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<SEC-DOCUMENT>0000950123-10-050884.txt : 20100518
<SEC-HEADER>0000950123-10-050884.hdr.sgml : 20100518
<ACCEPTANCE-DATETIME>20100518165404
ACCESSION NUMBER:		0000950123-10-050884
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20100518
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100518
DATE AS OF CHANGE:		20100518

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:		10843076

	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>c58288e8vk.htm
<DESCRIPTION>FORM 8-K
<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<BR>
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): May&nbsp;18, 2010</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="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></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>
<TR></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">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top" colspan="3">Registrant&#146;s telephone number, including area code:&nbsp;(952)&nbsp;449-9092
</TD>


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

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">Not Applicable<BR>
<DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000">(Former name or former address, if changed since last report)</FONT></DIV>
</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 valign="top"><FONT style="font-family: 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 valign="top"><FONT style="font-family: 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 valign="top"><FONT style="font-family: 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 valign="top"><FONT style="font-family: 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>

<!-- 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;1.01. Entry into a Material Definitive Agreement.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;12, 2010, Lakes Iowa Consulting, LLC and Lakes Iowa Management, LLC (&#147;<B>Lakes</B>&#148;), indirect
wholly owned subsidiaries of Lakes Entertainment, Inc. entered into a Business Termination
Agreement (&#147;<B>Agreement</B>&#148;) with the Iowa Tribe of Oklahoma (&#147;<B>Iowa Tribe</B>&#148;) whereby, in consideration of
the parties terminating all contracts and agreements between them (including the Management
Agreement under which Lakes was managing the Cimarron Casino, the Consulting Agreement for the
Ioway Casino Resort, and the Amended and Restated Ioway Note under which approximately $5.0&nbsp;million
was advanced) effective May&nbsp;1, 2010, the Iowa Tribe agreed to pay to Lakes a total of $4.5&nbsp;million
in the following manner: $1&nbsp;million to be paid within two days of execution of the Termination
Agreement and the sum of $3.5&nbsp;million to be paid in 15 equal monthly installments commencing on
June&nbsp;15, 2010 and on the 15<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of each of the next 14&nbsp;months. The Iowa Tribe is
permitted to make prepayments on the outstanding amount at a 6% discount during the first twelve
months after the execution of the agreement. Also, under the agreement, because the relationship
is being terminated, no further licensing of Lakes and its employees will be required.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the agreement is attached as Exhibit&nbsp;10.1 to this Current Report on Form 8-K.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the press release issued by Lakes on May&nbsp;13, 2010 pertaining to the Agreement is
being furnished to the Securities and Exchange Commission and 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;1.02 Termination of a Material Definitive Agreement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following agreements were terminated effective as of May&nbsp;1, 2010 as a result of entering
into the Business Termination Agreement described in Item&nbsp;1.01 above:</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Gaming Development Consulting Agreement (Cimarron Casino) by
and among the Iowa Tribe of Oklahoma, a federally-chartered
corporation, the Iowa Tribe of Oklahoma, a
federally-recognized Indian tribe, and Lakes Iowa
Consulting, LLC, a Minnesota limited liability company,
dated January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Iowa Corp Note (Cimarron Casino) by the Iowa Tribe of
Oklahoma, a federally-chartered corporation, and Lakes Iowa
Consulting, LLC, a Minnesota limited liability company,
dated January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Dominion Account Agreement (Cimarron Casino) by and between
the Iowa Tribe of Oklahoma, a federally-chartered
corporation, and Lakes Iowa Consulting, LLC, a Minnesota
limited liability company, dated January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Security Agreement (Cimarron Casino) by and among the Iowa
Tribe of Oklahoma, a federally-chartered corporation, the
Iowa Tribe of Oklahoma, a federally-recognized Indian tribe,
and Lakes Iowa Consulting, LLC, a Minnesota limited
liability company, dated January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Tribal Agreement (Cimarron Casino) by and between the Iowa
Tribe of Oklahoma, a federally-recognized Indian tribe, and
Lakes Iowa Consulting, LLC, a Minnesota limited liability
