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Lakes Entertainment closes financing for Foothill Oaks Casino

29 June 2007

MINNEAPOLIS--(BUSINESS WIRE)--Lakes Entertainment, Inc. (Nasdaq:LACO - News) announced today that on June 28, 2007 an affiliate of the Shingle Springs Band of Miwok Indians ("Shingle Springs Tribe") closed on a $450 million senior note financing to fund the Foothill Oaks Casino project in Shingle Springs, California. Immediately following the closing of this financing, Lakes was repaid approximately $17.2 million by the Shingle Springs Tribe for land Lakes had previously purchased on behalf of the Shingle Springs Tribe, and for certain construction advances and certain accrued interest.

Lakes, through a wholly-owned subsidiary, has management and development agreements with an affiliate of the Shingle Springs Tribe to develop and manage the Foothill Oaks Casino. The Foothill Oaks Casino will be an approximately 278,000 square foot full-service facility and is expected to include a 88,000 square foot gaming floor featuring 2,000 gaming devices, 100 table games and a high stakes gaming room; five high-quality restaurants; two casino bars; a childcare facility and arcade; retail space; enclosed parking and other casino amenities. A hotel and additional gaming space is planned for a second phase of the project. The Foothill Oaks Casino is located approximately 35 miles from Sacramento and will be the only casino facility in the U.S. Highway 50 corridor east of Sacramento, which is the major access route for traffic from the San Francisco Bay area to the South Lake Tahoe area.

"We congratulate the Shingle Springs Tribe as this financing has now closed and construction has started. We look forward to continuing our partnership with the Tribe as we build, open and operate this exciting casino project" said Tim Cope, President and CFO.

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