-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 P1eTpehxbfqOrwn/F3eQRERdm+/ohOhdvsVPKusT/ZBMNeSLn74f5wVfQlz1d304
 py1EfUw7t3NAcei7v/UGbQ==

<SEC-DOCUMENT>0000950137-08-012256.txt : 20081001
<SEC-HEADER>0000950137-08-012256.hdr.sgml : 20081001
<ACCEPTANCE-DATETIME>20081001160732
ACCESSION NUMBER:		0000950137-08-012256
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20080926
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20081001
DATE AS OF CHANGE:		20081001

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:		081100101

	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>c35814e8vk.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<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: 0pt"><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):</B> <B>September&nbsp;26, 2008</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Lakes Entertainment, Inc.<DIV style="width: 50%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Minnesota
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0-24993
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">41-1913991</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of <BR>
incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">130 Cheshire Lane, Suite&nbsp;101, Minnetonka, Minnesota
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">55305</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Not Applicable<DIV style="width: 45%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Former name or former address, if changed since last report)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</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>

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

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








<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8.01. Other Events.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;26, 2008, Lakes Entertainment, Inc. issued a press release announcing that the
Ohio Secretary of State certified that Issue Six, a referendum to permit one casino in Ohio, will
be on the November&nbsp;4, 2008 statewide ballot.
</DIV>

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

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


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

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

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

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

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Lakes Entertainment, Inc. Press Release dated September&nbsp;26, 2008</TD>
</TR>

</TABLE>
</DIV>

<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: October 1, 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>

</TABLE>

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

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

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


<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>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</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="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lakes Entertainment, Inc. Press Release dated September&nbsp;26, 2008</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c35814exv99w1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

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


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;99.1
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD rowspan="8" valign="top">
<DIV style="margin-left:0px; text-indent:-0px">
<IMG src="c35814c3581401.gif" alt="(LAKES ENTERTAINMENT, INC. LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>NEWS RELEASE</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Lakes Entertainment, Inc.</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>130 Cheshire Lane, Suite&nbsp;101</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Minnetonka, MN 55305</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>952-449-9092</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>952-449-9353 (fax)</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>www.lakesentertainment.com</U></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>(NASDAQ: LACO)</B></TD>
</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>
<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><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>
September&nbsp;26, 2008

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LAKES ENTERTAINMENT, INC. ANNOUNCES CASINO PROPOSAL<BR>
WILL BE ON OHIO NOVEMBER 4, 2008 BALLOT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">MINNEAPOLIS &#151; September&nbsp;26, 2008 &#151; Lakes Entertainment, Inc. (NASDAQ: LACO) announced today that
the Ohio Secretary of State certified that Issue Six, a referendum to permit one casino in Ohio,
will be on the November&nbsp;4, 2008 statewide ballot.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;We are excited to present this referendum to the people of Ohio,&#148; said Lakes&#146; President and Chief
Financial Officer Tim Cope. &#147;The approval of Issue Six will bring in millions of dollars in tax
revenue and thousands of new jobs to Ohio, while keeping money from travelling outside the State.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Issue Six will give Ohio voters an opportunity to legalize the first resort/casino in the State.
Under the current development plan, construction of the planned casino resort would likely commence
within 12 &#151; 18&nbsp;months after the referendum is approved, and the casino resort would open
approximately 18&nbsp;months after construction commences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Information regarding the casino proposal can be viewed at <U>www.yesonissue6.com</U> or at
<U>www.myohionow.com</U>.
</DIV>


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

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

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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt">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: 10pt; 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 initiative on the November&nbsp;4, 2008 Ohio statewide election ballot or if the
referendum is placed on that ballot, that the referendum will pass or if the referendum passes,
that it will not subsequently be challenged or that other developments will not prevent or delay
the project; need for current financing to meet Lakes&#146; operational and development needs, including
financing needs related to the Ohio casino resort initiative; 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 the risk that WPTE may not obtain sufficient sponsorship revenues for Season Seven
programming of the WPT series; 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>