company, dated January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Management Agreement for a Gaming Facility and Related
Ancillary Facilities (Cimarron Casino) by and among the Iowa
Tribe of Oklahoma, a federally-chartered corporation, the
Iowa Tribe of Oklahoma, a federally-recognized Indian tribe,
and Lakes Iowa Management, LLC, a Minnesota limited
liability company, dated January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Operating Note (Cimarron Casino) by the Iowa Tribe of
Oklahoma, a federally-chartered corporation, in favor of
Lakes Iowa Management, LLC, a Minnesota limited liability
company, dated January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Dominion Account Agreement (Cimarron Casino) by and between
the Iowa Tribe of Oklahoma, a federally-chartered
corporation, and Lakes Iowa Management, LLC, a Minnesota
limited liability company, dated January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Security Agreement (Cimarron Casino) by and among the Iowa
Tribe of Oklahoma, a federally-chartered corporation, the
Iowa Tribe of Oklahoma, a federally-recognized Indian tribe,
and Lakes Iowa</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /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 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Management, LLC, a Minnesota limited
liability company, dated January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Indemnity Agreement (Cimarron Casino) by and among the Iowa
Tribe of Oklahoma, a federally-chartered corporation, the
Iowa Tribe of Oklahoma, a federally-recognized Indian tribe,
and Lakes Iowa Management, LLC, a Minnesota limited
liability company, dated January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Tribal Agreement (Cimarron Casino) by and between the Iowa
Tribe of Oklahoma, a federally-recognized Indian tribe, and
Lakes Iowa Management, LLC, a Minnesota limited liability
company, dated January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Gaming Development Consulting Agreement (New Project) by and
among the Iowa Tribe of Oklahoma, a federally-chartered
corporation, the Iowa Tribe of Oklahoma, a
federally-recognized Indian tribe, and Lakes Iowa
Consulting, LLC, a Minnesota limited liability company,
dated January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Iowa Corp Note (New Project) by the Iowa Tribe of Oklahoma,
a federally-chartered corporation, in favor of Lakes Iowa
Consulting, LLC, a Minnesota limited liability company,
dated January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Dominion Account Agreement (New Project) by and between the
Iowa Tribe of Oklahoma, a federally-chartered corporation,
and Lakes Iowa Consulting, LLC, a Minnesota limited
liability company, dated January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Security Agreement (New Project) by and among the Iowa Tribe
of Oklahoma, a federally-chartered corporation, the Iowa
Tribe of Oklahoma, a federally-recognized Indian tribe, and
Lakes Iowa Consulting, LLC, a Minnesota limited liability
company, dated January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Tribal Agreement (New Project) by and between the Iowa Tribe
of Oklahoma, a federally-recognized Indian tribe, and Lakes
Iowa Consulting, LLC, a Minnesota limited liability company,
dated January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Management Agreement for a Gaming Facility and Related
Ancillary Facilities (New Project) by and among the Iowa
Tribe of Oklahoma, a federally-chartered corporation, the
Iowa Tribe of Oklahoma, a federally-recognized Indian tribe,
and Lakes Iowa Management, LLC, a Minnesota limited
liability company, dated January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Operating Note (New Project) by the Iowa Tribe of Oklahoma,
a federally-chartered corporation, in favor of Lakes Iowa
Management, LLC, a Minnesota limited liability company,
dated January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Dominion Account Agreement (New Project) by and between the
Iowa Tribe of Oklahoma, a federally-chartered corporation,
and Lakes Iowa Management, LLC, a Minnesota limited
liability company, dated January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Security Agreement (New Project) by and among the Iowa Tribe
of Oklahoma, a federally-chartered corporation, the Iowa
Tribe of Oklahoma, a federally-recognized Indian tribe, and
Lakes Iowa Management, LLC, a Minnesota limited liability
company, dated January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Indemnity Agreement (New Project) by and among the Iowa
Tribe of Oklahoma, a federally-chartered corporation, the
Iowa Tribe of Oklahoma, a federally-recognized Indian tribe,
and Lakes Iowa Management, LLC, a Minnesota limited
liability company, dated January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Tribal Agreement (New Project) by and between the Iowa Tribe
of Oklahoma, a federally-recognized Indian tribe, and Lakes
Iowa Management, LLC, a Minnesota limited liability company,
dated January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consulting Agreement (Iowa Project) by and between Kevin M. Kean and Lakes Iowa
Consulting, LLC, a Minnesota limited liability company, and Lakes Iowa Management, LLC, a
Minnesota limited liability company, dated June&nbsp;2, 2005.</TD>
</TR>

