Lakes Entertainment, Inc. Announces Update to Ohio Casinos Project

January 16, 2011

MINNEAPOLIS–(BUSINESS WIRE)–Lakes Entertainment, Inc. (NASDAQ: LACO) announced today that Rock Ohio Ventures, LLC (“Rock”), the company that owns the rights to develop a casino in each of Cleveland and Cincinnati, Ohio, recently entered into an agreement with Caesar’s Ohio Investment, LLC, a subsidiary of Caesars Entertainment, Inc. (formerly Harrah’s Entertainment, Inc.) (“Agreement”) providing for the joint ownership and management of Rock Ohio Caesar’s, LLC, the entity that will ultimately own, develop and operate the two Ohio casinos. Lakes continues to have the right to own up to 10% of Rock’s ownership in the two casinos, provided that Lakes funds a proportionate amount of the capital required from Rock to develop such casinos.

“We are pleased that Rock chose such a well established and reputable management company”

“We are pleased that Rock chose such a well established and reputable management company,” stated Lyle Berman, CEO of Lakes. “Caesar’s has a rich history of casino gaming and operates some of the best casinos in the United States and we believe this enhances the value of our ownership in these casinos. We currently have the capital and intent to fund the amount required to maintain our ownership position and we look forward to being a part of this business venture in Ohio.” added Mr. Berman.

About Lakes Entertainment

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.

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’ development needs; those relating to the inability to complete or possible delays in completion of Lakes’ 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’ expansion goals; risks of entry into new businesses; and reliance on Lakes’ management. For more information, review the company’s filings with the Securities and Exchange Commission.

<a href=",2005:cluster=, 07 Jan 2011 01:03:45 GMT 00:00″>Lakes Entertainment, Inc. Announces Update to Ohio Casinos Project

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