referendum is not placed on
the Ballot or if the result of the Referendum does not amend the Ohio
Constitution to permit the development of the Casino.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.2 Consequences of Termination.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Purchase Option. </B>Upon the occurrence of an event which
would cause the termination of the JV pursuant to Section&nbsp;6.1 above, Lakes
will have the option, in lieu of proceeding with the dissolution of the JV, to
purchase Myohionow&#146;s Equity Interest by giving written notice within 30&nbsp;days
after the termination of the JV to Myohionow that it desires to purchase for
cash all of its Equity Interest.</TD>
</TR>

</TABLE>
</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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.2.1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Purchase Price. </B>The Parties will then negotiate in good faith
with respect to price. If the Parties cannot agree upon price within
30&nbsp;days, then the price will be equal to the Unsuitable Owner
Purchase Price of the Equity Interests being purchased (the
&#147;<B>Termination Purchase Price</B>&#148;).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.2.1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Payment of Termination Purchase Price</B>. Lakes shall pay to
Myohionow the Termination Purchase Price over a three year period,
without interest, by making 36 equal monthly payments commencing on
the 30<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day after the Termination Purchase Price is
determined under Section&nbsp;5.2.2 herein.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">Notwithstanding anything herein to the contrary, this purchase option will
not be available to Lakes if the termination is due to Lakes&#146;s breach or
bankruptcy, pursuant to Section&nbsp;6.1.2 or Section&nbsp;6.1.3.
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Dissolution. </B>If the above purchase option is not exercised
as provided for herein, the Parties will use their best efforts to dissolve
the JV and wind up its affairs in a manner designed to preserve the interests
of both Parties. Until the JV is completely dissolved, the Parties shall be
bound by all the provisions of this Agreement.</TD>
</TR>

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


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



</TABLE>
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.2.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Damages. </B>Nothing herein shall prejudice the rights of a
Party, in addition to the exercise of any other remedy hereunder, to recover
money damages for any breach by a Party of this Agreement or any Ancillary
Document (as defined).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII<BR>
REGULATORY MATTERS AND INVALIDITY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;7.1 Cooperation in Making Registrations and Other Government Filings. </B>Myohionow
shall cooperate fully in assisting Lakes and the JV in making, whenever required or necessary,
registrations and other governmental filings including, but not limited to, filings for gaming
licenses or permits, securities filings or financing approvals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;7.2 Consequences of Invalidity. </B>If for any reason whatsoever at any time, any
provision of this Agreement or any of the Ancillary Documents is or becomes invalid, illegal or
unenforceable, or is declared by any court of competent jurisdiction or any other competent
authority to be invalid, illegal or unenforceable or if such competent authority:
</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>7.2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>refuses, or formally indicates an intention to refuse
authorization of, or exemption to, any of the provisions of or arrangements
contained in this Agreement or in any of the Ancillary Documents (in the case
of a refusal either by way of outright refusal or by way of requiring an
amendment or deletion of any provision of this Agreement or of any of the
Ancillary Documents and/or the inclusion of any new provision in this
Agreement or in the Ancillary Documents and/or the giving of undertakings as
to future conduct before such authorization or exemption can be granted); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>7.2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>formally indicates that to continue to operate any provision
of this Agreement or of any of the Ancillary Documents may expose the Parties
to sanctions under any order, enactment or regulation, or requests any Party
to give undertakings as to future conduct in order that such party may not be
subject to such sanctions; and in all cases, whether initially or at the end
of any earlier period or periods of exemption (each of which circumstances
being referred to in this Article&nbsp;VII as a &#147;<B>Relevant Invalidity</B>&#148;), then in any
such case, at the request of either Party by notice or a series of notices to
that effect to the other (&#147;<B>Negotiation Notice</B>&#148;), the Parties will meet to
negotiate in good faith to agree upon valid, binding and enforceable
substitute provisions while at the same time reconsidering the other terms of
this Agreement and of any of the Ancillary Documents not so affected so as to
reestablish an appropriate balance of the commercial interests of the Parties
(&#147;<B>Substitute Provisions</B>&#148;).</TD>
</TR>