</TABLE>
</DIV>

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


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

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /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)&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;Exhibit
</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Business Termination Agreement by and between the Iowa Tribe of Oklahoma, Lakes Iowa
Consulting, LLC and Lakes Iowa Management, LLC, effective May&nbsp;12, 2010.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Lakes Entertainment, Inc. Press Release dated May&nbsp;13, 2010.</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: May 18, 2010&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 -->4<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>c58288exv10w1.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w1</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"><B>Exhibit
10.1</B>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Execution Copy 05-12-10
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BUSINESS TERMINATION AGREEMENT<BR>
between<BR>
the Iowa Tribe of Oklahoma and its Affiliates<BR>
and<BR>
Lakes Iowa Management, LLC and its Affiliates</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THIS BUSINESS TERMINATION AGREEMENT (&#147;Agreement&#148;) is made this 12th day of May, 2010, by and among
the Iowa Tribe of Oklahoma (&#147;Iowa Tribe&#148;), its governmental components and instrumentalities,
including Cimarron Casino Enterprise and Ioway Casino Enterprise (collectively, &#147;Iowa&#148;) and Lakes
Iowa Consulting, LLC and Lakes Iowa Management, LLC (collectively, &#147;Lakes&#148;), on behalf of
themselves and Affiliates of each as listed on <u>Schedule&nbsp;A</u> hereto (collectively, the &#147;Parties&#148; and
each, a &#147;Party&#148;).
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>I. Purpose of Agreement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Parties enter into this Agreement for the purpose of severing the business relationship
between and among the Parties, terminating, rescinding and revoking all prior understandings,
contracts and agreements between and among the Parties and their officers, employees, contractors
and affiliates, except as provided for herein, and settling and resolving for all time and all
purposes all known or unknown, direct or indirect, claims, causes of action, business disputes and
other disagreements of, between or among the Parties arising from any dealings or relationships of,
between or among the Parties existing as relating to or resulting from the contracts, resolutions
and decisions set forth on <u>Schedule&nbsp;B</u> (the &#147;Claims&#148;).
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>II. Terms of Business Termination</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the mutual promises set forth herein, and to accomplish the purposes stated
above, the Parties agree 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fees due and payable from Iowa to Lakes through April&nbsp;30, 2010 in connection with Iowa&#146;s
Cimarron Casino shall be paid by Iowa to Lakes in the normal course of business.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Iowa agrees to pay Lakes a total of four million five hundred thousand dollars
($4,500,000) (the &#147;Termination Amount&#148;) in accordance with the following schedule:</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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>One million dollars ($1,000,000.00) to be paid within two business days of the date of
execution of this Agreement; 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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The sum of three million five hundred thousand dollars ($3,500,000), to be paid on June&nbsp;15,
2010 and on the 15th day of each month thereafter in 14&nbsp;monthly
installments of two hundred and thirty three thousand dollars and thirty-three cents
($233,333.33) and a final payment in the amount of two hundred and thirty three thousand
dollars and thirty-eight cents ($233,333.38) (collectively, &#147;Installment Payments&#148;).</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->Page <b>1</b> of <b>10</b><!-- /Folio -->
</DIV>