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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>c35814c3581401.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c35814c3581401.gif
M1TE&.#EA&@%J`/<``/[^_H>'AST]/<[.SM?7U^_O[X:&AIZ>GN'AX</#P[&Q
ML5%14:6EI:2DI.?GY^#@X/;V]L+"PLG)R:NKJVYN;M'1T;*RLM#0T//S\_+R
M\IV=G?O[^^[N[MC8V/GY^>+BXK.SL^CHZ/S\_.GIZ8B(B,W-S>KJZD9&1K>W
MMVUM;=G9V<7%Q>SL[)65E=+2TK2TM-S<W.OKZ_KZ^J:FIJ^OK_W]_??W]TI*
M2DM+2\S,S/#P\-K:VN3DY(F)B924E/3T]/7U]:&AH:.CHXN+B[:VMOCX^+6U
MM=;6UD-#0V)B8EE969.3D\#`P(Z.CN/CX][>WM34U**BHI&1D8J*BKN[N[Z^
MOJBHJ)J:FMO;VZVMK3\_/YR<G/'Q\=W=W8R,C$5%14='1U-34TQ,3%=75[BX
MN+"PL*ZNKNWM[;V]O71T=$]/3W!P<)^?GT!`0(^/C[JZNIN;FZFIJ7U]?<3$
MQ*"@H-_?W\O+R[R\O-75U>7EY<;&QJ>GIV]O;W%Q<6!@8%A86&AH:$%!082$
MA(*"@N;FYDA(2)F9F<C(R&%A87]_?TE)29:6EHV-C;^_OUI:6M/3TT)"0IB8
MF'IZ>GQ\?&QL;*RLK,_/SVIJ:G-S<ZJJJKFYN9>7EWM[>\?'QW9V=LK*RE14
M5&=G9V9F9H"`@)*2DGEY>6-C8U55575U=5U=77Y^?DU-35)24E!04(&!@<'!
MP5]?7UM;6T1$1&EI:61D9$Y.3I"0D(.#@WAX>&MK:V5E95Q<7#X^/O___P``
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````"'Y!```````+``````:`6H```C_`'L)'$BPH$&!
M0`@H7*@0R,&'$"-*/)B0H44.`"9J+`C!XL(8&3<6!.#1HLB!)$NJ7*G2P\F)
M``!T`7%%#@4*J@XT&A'SI4^"`W@)'2ITP,^C&H4(($I4P)*02`\28#KT`-($
M5(<*&.(30-:O8,%^B$H0@(DF:G@M7:IVK2XR/<EJ#)K5J-R[O0!X"DL!*MY>
M4[-:_?D#%-@O/'Z&7<QX+%D`9Z2<8+M8B1Z_?PO2I6HW,U(`8,+BP'PW,-7!
M+P%$HDP5#FF-C&-_=7PT9@56LH4*$##(I6?-7SO_]JF"\8[744TS17V22R&P
M"SP@EYB[NE#:70'<V6U=;9(,T^5N_V8J?/C)+(L%5`K_4SE1YAL!3`J[_FCW
MW-A/Q@3!NCLL\.:-1U1YYFD$P":,R<&>3^Y5E5H._6GEAPA(W2=;?B(!H((6
M%A+%QP8!!E=@:I<P5LB"+S4H%'P3U4`)6`)4@.)#'39V5`9BU/A>B'6->)('
M'*:'A6<J\L*B1&:$M<:,-.HHUE$].#G4%QC>)>!0!/H(T06R54+D5T="I`,.
M$0K5!@QD23G;3R:<H.0!=PPPP`13K%*F6H(P*=*516FY41!4"?`<4T]E5F28
M!P%PP)V\7*'G05]94<"DE%9JZ:644NC3$E\)4,H(!XG``*,A_,8G+UGZ:1`F