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



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;7.3 Failure to Agree on Substitute Provisions. </B>If and to the extent that Substitute
Provisions are formally agreed in writing within 30&nbsp;days of the service of a Negotiation Notice,
or such other period as may be formally agreed in writing between the Parties, then in that
respect the matter shall be deemed to be settled and such substitute provisions shall be deemed
part of this Agreement or of any of the Ancillary Documents. If, however, with respect of any
Relevant Invalidity no Substitute Provisions can be agreed within such period, then if any Party
considers on reasonable grounds that its commercial interests with regard to this Agreement
and/or any of the Ancillary Documents are materially and adversely affected as a consequence of
the Relevant Invalidity, it may submit such matter to arbitration pursuant rules set forth by the
American Arbitration Association.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;7.4 Deferral of Determination of Adverse Effect. </B>If any Party considers that it is
unable to assess the consequence of any Relevant Invalidity in the light of facts existing at the
time, that Party may defer commencement of an arbitration in respect of the provision or
provisions affected by such Relevant Invalidity until such time as it considers on reasonable
grounds that its commercial interests with regard to this Agreement and/or any of the Ancillary
Documents are materially and adversely affected in the light of events occurring subsequent to
communication of the finding of invalidity to the Parties. Notwithstanding the foregoing, a
Party must commence arbitration pursuant to Section&nbsp;7.3 within 60&nbsp;days of receipt of the
Negotiation Notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;7.5 Adverse Regulatory Action. </B>The Parties hereto acknowledge and agree that Lakes
conducts business in a highly regulated industry under privileged licenses issued by gaming
regulatory authorities. Lakes maintains compliance programs that have been established to
protect and preserve its name, reputation, integrity, and goodwill and to monitor compliance with
the requirements established by gaming regulatory authorities. Performance of this Agreement is
contingent upon both Parties compliance with the laws, regulations, and policies in jurisdictions
where business activity is conducted. Failure to comply with laws, regulations, and policies in
jurisdictions where business is conducted could result in termination of this Agreement, Optional
Purchase, or both. The Parties agree to cooperate with requests, inquiries, or investigations of
gaming regulatory agencies in connection with the performance of this Agreement. If Lakes
determines that any owner of any Equity Interest is an Unsuitable Owner, Lakes shall send the
Unsuitable Owner written notice of such unsuitability. The Unsuitable Owner shall have 90&nbsp;days
to correct the cause of such unsuitability (the &#147;<B>Defect</B>&#148;) to the sole satisfaction of Lakes. If
the Unsuitable Owner cannot cure the Defect or chooses to cure the Defect by transferring its
Equity Interest to any third party, then Lakes may immediately terminate this Agreement and have
the option to purchase an Unsuitable Owner&#146;s Equity Interest (if applicable) as set forth in
Section&nbsp;5.2 above. For the purposes of this Agreement, an &#147;<B>Unsuitable Owner</B>&#148; is any party whose
ownership of an Equity Interest, or of being a party to this Agreement, could jeopardize the
gaming licenses or permits held by Lakes or the JV or for which they are applying, or their
status with any gaming regulatory authority or similar law enforcement authority. If this
Agreement is terminated, neither Party shall have any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">additional rights or obligations hereunder, except for those liabilities or debts incurred
prior to termination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;7.6 Cooperation of Background Investigations. </B>All Parties agree to (a)&nbsp;undergo all
reasonable and necessary background due diligence investigation, including completing Lakes&#146;s
standard background questionnaire, performed by Lakes from time to time, and (b)&nbsp;cooperate with
requests, inquiries, or investigations of gaming regulatory agencies in connection with the
performance of this Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VIII<BR>
MISCELLANEOUS PROVISIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.1 Ancillary Documents; Interpretation. </B>The Parties agree that, in the event of an
inconsistency or disagreement between this Agreement and any other agreement or document referred
to herein to be entered into in connection with the JV (each an &#147;<B>Ancillary Document</B>&#148; and,
collectively, the &#147;<B>Ancillary Documents</B>&#148;), to the extent permitted by law, this Agreement will be
deemed a part of the Operating Agreement and the terms of this Agreement shall prevail over any
contrary term in any of the Ancillary Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.2 Confidentiality and Public Announcements. </B>The Parties agree that all data and
information relating to the JV or a Party, including but not limited to any information relating
to or provided under any Ancillary Document, Party&#146;s or the JV&#146;s trade secrets, know-how,
inventions, discoveries, improvements, technologies, business practices and methods, whether or
not patented, lists of suppliers, and information relating to the JVs financial statements,
customer identities and utilization patterns, needs and participation levels, potential
customers, suppliers, products, servicing methods, equipment, programs, analyses, profit margins
and cost data, shall be kept confidential by both Parties and shall not, whether prior to or
after the date hereof, be disclosed to any person, firm, or corporation, except to the extent
that such data or information is generally known to the trade or in the public domain. The
Parties, however, may provide the information to third parties (i)&nbsp;for the purpose of assisting
in the evaluation of the JV, its performance, or its operations, (ii)&nbsp;for the purpose of
determining the value of a Party&#146;s Equity Interest in the JV, (iii)&nbsp;for the purpose of receiving
debt or equity investment; (iv)&nbsp;if required by any regulatory body; and (v)&nbsp;for any other purpose
consistent with the activities contemplated by this Agreement and the Ancillary Documents;
provided that in each case the disclosing Party takes at least the same degree of care as it
takes with respect to its own proprietary information of a similar nature, but in no event less
than reasonable care, to maintain the confidential nature of the information. The Parties may