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


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Execution Copy 05-12-10
</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Parties acknowledge the existence of a depository account into which all revenues of the
Cimarron Casino are deposited and which is governed by a dominion account agreement executed by and
among certain of the Parties. The Parties agree to cooperate in the modification, and to seek
consent of any third parties required to approve any modification, of the dominion account
agreement to provide that the Installment Payments be paid directly from such depository account to
Lakes. The Parties agree to cooperate to provide Lakes with the same level of security and
collateral as it currently has under the dominion account agreement in the event that (a)&nbsp;any
required consent is not obtained or (b)&nbsp;the Parties otherwise mutually determine an alternative
arrangement is necessary to provide Lakes with such level of security and collateral. Should Iowa
fail for any reason to pay timely the amounts due under this Agreement, then in that event, Lakes
may notice the Business Committee of the Iowa Tribe in writing addressed to the published address
of the headquarter offices of the Iowa Tribe of such failure and default. If such failure and
default remains uncured for a period of thirty (30)&nbsp;days, Lakes may rely on collection remedies
available under Article&nbsp;10 of the Management Agreement for the Cimarron Gaming Facility between
Cimarron Casino Enterprise, the Iowa Tribe of Oklahoma and Lakes Iowa Management, LLC, as approved
by the Chairman of the National Indian Gaming Commission on April&nbsp;28, 2006 (&#147;Management
Agreement&#148;), for collection of such noticed amount due. In addition, such failure or default under
this Agreement shall be resolved pursuant to the dispute resolution procedures and other provisions
set forth in Article&nbsp;10 of the Management Agreement. Article&nbsp;10 of the Management Agreement shall
remain in full force and effect until the final Installment Payment is received by Lakes pursuant
to this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Iowa may prepay the Installment Payments at any time and from time to time. Any such prepayment
will be applied to the Installment Payments in inverse order of maturity. So long as all
Installment Payments that are or have become due have been paid, any such prepayment made during
the first twelve months after the date of this Agreement will be entitled to a six percent (6%)
discount on the Installment Payment amount so prepaid. No discount will be applied to any
prepayment of Installment Payments made from and after the first anniversary date of this
Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In exchange for these payments and the undertakings set forth in this Agreement, the Parties
agree to mutually release one another from all prior obligations, responsibilities, and duties
unless otherwise specified herein effective May&nbsp;1, 2010.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Business Committee of the Iowa Tribe agrees it will join Lakes&#146; motion for entry of an order
by the Iowa Gaming Commission (a)&nbsp;granting dismissal with prejudice of all matters relating to the
licensing of Lakes and any of its Affiliates and associated individuals, and (b)&nbsp;ordering placement
of the applications and licenses of Lakes, and any of its Affiliates and associated individuals on
permanent inactive status because such applications and licenses shall be rendered moot as a result
of this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The effectiveness of this Agreement is contingent upon the entry of an order by the Iowa Gaming
Commission (a)&nbsp;granting dismissal with prejudice of all matters relating to the licensing of Lakes
and any of its Affiliates and associated individuals, and (b)&nbsp;ordering placement of the
applications and licenses of Lakes, and any of its Affiliates and</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Page <B>2 </B>of <B>10</B>
</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="right" style="font-size: 10pt; margin-top: 12pt">Execution Copy 05-12-10
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">associated individuals on permanent inactive status because such applications and licenses shall be
rendered moot as a result of this Agreement. In the event that the Iowa Gaming Commission does not
issue the order referenced above by the close of business on May&nbsp;13, 2010, this Agreement shall be
null and void.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>III. No Admission of Liability</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The payments and undertakings made or to be made by the Parties pursuant to this Agreement are
being made to resolve disputed claims. Each Party specifically denies any wrongdoing toward another
Party, and specifically denies that they have any liability to another Party.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Party hereby releases and discharges each and every other Party, and agrees to cause their
affiliates and their affiliates&#146; members, officers, directors, stockholders, heirs, agents,
assigns, affiliates, predecessors and successors, to release and discharge each and every other
Party, from all known or unknown, direct or indirect, claims, liabilities, demands, causes of
action, and damages, of whatever kind or nature, which a Party had, has, or claims to have or had,
either individually or jointly, against another Party in connection with the Claims. This release
extends and applies to all other unknown, unforeseen, unanticipated, and unsuspected injuries,
damages, losses, and liabilities, and the consequences thereof, as well as those now disclosed and
known to exist, relating to the Claims. For purposes of this Section&nbsp;IV, the term &#147;Party&#148; includes
the Party, its members, officers, directors, heirs, agents, affiliates, assigns, predecessors and
successors, as well as a Party&#146;s affiliates&#146; members, officers, directors, heirs, agents,
affiliates, assigns, predecessors and successors.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>V. Binding Effect of Agreement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Parties agree that this Agreement is binding on and shall inure to the benefit of the Parties
hereto and their respective legal representatives, successors, heirs and assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Party warrants that he, she or it has the authority to enter into this Agreement and the
representatives executing this Agreement have authority to bind the entity on whose behalf they
sign. Each Party also warrants that, upon execution, this Agreement will be binding upon and
enforceable against such Party. Each Party further acknowledges that it has been represented by
counsel in the negotiation and execution of this Agreement and its executing representatives have
read and fully understand this Agreement&#146;s terms.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Parties and their attorneys acknowledge that confidentiality is of the essence and, except as
set forth below, they agree to keep confidential and secret the terms of this Agreement and to make
no statement or take any other action, direct or indirect whatsoever, which might result in the
disclosure or any publicity to any third party concerning the terms of this Agreement. The Parties
shall only be entitled to disclose the terms of this Agreement in the event they are required to do
so by order of a court of competent jurisdiction, to the extent disclosure is required by rule or