M$<)!E1^/2O]TJ$@\!`(6)"S$6M!7"CSV4PTW9"7`(G&-!,`AG9)AJHBJ1@3`
M9$V)@D)67.CZT*P&\L&H$-82Q&NS!,T1H0"3++AHH*YT^]"IJ8+;2P?]"2`%
M`H$FH&Y!V$H$P".,_E'#7=^ZVXL&7\&PH`V*9!7+O0:Q*_!!"<2+!@!I,>4&
MPP/E&U$-CL!(!,8!NRM'5JF@",`0XV(,%+,/H^1#O'D`P`E5L*@,&)@P!7&G
M`+.H'#*X@&35Q(PT"`N!9PZWC%+03(D1TZA,"9#!7QHGFL$"9>ZF@L]9]>KN
MLX+-R*<`!2#-LM(;9)5"3"X$VBZ#.#N+<J>#V/RSJEZ%O1$A!_3_[7??-IC=
MH])YE1"A%P*)8"M35E`=-T0N,'I"8G_=[6?>IQ&^[MD/`T!'A"\(!`#31$GB
MN&#.[@66(3;W8KF6``3)E"2M6\FYP`#TD54=HL_'E"RG9_X0`!$P"H9OE7?]
M<"Q9!?*#Y@W?_C425-T0$@`31'@$7E43E$'%7TWPV^M:IB'L!+63E;32!62%
MR?5X9-5X:8^/M$=8?H#H&?D^NAJH(@A('U+6U[F(484.96D#5=+`O?H1Y`QN
M`DLGTL>_$:&A4ZVH%O0$0D#<O8PJ$BA++JCR!8QU+R^E8%1?AE/!`GD@6,(:
MPW$VV,&OA2)0ST,)@J)V!OJASB#P`LN9_\S3P@)=@5&0:(`-!'B2&H++`Q%"
M@E\`L(*L5,&'PBO+#3L5`"86T3P9P$%8!#"&5Q1+8$[$&X2HP@>#9"`KC,#B
M<D:2!23&H$!W`X`"]LC'/BK@CGC)!*-TXP<[G+%9:;S<%B)T!8,`@'I,V07#
MJH:!,,`H"$QTG?+*LIBWI480@U0++SR!AT-J*9&P6T-6].#(-<2+`W+1&``,
M$190U""3EAND)_53@R2$4C>,.(,I"X1*'P'@#X&:VDBVD!4JQ+)^79!=US*I
M2:IXC2"ZS`P`,I`"V0C@!MQ"I/14Q8((.>(AAX@05\B2+P!((BR`H&8UF7+-
M@633,Q@8Q2^'$O^*K?FIF`4"`!,B-(B'9"!":V/GXRPQ1A?(,Y=AV>5/`,``
M2.0&#&609R\`:AX`^"`KXDL4(J@B187^L!>1@U$.'KI);$:T0`Y(0G54(4^.
M#@<`,HU:"88WA*Q`P:19!$"4P'(*#%`3HF"1Z&>,H(9]"N`27!B137]C`V&9
M8'A$R,H,@#K'@?`@-)V*Q%%;:L^7!A0`,9""-&%T"8?PB#.=DT"$PC"=`42H
M#^JJFL[`<H("X)*L>4G!309+6`KL`'9F201W%I,&)DY5FVR(T"BF4X1`(4%3
M1ZE:#900%E3\U9K&<E:S9,*)4`J`#0)\[%\`8`#Y.0L1$?HI4KIW01C_L9*(
M@-W@2)B`S+`4@G*"@RON.D85AT($`$T(E!"2X\"\N!(LIO!B;G5;%AFX@5$"
MX$3Z5(L7$Y2)/=N)6@^Z=<(08+<!`OSB!@&0@QMDC1=H"BYY<!=>IL13(H0(
ME!+(VUR!>,%X#F#A=*D[$AA84E@:J!UWY0(`*62E4,YJ1:!8,-O^]B*,85GG
M_@9,X+(X`894V:]\!X2[D5(EG,X:6=104.&3C@0%V%7J2=1+7>V`Y0DCQI+`
M?E`F2VCD7$P9;V8MW`L9^"$L)=LP:#L,DSZ,*W296;#ZA*4_B50A*XZPU@E%
MQZ6P&$')]&2R1N2:E49&>9PC4D!61(&B$8P+_U3M(7)>#,"H&V`@,S0F,-BB
MYMDS#PY<M\C*Q0QTBJS88<@N=B0/(OB5*=B-PQV-B:0GK9\41&B%?Y'R9\80