also make any disclosures necessary to comply with applicable securities and other disclosure
laws. The Parties recognize and acknowledge that any breach by them of the foregoing provisions
of this section may cause irreparable harm to the other Party and the JV and, in the event of any
such breach, such other Party or the JV shall, in addition to all other remedies available to it,
at law or in equity, be entitled, if it so elects, to institute and prosecute proceedings in any
court of competent jurisdiction to enjoin such breaching
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Party from doing any act in violation of such provisions, and that such other Party or the
JV shall not be required to show actual monetary damages as a prerequisite to such relief. The
above provisions shall survive any termination of this Agreement and any dissolution of the JV
for a period of two years after such termination or dissolution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Party agrees not to make any public disclosure regarding the existence or the substance
of the transactions contemplated hereby without the prior approval of the other Party, except to
the extent that either Party reasonably determines that such disclosure is required by applicable
law or regulation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.3 Accounting and Fiscal Year. </B>The JVs accounting methods will be in accordance
with generally accepted accounting principles. The JV shall adopt a fiscal year ending on the
Sunday closest to the last day of the calendar year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.4 Force Majeure. </B>Where either Party is unable, wholly or in part, by reason of
force majeure to carry out its obligations under this Agreement, such obligations are suspended
so far as they are affected by the force majeure during the continuance thereof; provided that an
obligation to pay money is never excused by force majeure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Party affected by the force majeure will give notice to the other Party of the particulars
of the situation and the probable extent to which it will be unable to, or delayed in, performing
its obligations under this Agreement, within ten days after the occurrence of the force majeure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this section, &#147;force majeure&#148; means an act of God, strike, lockout or other
interference with work, war declared or undeclared, blockade, disturbance, lightning, fire,
earthquake, storm, flood or explosion; governmental or quasi-governmental restraint action,
expropriation, prohibition, intervention, direction or embargo; unavailability or delay in
availability of equipment or transport; inability or delay in obtaining governmental or
quasi-governmental approvals, consents, permits, licenses, authorities or allocations; and any
other cause whether of the kind specifically enumerated above, or otherwise which is not reasonably
within the control of the Party affected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.5 Further Assurances. </B>Lakes and Myohionow agree to execute and deliver such other
instruments, agreements or documents and take such other action as may reasonably be necessary or
desirable to consummate the transactions contemplated by this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.6 Successors and Assigns. </B>This Agreement will be binding upon and inure to the
benefit of the Parties and their respective successors and permitted assigns, but will not be
assignable or delegable by any Party without the prior written consent of the other Party, except
that either Party may assign, in whole or in part, its rights hereunder, subject to all
obligations hereunder, to a Controlled Affiliate in connection with any transfer of Equity
Interest in the JV permitted pursuant to Article
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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<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">V; provided, however, that such assignment will not relieve that Party of any of its
obligations or liabilities hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.7 Amendments, Supplements, Etc. </B>This Agreement may be amended or supplemented at
any time by additional written agreements signed by both Parties, as may mutually be determined
by the Parties to be necessary, desirable or expedient to further the purposes of this Agreement
or to clarify the intention of the Parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.8 Notices. </B>All notices and other communications required or permitted hereunder
will be in writing and, unless otherwise provided in this Agreement, will be deemed to have been
duly given when delivered in person or one (1)&nbsp;business day after having been dispatched by
telegram or electronic facsimile transfer (confirmed in writing by mail simultaneously dispatched
with a copy of the senders machine printed facsimile confirmation) or (three)&nbsp;3 business days
after having been dispatched by an internationally recognized overnight courier service to the
appropriate Party at the address specified below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(a)&nbsp;If to Lakes, to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakes Ohio Development, LLC<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attn: Damon E. Schramm, Esq.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 Cheshire Lane, Suite&nbsp;101<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnetonka, Minnesota 55435<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fax: 952.449.7068<BR>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%"><BR>
(b)&nbsp;If to Myohionow to:<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Myohionow.com, LLC<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attn: Rick Lertzman<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.O. Box 24564<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland, Ohio 44124
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.9 Waiver. </B>Waiver by either Party of a breach by the other Party of any obligation
or requirement contained in, or arising from, this Agreement does not operate as a waiver of
another or continuing breach by the other Party of the same, or any other, obligation or
requirement hereunder. Any waiver by either Party must be in writing, signed by the waiving
Party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.10 Entire Agreement. </B>This Agreement and the Ancillary Documents represent the
understanding of the Parties with respect to the subject matter hereof and thereof and supersede
any other agreement, whether written or oral, that may have been made or entered into by Lakes or
Myohionow or their affiliates relating to the matters contemplated hereby.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