regulation of a governmental authority (including securities laws
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Page <B>3 </B>of <B>10</B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /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="right" style="font-size: 10pt; margin-top: 12pt">Execution Copy 05-12-10
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">requirements), to the extent agreed to by a majority in number of all Parties hereto, or to their
accountants and attorneys to the extent necessary to receive professional advice.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><B>VII. Other</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Parties hereto shall bear all attorney&#146;s fees and costs arising from the actions of their own
attorneys in connection with the negotiation and preparation of this
Agreement, and the matters and
documents referred to herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement, with the attachments, contains the entire agreement of the Parties and may not be
amended in any way except in a writing signed by all of the Parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Parties do further declare that no promises have been made which are not expressed herein. The
terms of the Agreement are contractual and not merely recital. The Parties hereto further expressly
state that it is their intention to completely and forever resolve the differences between them
relating to the claims asserted or which could be asserted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is further agreed and the Parties hereby covenant unto each other Party that they have not, as
of the date of this Agreement, transferred, assigned, or sold any claim or cause of action which
they may have or have had against any other Party to this Agreement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->Page <b>4</b> of <b>10</b><!-- /Folio -->
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Execution Copy 05-12-10
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the above written date.
</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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Cimarron Casino Enterprise,<br>
a governmental component and <br>
instrumentality of the Iowa Tribe</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Lakes Iowa Management, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Janice Rowe-Kurak&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Timothy J. Cope</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Janice Rowe-Kurak
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Timothy J. Cope</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Chairwoman
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: President and Chief Financial Officer</TD>
</TR>
<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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Lakes Iowa Consulting, LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
/s/ Renee Prince &nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Renee Prince
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Secretary Pro Tem
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Timothy J. Cope</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Timothy J. Cope</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: President and Chief Financial Officer</TD>
</TR>
<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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Iowa Tribe of Oklahoma,<br>
a federally-recognized Indian tribe</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Janice Rowe-Kurak&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Janice Rowe-Kurak</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Chairwoman</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Renee Prince&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Renee Prince</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Secretary Pro Tem</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Cimarron Casino Enterprise,<br>
a governmental component and<br>
instrumentality of the Iowa Tribe</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Janice Rowe-Kurak&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Janice Rowe-Kurak</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Chairwoman</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Renee Prince&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Renee Prince</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its: Secretary Pro Tem</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->Page <b>5</b> of <b>10</b><!-- /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="right" style="font-size: 10pt; margin-top: 12pt">Execution Copy 05-12-10
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><u><B>Schedule&nbsp;A</B></u>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>The Parties</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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any party to this Agreement or any other agreement, contract and instrument described on
<u>Schedule&nbsp;B</u>.</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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Affiliate of any party to this Agreement or any other agreement, contract and instrument
described on <u>Schedule&nbsp;B</u>.</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any officers, directors, employees, contractors, agents and Affiliates of any Party, or its
Affiliates, to this Agreement or any other agreement, contract and instrument described on <u>Schedule
B</u>.</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">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Lakes Iowa associated individuals.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Affiliates&#148; herein shall mean with respect to any specified Person, any other Person that directly
or indirectly, through one or more intermediaries, controls, is controlled by, or is under common
control with the specified Person. For the purposes of this definition, &#147;control&#148; (including the
terms controlling, controlled by, or under common control with) means the possession, direct or
indirect, or the power to direct or cause the direction of the management and policies of a person,
whether through the ownership of voting securities, partnership or member interests, by contract or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Person&#148; herein shall mean any entity, whether an individual, trustee, corporation, general
partnership, limited partnership, limited liability company, limited liability partnership, joint
stock company, trust, estate, unincorporated organization, business association, Indian tribe,
commission, instrumentality, firm, joint venture, Governmental Authority, or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Lakes Iowa associated individuals&#148; herein shall mean Lakes Iowa Management, LLC (&#147;Lakes Iowa&#148;) and
its associated individuals who have been issued a Notice of Suitability Hearing dated April&nbsp;29,
2010 by the Iowa Gaming Commission, including the following: Lakes Iowa&#146;s parent company, Lakes
Entertainment, Inc. and Affiliates, Lyle Berman, Tim Cope, Will Jones, Beth Spindler, Rick Walters,
Diane Stone, Lisa Hjortaas, Brad Colbert, Fred Doyle, Eric Strand, Leon Brown, Blake Lyon, Jeff
Easton, Scott Just, Mike Montross, Nigel Nightingale, Roger Roden, Larry Barenbaum, Rick White,
Scott Schwinghammer, Ray Moberg, Neil Sell, and any other individual employed by or acting on
behalf of Lakes Iowa in connection with its management services for the Iowa Cimarron Casino.

