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<SEC-DOCUMENT>0000950123-09-056970.txt : 20100104
<SEC-HEADER>0000950123-09-056970.hdr.sgml : 20100101
<ACCEPTANCE-DATETIME>20091103171811
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-09-056970
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20091103

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<HEAD>
<TITLE>corresp</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-left: 60%; margin-top: 6pt"><B>November&nbsp;3, 2009</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Via EDGAR</I></B><BR>
Ms.&nbsp;Amanda Ravitz<BR>
United States Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street, N.E.<BR>
Washington, DC 20549

</DIV>

<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="5%"></TD>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>RE:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Lakes Entertainment, Inc.<BR>
Registration Statement on Form&nbsp;S-3<BR>
Filed September&nbsp;30, 2009<BR>
File No.&nbsp;333-162235</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Dear Ms.&nbsp;Ravitz:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are writing in response to the comments we received from you by letter dated October&nbsp;27,
2009, regarding the above-referenced filing of Lakes Entertainment, Inc. (the &#147;Company,&#148; &#147;we&#148; or
&#147;Lakes&#148;). For ease of reference in this letter, your comments appear in italics directly above the
Company&#146;s responses. To respond to your comments, the Company is filing concurrently with this
letter pre-effective Amendment No.&nbsp;1 to the Registration Statement (&#147;Amendment No.&nbsp;1&#148;), including
applicable exhibits, and for your convenience, we will send you by overnight delivery four (4)
copies of this letter and marked copies of Amendment No.&nbsp;1 and certain exhibits (against the
Registration Statement and the applicable exhibits initially filed on September&nbsp;30, 2009).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>General </B></U>
</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>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Please confirm that you will file an unqualified legal opinion at the time of each takedown</I></B><B>.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby confirm that we will file an unqualified legal opinion at the time of each takedown.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Registration Statement Cover Page</B></U>
</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>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Please revise footnote (6)&nbsp;so that it tracks the language of Rule&nbsp;416. In that connection,
please note that Rule&nbsp;416 covers only stock splits, stock dividends and similar transactions
and does not cover standalone anti-dilution adjustments to which you refer</I></B><B>.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Footnote (6)&nbsp;has been revised to read as follows to track the language of Rule&nbsp;416:
</DIV>

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

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<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: 6pt; margin-left: 2%">Pursuant to Rule 416(a) under the Securities Act, there is also being registered such
indeterminate number of shares of our common stock as may be issued from time to time with
respect to shares being registered hereunder to prevent dilution resulting from stock
splits, stock dividends or similar transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;5.1</B></U>
</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>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>The last three sentences of the second-to-last paragraph of the legal opinion include overly
broad assumptions regarding jurisdiction. Please be advised that the opinion must opine on
all laws of the states governing each class of securities being registered. In that
connection, we note that you are a Minnesota corporation, but the indenture covering debt
securities is governed by New York law. Accordingly, please revise to opine on all laws of
the applicable governing jurisdictions and remove all qualifications to the opined upon laws</I></B><B>.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The opinion of Gray Plant Mooty Mooty Bennett, P.A., has been revised to opine on the laws
of the States of Minnesota and New York and all qualifications to the opined upon laws have
been removed in response to your comment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>In your next amendment, please eliminate the second-to-last sentence of the exhibit. It is
inappropriate to limit reliance on the legal opinion</I></B><B>.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinion of Gray Plant Mooty Mooty Bennett, P.A., has been revised to eliminate the
second-to-last sentence in response to your comment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should you have any questions, please contact the undersigned at (952)&nbsp;449-9092.
</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">Very truly yours,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&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 colspan="3" align="left">Timothy J. Cope&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">President, Chief Financial Officer and Treasurer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<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">cc:</TD>
    <TD>&nbsp;</TD>
    <TD><I>Gray Plant Mooty Mooty Bennett, P.A.</I><BR>
Daniel Tenenbaum, Esq.<BR>
Jeffery C. Anderson, Esq.</TD>
</TR>
</TABLE>
</DIV>


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



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