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<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;<B>Section&nbsp;8.11 No Strict Construction. </B>The language used in this Agreement will be deemed to
be the language chosen by the Parties hereto to express their mutual intent, and no rule of
strict construction will be applied against either Party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.12 Severability. </B>Subject to the provisions of Article&nbsp;VII, if any provision of
this Agreement or the application of any such provision to any person or circumstance is held
invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such
invalidity, illegality or unenforceability will not effect any other provision hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.13 Governing Law</B>. This Agreement will be governed by and construed in accordance
with the substantive laws of the state of Minnesota without giving effect to the principles of
conflicts of law thereof. The venue of any court proceeding concerning this Agreement shall be
in the State of Minnesota.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.14 Third Parties. </B>Nothing in this Agreement express or implied is intended to
confer any right or remedy under or by reason of this Agreement on any person other than the
Parties, their respective heirs, representatives, successors and permitted assigns, affect or
discharge the obligation or liability of any third persons to any Party to this Agreement, or
give any third Party any right or subrogation or action over against any Party to this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.15 Titles and Headings. </B>Titles and headings to sections herein are inserted for
convenience of reference only, and are not intended to be a part of or to affect the meaning or
interpretation of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.16 Execution in Counterparts. </B>This Agreement may be executed in two or more
counterparts, each of which will be deemed an original, but all of which together will constitute
one and the same agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.17 Power and Authority. </B>Each of the Parties hereby acknowledges, represents and
warrants that it has full power and authority to enter into this Agreement and the Ancillary
Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.18 Independent Parties. </B>In making and performing this Agreement, the parties
shall at all times act as independent entities and nothing contained in this Agreement shall be
construed or implied to create an agency, partnership or employer/employee relationship between
the parties. At no time shall either party make commitments or incur any charges or expenses for
or in the name of the other party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.19 Survival. </B>The covenants and agreements made in this Agreement will survive any
termination of this Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Remainder of page intentionally left blank&#093;</I>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF, </B>the Parties hereto have executed this Agreement the day and year first
above written.
</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 OHIO DEVELOPMENT, LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Damon Schramm
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Its: Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<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">MYOHIONOW.COM, LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Brad Pressman
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Its: President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>c26392exv99w1.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"><B>Exhibit&nbsp;99.1</B>
</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="40%"></TD>
    <TD width="5%"></TD>
    <TD width="55%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><IMG src="c26392lakes.gif" alt="(LAKES ENTERTAINMENT, INC. LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="font-size: 12pt"><B>NEWS
RELEASE</B><BR>
<B>Lakes Entertainment, Inc.</B><BR>
<B>130 Cheshire Lane, Suite&nbsp;101</B><BR>
<B>Minnetonka, MN 55305</B><BR>
<B>952-449-9092</B><BR>
<B>952-449-9353 (fax)</B><BR>
<u>www.lakesentertainment.com</u><BR>
<B>(NASDAQ: LACO)</B>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV><BR>
<B>INVESTOR RELATIONS CONTACT:</B><BR>
William Schmitt &#151; Integrated Corporate Relations<BR>
203-682-8200, <u>investorrelations@lakesentertainment.com</u>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>FOR FURTHER INFORMATION CONTACT:</B><BR>
Timothy Cope &#151; 952-449-7030<BR>&nbsp;<Br>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>FOR IMMEDIATE RELEASE:</B><BR>
April&nbsp;30, 2008