</div>


<P align="center" style="font-size: 10pt"><!-- Folio --> Page <b>6</b> of <b>10</b> <!-- /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="right" style="font-size: 10pt; margin-top: 12pt">Execution Copy 05-12-10
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>The Contracts</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. </B><u><B>Cimarron Casino Project</B></u>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;Management Contract dated March&nbsp;23, 2006
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Exhibit&nbsp;A &#151; Legal Description of Gaming Site
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Exhibit&nbsp;B &#151; Cimarron Casino Resolution of Approval and Grant of
Limited Waiver of Immunity from Suit
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Exhibit&nbsp;C &#151; Iowa Tribe Resolution of Approval and Grant of Limited
Waiver of Immunity from Suit
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;Transaction Documents dated March&nbsp;23, 2006 related to Management Contract
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Scope of Project Description Sheet for Iowa Cimarron Casino Project
Facilities
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Operating Note
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Dominion Account Agreement
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Security Agreement with <B>9 </B>UCC-1 Financing Statement forms
(and <B>9 </B>Exhibit&nbsp;A and <B>9 </B>Schedule&nbsp;I thereto)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Indemnity Agreement
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;Cimarron Casino related documents including:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><FONT style="font-family: Wingdings">&#111;</FONT> Gaming Operations Consulting Agreement dated January&nbsp;27, 2005 between Iowa Corp, the Iowa Tribe
and Lakes Iowa Consulting, LLC </div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><FONT style="font-family: Wingdings">&#111;</FONT> Iowa Corp Resolution IC-05-01 regarding Limited Waiver of
Sovereign Immunity (Consulting Agreement)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><FONT style="font-family: Wingdings">&#111;</FONT> Iowa Tribe Resolution I-05-08 regarding Limited Waiver of Sovereign Immunity (Consulting
Agreement)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><FONT style="font-family: Wingdings">&#111;</FONT> Assignment and Assumption Agreement (Consulting) dated December&nbsp;1, 2005, and <FONT style="font-family: Wingdings">&#111;</FONT> Iowa Corp
Resolution IC-05-07 regarding approval of the assignment and assumption
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><FONT style="font-family: Wingdings">&#111;</FONT> Iowa Tribe Resolution I-05-98 regarding approval of the assignment and assumption
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><FONT style="font-family: Wingdings">&#111;</FONT> Cimarron Casino Resolution I-CCE-05-04 regarding approval of the assignment and assumption
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><FONT style="font-family: Wingdings">&#111;</FONT> March&nbsp;23, 2006 Amendment to Gaming Operations Consulting Agreement
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><FONT style="font-family: Wingdings">&#111;</FONT> Iowa Tribe Resolution I-06-30 regarding approval of and waiving sovereign immunity in connection
with the March&nbsp;23, 2006 Amendment
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> Page <b>7</b> of <b>10</b> <!-- /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="right" style="font-size: 10pt; margin-top: 12pt">Execution Copy 05-12-10
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><FONT style="font-family: Wingdings">&#111;</FONT> Cimarron Casino Resolution I-CCE-06-05 regarding approval of and
waiving sovereign immunity in connection with the March&nbsp;23, 2006
Amendment
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><FONT style="font-family: Wingdings">&#111;</FONT> Cimarron Casino Note dated March&nbsp;23, 2006
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><FONT style="font-family: Wingdings">&#111;</FONT> Tribal Agreement (Lakes Iowa Consulting &#151; Cimarron Casino) dated
January&nbsp;27, 2005 between the Iowa Tribe and Lakes Iowa Consulting, LLC
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Assignment and Assumption Agreement (Management) dated December
1,2005
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Iowa Corp Resolution IC-05-08 regarding approval of the assignment
and assumption
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9
</B>Iowa Tribe Resolution I-05-99 regarding approval of the assignment and
assumption
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Cimarron Casino Resolution I-CCE-05-05 regarding approval of the
assignment and assumption
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Tribal Agreement (Lakes Management &#151; Cimarron Casino) dated March
23, 2006 between the Iowa Tribe and Lakes Iowa Management, LLC
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9
</B>Iowa Tribe Resolution I-06-29 approving and waiving sovereign
immunity in connection with the Tribal Agreement (Lakes Management &#151; Cimarron Casino) dated March
23, 2006
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. </B><U><B>Proposed Ioway Casino Project</B></U></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;Management Contract dated May&nbsp;23, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Exhibit&nbsp;A &#151; Legal Description of Gaming Site
