EX-99.1

Exhibit 99.1

LAKES ENTERTAINMENT, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL DATA

The following unaudited pro forma condensed consolidated financial information is based on the historical financial statements of Lakes Entertainment, Inc. and its subsidiaries (“Lakes”), including certain pro forma adjustments, and has been prepared to illustrate the pro forma effect of the dividend of WPT Enterprises, Inc. (“WPTE”) stock. The dividend of WPTE stock was completed on November 21, 2008. Prior to the dividend of WPTE stock, Lakes owned approximately 61% of WPTE. WPTE is principally engaged in the creation of internationally-branded entertainment and consumer projects driven by the development, production and marketing of televised programming based on gaming themes, the licensing and sale of branded products and the sale of corporate sponsorships.

The unaudited pro forma condensed consolidated statements of operations for the nine months ended September 28, 2008 and for the year ended December 30, 2007 assume that the spin-off of WPTE occurred as of the beginning of the periods presented. The unaudited pro forma condensed consolidated balance sheet as of September 28, 2008 is presented as if the spin-off had occurred as of that date. The unaudited pro forma condensed consolidated financial information has been prepared based upon available information and certain assumptions and estimates that Lakes believes are reasonable. The unaudited pro forma condensed consolidated financial statements are not necessarily indicative of the financial position or results of operations that might have occurred had the spin-off occurred as of the dates stated above. The pro forma adjustments are described in the notes hereto.

The unaudited pro forma condensed consolidated financial information should be read in conjunction with the audited financial statements and notes thereto and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) included in Lakes’ Annual Report on Form 10-K as of and for the year ended December 30, 2007, and the unaudited interim financial statements and related MD&A included in Lakes’ Quarterly Reports on Form 10-Q as of and for the periods ended March 30, 2008, June 29, 2008 and September 28, 2008.

LAKES ENTERTAINMENT, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
September 28, 2008


	Lakes			Pro Forma			Lakes
	Historical			Adjustments (a)			Pro Forma
	(Dollars in thousands)
Assets
Current assets	$	31,775		$	12,708		$	19,067
Long-term assets related to Indian casino projects:
Notes receivable from Indian tribes		82,190			—			82,190
Intangible assets, net of accumulated amortization of $7.9 million		62,728			—			62,728
Other long-term assets related to Indian casino projects		12,747			—			12,747

Total long-term assets related to Indian casino projects		157,665			—			157,665

Other assets:
Investments in securities		35,614			11,248			24,366
Other long-term assets		20,047			3,092			16,955

Total other assets		55,661			14,340			41,321

Total assets	$	245,101		$	27,048		$	218,053


Liabilities and shareholders’ equity

Current liabilities	$	36,801		$	3,057		$	33,744
Long-term liabilities		5,598			—			5,598

Total liabilities		42,399			3,057			39,342


Commitments and contingencies
Minority interest in subsidiary		9,380			9,380			—
Shareholders’ equity:
Common stock, $.01 par value; authorized 200,000 shares; 26,015 issued and outstanding at September 28, 2008		260			—			260
Additional paid-in capital		197,773			14,051			183,722
Retained earnings (accumulated deficit)		(1,046	)		1,816			(2,862	)
Accumulated other comprehensive loss		(3,665	)		(1,256	)		(2,409	)

Total shareholders’ equity		193,322			14,611			178,711

Total liabilities and shareholders’ equity	$	245,101		$	27,048		$	218,053

LAKES ENTERTAINMENT, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
For the Nine Months Ended September 28, 2008


	Lakes			Pro Forma			Lakes
	Historical			Adjustments (a)			Pro Forma
	(Dollars in thousands, except per share data)
Revenues:
Management, consulting and development fees	$	18,816		$	—		$	18,816
License fees		8,824			8,773			51
Host fees, sponsorship, online gaming and other		4,093			4,093			—

Total revenues		31,733			12,866			18,867


Costs and expenses:
Selling, general and administrative		38,175			16,073			22,102
Production costs		6,452			6,452			—
Amortization of intangible assets related to Indian casino projects		5,042			—			5,042
Other costs and expenses		2,540			2,285			255

Total costs and expenses		52,209			24,810			27,399


Net realized and unrealized gains on notes receivable		984			—			984


Loss from continuing operations		(19,492	)		(11,944	)		(7,548	)

Other income, net		840			815			25


Loss before income taxes and minority interest in net loss of subsidiary		(18,652	)		(11,129	)		(7,523	)
Income taxes		3,512			3			3,509


Loss before minority interest in net loss of subsidiary		(22,164	)		(11,132	)		(11,032	)
Minority interest in net loss of subsidiary		4,352			4,352			—

Net loss applicable to common shareholders from continuing operations		(17,812	)		(6,780	)		(11,032	)


Other comprehensive loss:
Unrealized loss on securities, net of tax		(3,679	)		(1,270	)		(2,409	)


Comprehensive loss	$	(21,491	)	$	(8,050	)	$	(13,441	)


Loss applicable to common shareholders per share from continuing operations — basic	$	(0.72	)				$	(0.44	)


Weighted-average common shares outstanding — basic		24,906						24,906

LAKES ENTERTAINMENT, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
For the Year Ended December 30, 2007


	Lakes			Pro Forma			Lakes
	Historical			Adjustments (a)			Pro Forma
	(Dollars in thousands, except per share data)
Revenues:
Management, consulting and development fees	$	6,645		$	—		$	6,645
License fees		15,609			15,514			95
Host fees, sponsorship, online gaming and other		6,198			6,198			—

Total revenues		28,452			21,712			6,740


Costs and expenses:
Selling, general and administrative		40,082			22,313			17,769
Production costs		8,224			8,224			—
Amortization of intangible assets related to Indian casino projects		2,806			—			2,806
Other costs and expenses		3,352			2,652			700

Total costs and expenses		54,464			33,189			21,275


Net realized and unrealized gains on notes receivable		7,229			—			7,229


Loss from continuing operations		(18,783	)		(11,477	)		(7,306	)


Other income (expense):
Interest income		8,552			1,779			6,773
Loss on extinguishment of debt		(3,830	)		—			(3,830	)
Other income, net		(951	)		—			(951	)

Total other income (expense), net		3,771			1,779			1,992


Loss before income taxes and minority interest in net loss of subsidiary		(15,012	)		(9,698	)		(5,314	)
Income taxes		2,329			(70	)		2,399


Loss before minority interest in net loss of subsidiary		(17,341	)		(9,628	)		(7,713	)
Minority interest in net loss of subsidiary		3,737			3,737			—

Net loss from continuing operations		(13,604	)		(5,891	)		(7,713	)
Stock warrant inducement discount		1,444			—			1,444

Net loss applicable to common shareholders from continuing operations		(15,048	)		(5,891	)		(9,157	)


Other comprehensive earnings		472			63			409


Comprehensive loss	$	(14,576	)	$	(5,828	)	$	(8,748	)


Loss applicable to common shareholders per share from continuing operations — basic	$	(0.63	)				$	(0.38	)


Weighted-average common shares outstanding — basic		23,948						23,948

Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements

(a)

Reflects the following:

	1.		The removal of WPT Enterprises, Inc.’s (“WPTE”) historical results from the ongoing operations of the Company as if the dividend of WPTE stock had occurred at the beginning of the periods presented; and

	2.		The removal of WPTE’s financial position from the Company’s balance sheet as if the dividend of WPTE stock had occurred as of the balance sheet date.