</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>LAKES ENTERTAINMENT, INC. PARTNERS WITH<BR>
MYOHIONOW.COM, LLC TO PURSUE DEVELOPMENT OF CASINO IN OHIO</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">MINNEAPOLIS &#151; April&nbsp;30, 2008 &#151; Lakes Entertainment, Inc. (NASDAQ: LACO) announced today that it
has partnered with Myohionow.com, LLC to pursue the development of a first class $600&nbsp;million
casino resort in Clinton County, Ohio. The proposed casino resort is contingent on the voters
approving a referendum in the November&nbsp;4, 2008 Ohio statewide election to amend the Ohio
constitution to permit the casino resort to be located in Clinton County, Ohio. MyOhioNow.com, an
Ohio company founded by Dr.&nbsp;Brad Pressman and Rick Lertzman, is in the process of collecting
402,225 signatures as required by state law to place the referendum on the November&nbsp;4, 2008 ballot.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Initial plans call for the casino to feature approximately 220,000 square feet of gaming space,
including up to 5,000 slot machines, 100 table games such as Blackjack, Craps, Baccarat, Pai Gow
Poker and Three and Four Card Poker, and a 20 table poker room. The proposed casino is also
expected to feature up to a 1,500-room suite-hotel, multiple restaurants, entertainment bars and
retail shops. Plans also include a full service destination spa, entertainment complex and
championship golf course.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the current development plan, construction of the planned casino would likely commence within
12 &#151; 18&nbsp;months after the referendum is approved, and the casino would open approximately 18&nbsp;months
after construction commences. The casino is expected to employ up to 5,000 people and could
generate over $200&nbsp;million in gaming tax revenues that would be divided directly among all 88 Ohio
counties on a per capita basis.
</DIV>

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

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<DIV style="font-family: 'Helvetica,Arial,sans-serif'">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;This is an outstanding opportunity for Ohio,&#148; said Lyle Berman, CEO of Lakes. &#147;We believe the
project will directly benefit the people of Ohio by creating a large number of jobs in the state
and also generate millions in tax revenue that will go directly to the counties, on a per capita
basis, to be spent as each county wishes.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Rick and Brad have been instrumental in communicating the benefits of the casino and gathering the
signatures for the referendum,&#148; added Tim Cope, President and CFO of Lakes. &#147;We plan on supporting
their efforts through strategic advice and financial assistance that is necessary to get the
referendum on the ballot, and then developing a truly first class casino resort of which all of
Ohio can be proud. We have the gaming expertise and Myohio understands the people and issues of
Ohio. That makes this a great partnership.&#148;
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lakes Entertainment, Inc. currently has development and management or financing agreements with
four separate Tribes for casino operations in Michigan, California, and Oklahoma, for a total of
five separate casino sites. Lakes is currently managing the Cimarron Casino for the Iowa Tribe of
Oklahoma and the Four Winds Casino Resort for the Pokagon Band of Potawatomi Indians. Lakes is
also involved in other business activities, including possible development of a Company owned
casino resort project in Vicksburg, Mississippi and the development of new table games for
licensing to Tribal and non-Tribal casinos. The Company also owns approximately 61&nbsp;percent of WPT
Enterprises, Inc. (NASDAQ: WPTE), a separate publicly held media and entertainment company engaged
in the creation of internationally branded entertainment and consumer products driven by the
development, production and marketing of televised programming based on gaming themes, including
the World Poker Tour<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> television series, the operation of an online gaming website, 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 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, obtaining a sufficient number of signatures to place
the Ohio casino resort project on the November&nbsp;4, 2008 Ohio statewide election ballot or if the
referendum is placed on that ballot, that the referendum will pass, need for current financing to
meet Lakes&#146; operational and development needs; those relating to the inability to complete or
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 or development 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&#146; expansion goals; risks of entry into new businesses;
reliance on Lakes&#146; 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&#146;s consolidated
results of operations or the market value of the WPTE shares held by the company, including WPTE&#146;s
significant dependence on the GSN as a current source of revenue, and the risk that GSN will not
exercise its options to air seasons of the WPT series beyond Season Six; difficulty of predicting
the growth of WPTE&#146;s online gaming business, which is a relatively new industry with an increasing
number of market entrants; reliance on the efforts of CryptoLogic to develop and maintain the
online gaming website in compliance with WPTE&#146;s business model and applicable gaming laws; the
potential that WPTE&#146;s television programming will fail to maintain a sufficient audience; the risk
that WPTE may not be able to protect its entertainment concepts, current and future brands and
other intellectual property rights; the risk that competitors with greater financial resources or
marketplace presence might develop television programming that would directly compete with WPTE&#146;s
television programming; risks associated with future expansion into new or complementary
businesses; the termination or impairment of WPTE&#146;s relationships with key licensing and strategic
partners; and WPTE&#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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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