M*!28+!&!BH*NMHP2(`?J"W7@VI*;]8@%N/K5KGY$I;.":;QH^BCF#=0'9B3(
MJ/%AU'+.BP@X#19*J#K,X!K;3C-$`5JW[M8_(4-65L&D'40H$#*(<Z(355NP
M?`Q@D![.V!C`)`!T,VH)S32:S<,(9V<(DDVY@+:SZ"Q+@T4)0&!8GFT7*$:4
M.T=4$;*Z_WPY$S?%T1DZ-U/8,.^NZLL!8Q2K7/8M%RA\!0<;,)E=`Q6$'/=I
MM&5Z@9Y:2Q6\PFW;P_\3Q&(0,/%P_T8$G4*?@7`AK&4/7+BJZH*PNO"2HE$E
M$%46":D-,B88T2Y-+O_-++ZB"$*PAWA?.4&V_8QS/_F<*25\R0Z$)>\4!;L@
M+\#N'-1%<;E8`2Q)T.#P.@#BIJ3+XZA:[41`7?)'[;DI(O<ZRB$B@]Y^10UD
M3[J^],2!L-1B`*2)2104^)45+"LK8H"UY"=/><G/[[BXH4J"4X.)K!C@44-W
MY,8[-8-N,;WRJ*^\G@!``ACQ@A(TN``+"J""%2SBP%]1`F9OKJ:]#\0!99)`
MK`!%E3&`_NLC43E8D,`3^_2>*C[Y`.-=KYO%=LI>CW\^O0^251S^)`=K.DG_
MZ`_BA+4VI5S.U_Y0NA*'?<HF$:E5__8-,H6LR$)717BRGL;O2%,'2D:*(7]"
M,5'F(R5*`$OB)H`[<ES-%C7&-E%M-Q1=)'[(9Q!`8!AH%W0BH8"\<".FX'Z=
M@@,SE(`<:"3.\@6!PCI'48!,05<4Z'L280&+$0>QPH&U`0&T`()1(P98D$FG
M\GR(T@O65B](T0!?@3P:P7^)0@&,@@-E\Q(V6!L;<`#=L1L4\(3$5((F"!%F
M,"X4=A2CUQ0K)705>!!8,$@D\"A1^!DE(`K6UREJ(08SL'MOI8!!*`<18GQ(
MD399X1ID"(,3,0ACM#TSIH!W`0`NT(!A$08SL$1^_R(#F!*)DCB)DW(T$)$!
MF&)44:$#F<@D!6`!H!B*H-@!W5(`"B"*J&@!%?`2'$")KCB)*@,`'*`)B\`'
M28`#8/`'*3`*>S""8O:+P!B,PCB,Q%B,QGB,R)B,RKB,S-B,SOB,T!B-TCB-
MU%B-UGB-V)B-VKB-W-B-WOB-X!B.XCB.Y%B.YGB.Z)B.ZKB.[-B.[OB.\!B/
MV#AI]#A,WVB/YTAIR"A0#-"/_MB/SL1@>3%:*D,%7V:-DA855(!>RC@!!A``
M$!F1`=``=X$'$W!GJL($!RD7#+`%UU@'$P!G1]$`!K",$Q``".``*KF2/207
M"1``6*@E#=`">.$",H:,%_]@`"Q7A"79D`%@B08B.@DY/"^)@,.CC\,SD*84
M$PW@`P.9*/2H+\=5CU.9%_6(CT(YE,=EE4^9*#D90#R9*%:IE<:2$5CY&R<)
ME!-A`A6P`5B@`&5P!,@!`R?9"?'E2#8@`9F@`*0($1A0`1B0!V8@DBAQ`8;@
M!A6@`XDB`A?P`C/0"+D"$3#0`0^Q`15@`BR``G$@`=+Q$`YP`?LR`60`$DY@
M`67@3Q"Q`3F0!6:`>!!A`A>``75``S3@`L,#`R]@`%5PESY!D@?QET#@!`J0
M!0-P2X[4!2@P`RL0.,V2EB(A`0%0`A+I>`=!DA#)``\!`3XPG1#Q``%P"#V@
MDP?_\9`0J0*)H@`220)7]1`,H`'9&0`HX`7DB6(&D0`&\)(0Z0,/T`,1^03(
M400'()%P\1#0^0(2.0?L&9'8.9(]61`(\)T1:0!,@!D`,`?D&0!;H($CXIP;