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Exhibit&nbsp;B &#151; Ioway Resolution of Approval and Grant of Limited Waiver
of Immunity from Suit
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Exhibit&nbsp;C &#151; Iowa Tribe Resolution of Approval and Grant of Limited
Waiver of Immunity from Suit
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;Transaction Documents dated May&nbsp;23, 2007 related to Management contract
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Scope of Project Description Sheet
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Operating Note
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Dominion Account Agreement
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Security Agreement with <b>9</b> UCC-1 Financing Statement form
(and <b>9</b> Exhibit&nbsp;A and <b>9</b> Exhibit&nbsp;B thereto)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Indemnity Agreement
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;Ioway Casino related documents including:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Gaming Development Consulting Agreement dated January&nbsp;27, 2005
between Iowa Corp, the Iowa Tribe and Lakes Iowa Consulting, LLC
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Iowa Corp Resolution IC-05-03 regarding Limited Waiver of Sovereign
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->Page<b> 8</b>
of<b> 10</b><!-- /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="right" style="font-size: 10pt; margin-top: 12pt">Execution Copy 05-12-10
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Immunity (Consulting Agreement)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9
</B>Iowa Tribe Resolution I-05-10 regarding Limited Waiver of Sovereign
Immunity (Consulting Agreement)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Assignment and Assumption Agreement (Consulting) dated May&nbsp;23,
2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Iowa Corp Resolution FC-07-03 regarding approval of the assignment
and assumption
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9
</B>Iowa Tribe Resolution I-07-39 regarding approval of the assignment and
assumption
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Ioway Resolution ICE-07-07 regarding approval of the assignment and
assumption
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>May&nbsp;23, 2007 Amendment to Gaming Operations Consulting Agreement
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9
</B>Iowa Tribe Resolution I-07-38 regarding approval of and waiving
sovereign immunity in connection with the May&nbsp;23, 2007 Amendment
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Ioway Resolution ICE-07-06 regarding approval of and waiving
sovereign immunity in connection with the May&nbsp;23, 2007 Amendment
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Amended and Restated Ioway Note dated May&nbsp;23, 2007 with <b>9</b> Schedule
A (Schedule of Advances)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Ioway Consulting Fees Note dated May&nbsp;23, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Tribal Agreement (Lakes Iowa Consulting &#151; Cimarron Casino) dated
January&nbsp;27, 2005 between the Iowa Tribe and Lakes Iowa Consulting,
LLC
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9
</B>Iowa Tribe Resolution I-05-10 approving and waiving sovereign
immunity in connection with the Tribal Agreement (Lakes Iowa
Consulting) dated January&nbsp;27, 2005
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Dominion Account Agreement (Consulting) dated January&nbsp;27, 2005
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Security Agreement (Consulting) dated January&nbsp;27, 2005 with <b>9</b> UCC-1
Financing Statement form (and<b> 9</b> Exhibit&nbsp;A and<b> 9 </b>Exhibit&nbsp;B thereto)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Construction Contract &#091;none executed as of July&nbsp;12, 2007&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Design Agreement &#091;none executed as of July&nbsp;12, 2007&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Assignment and Assumption Agreement (Management) dated May&nbsp;23,
2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Iowa Corp Resolution FC-07-04 regarding approval of the assignment
and assumption
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9
</B>Iowa Tribe Resolution I-07-41 regarding approval of the assignment and
assumption
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Ioway Resolution ICE-07-08 regarding approval of the assignment and
assumption
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9 </B>Tribal Agreement (Lakes Management &#151; Cimarron Casino) dated May
23, 2007 between the Iowa Tribe and Lakes Iowa Management, LL
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>9
</B>Iowa Tribe Resolution I-07-40 approving and waiving sovereign
immunity in connection with the Tribal Agreement (Lakes Management &#151; Cimarron Casino) dated May
23, 2007
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->Page<b> 9</b>
of<b> 10</b><!-- /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="right" style="font-size: 10pt; margin-top: 12pt">Execution Copy 05-12-10
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. Any and all amendments to or replacements for the contracts or documents listed in Items
1-2 above.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4. Any and all decisions made by the Development Committee established under the
Gaming Development Consulting Agreement relating to the proposed Ioway Casino project.</DIV>



