MINNEAPOLIS - 11 January, 2010: Lakes Entertainment, Inc. (NASDAQ: LACO) announced that on January 5, 2010, its wholly owned subsidiary, Lakes Tunica Casino Management, LLC, entered into a Development Services and Management Agreement with Abston-McKay Ventures, LLC, wherein Lakes agreed to perform certain development and management services for a potential casino located at the former Isle of Capri site in Tunica, Mississippi.

“We are currently working on the details of the casino development, but we expect it to be a first class casino facility with the exciting new games, restaurants, entertainment, a hotel and other amenities to which the public has become accustomed with respect to Lakes’ managed properties," stated Lyle Berman, Lakes’ Chief Executive Officer.

“As Grand Casinos, our team was the first major developer in the Tunica gaming market and experienced much success there, and we look forward to getting back into this proven market,” added Tim Cope, President and Chief Financial Officer of Lakes.

About Lakes Entertainment

Lakes Entertainment, Inc. currently has development and management or financing agreements with four separate Tribes for casino operations in Michigan, California, and Oklahoma, for a total of five separate casino sites. Lakes is currently managing the Cimarron Casino for the Iowa Tribe of Oklahoma, 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 development of new table games for licensing to Tribal and non-Tribal casinos.



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