M(0$&X`4KP`(JT`1-0(<"$0(@$`!04"J.9*!5,`)/$*"`9!#>V01TL`)1-1((
MH`'SDD,%D0<!``(0``!'$``T`!'M^9XDD`4CD`<:$`!?6)\!0`)VP`(@\)`@
M8`)'0`(,Z4B-$*0FD`=[8``X=A#0&0"O<`98T`2VD'@A4`4&\`DL^A.^:1`/
M2@(H`*-+T`-N-1!/$``'\`$C<*6&I"H.&07_V(_(`9U[_Q`2;Q``A/`0+QF3
M!`$!4U!Z`N$``4"=-!H`D<"<#S&3$*$'`:")O1`$"WH027H0$!``+>`;4*"B
MDAH`1"`0'&``4E`$>3$#:9@HI'`%OM&J94"@`1`'`Z$)`4"8!/&545&G#@JH
M_P(`>F``#U`0*!``+`H!0Y!1A@J1!O"MX+JH`2"7`E$!U#JKE#H0*A``(P@`
M+5`?G?H)$B&J#U$`#W`]!Y"J!K&J!M&J9A`23A``"3"K3C`0!E"K>=$(#5H0
M/!"=*!$%44"LJ"F=.VD0S!J6=FH`(200""">!+$)CB(Z5$`%&B40)^D`')"R
M*BNN]RH0'1``U0HQ,#FK9!`!"?]PLXN`20?AG3$+$?2:*#*`!7.``FP0`/I:
M$/S*$0$0`2&AJ0,KLY@EL*(3`0N+$K$*`C>;`!$`!QI6$-`)EKU0`2CY$!?+
MH`?QH#W[H!4[9UD`%24[$!PZ9F/KLG,KI>DJ$%0KD1`)807AG6M;G329G5'P
MD`9P`"UPM`21M)6ZM$TKM1#S>0/AN+U@G[.JMQ!)K!4KMG\[$&5+IU7+L3`[
M$&I+$$40`&^@-'$[$5\[$"^[N0(QJ;-*`"NIDLW7J:Y+$#\[$@IPL`Z0$0V`
MN`.AN`/1JA'P>Y);$)0;N4\[N9\K$"L0`)8PNRJ)N0.AN63KL69KIW4[N@/A
M`0%03V3_N:$_^9QUV[KH2JPM>Z(A\!I^.Z^!ZTA>@%HA\;M(ZIZLNK3&N[S(
MN["2F[PC@04!`(!Y$0+`Y;5U:[T'T;F]V;S<VPL-G!<D@&(`\`8D:Z@&H):B
M0[UT>[L1$`!&61`Q8+HA\0-38`3L6[>AZI2),I%FB0%30)'L:;_]BK^9>KP$
MX;^]T+_-VPL_$`!M:Y5+L%QF>L`HO*SG"I7LX:P$T<`/W`MQ0`+@`0`8T`.>
MAA)=Z1D.6041L,5<;',&7+'F>Q`=3`"ZZDAT$`#^"0$T,*X/T;X1P0!>4``F
MZE%28%090`<&D&"O(;P"0;SY*ZG\N[PX7!9K#)HR@*SR.L29_UO$&1,`=H"$
M*-$`C(R[#+R]19P#0>H!&Y"B`MP+'4R9OX$]X#K*!N"19GK$[Q*Z!U$'#PG#
M!N$`)$"XWXL<#X#*#V$!#PG*99$#!D`"I`"H*8JI^VK*_6H`3)NI]_D05(L2
MDKO,B6(";A"APFP0JUNNV%L0+!``!@"\O4"2/>M()$D:M5RQ'?O->6$%%]JH
M-VP`YAG*>)"U\)P`7DP03I``BBD0,1`!=YL7`V`$JY@H(5`&_3A!$%$`";#/
MPXL&;S"C95$"#-``3&`#.F`&V&<0-OD0,A`!Z8L!"7"[#["\Q).V%>U(!0`"
M_<@$,H`</!`!]]P+#G#0PU,"_IPH%4G0`K>;%RYPS`51`/H\$#I@SR.Q`2O0
M``T0`47@%Q_-T/*XU#`1!1C)U%`-C`"`!P?PME%]U:E1!>N+U5RM9U;=U6`=
(UF(=U@$!`#L_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