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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>c58288exv99w1.htm
<DESCRIPTION>EX-99.1
<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"><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="39%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" rowspan="8"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="c58288c5828800.gif" alt="(LAKES 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"><B>www.lakesentertainment.com</B></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>
Timothy Cope &#150; (952)&nbsp;449-7030

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="width: 90%; 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>
May&nbsp;13, 2010

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LAKES ENTERTAINMENT, INC. ANNOUNCES TERMINATION AGREEMENT WITH IOWA TRIBE OF OKLAHOMA</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>MINNEAPOLIS, May&nbsp;13, 2010 &#151; Lakes Entertainment, Inc. (NASDAQ: LACO) </B>announced today that it
entered into a termination agreement (&#147;Termination Agreement&#148;) with the Iowa Tribe of Oklahoma, its
governmental components and instrumentalities (&#147;Tribe&#148;) terminating all agreements with the Tribe,
including a note under which approximately $5.0&nbsp;million was advanced to the Tribe, effective May&nbsp;1,
2010. Lakes previously announced that the Tribe had decided not to pursue the proposed Ioway
Casino with a subsidiary of Lakes Entertainment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Termination Agreement provides for the Iowa Tribe to pay to Lakes a total of $4.5&nbsp;million in
the following manner: $1&nbsp;million to be paid within two days of execution of the Termination
Agreement, and the sum of $3.5&nbsp;million to be paid in 15 equal monthly installments commencing on
June&nbsp;15, 2010 and on the 15<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of each of the next 14&nbsp;months. The Iowa Tribe is
permitted to make prepayments on the outstanding amount at a 6% discount during the first twelve
months after the execution of the Termination Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lakes was operating under a Gaming Development Consulting Agreement (&#147;Consulting Agreement&#148;) with
the Tribe to provide development consulting services related to the proposed Ioway Casino
development. Lakes was not receiving any compensation for its consulting services under the
Consulting Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lakes was also managing the Cimarron Casino for the Tribe under a management agreement approved by
the National Indian Gaming Commission (&#147;Management Agreement&#148;). The Cimarron casino consists of
approximately 375 slot machines and a snack bar. Lakes was receiving an annual management fee for
its services in an amount equal to 30% of the net total revenues (as defined in the Management
Contract) of the Cimarron Casino in excess of $4&nbsp;million.
</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: 6pt">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
three separate Tribes for casino operations in Michigan and California, for a total of three
separate casino sites. Lakes is currently managing the Four Winds Casino Resort for the Pokagon
Band of Potawatomi Indians and the Red Hawk Casino for the Shingle Springs Band of Miwok Indians.
Lakes is also involved in other business activities, including the licensing of table games to
Tribal and non-Tribal casinos.
</DIV>

<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, need for potential future financing to meet Lakes&#146;
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; and reliance on Lakes&#146; management. For
more information, review the company&#146;s filings with the Securities and Exchange Commission.
</DIV>


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



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



</BODY>
</HTML>
</TEXT>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
