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Lakes Entertainment, Myohionow.com team up for Ohio casino

MINNEAPOLIS, Minnesota -- (PRESS RELEASE) -- Lakes Entertainment, Inc. (NASDAQ: LACO) announced today that it has partnered with Myohionow.com, LLC to pursue the development of a first class $600 million casino resort in Clinton County, Ohio. The proposed casino resort is contingent on the voters approving a referendum in the November 4, 2008 Ohio statewide election to amend the Ohio constitution to permit the casino resort to be located in Clinton County, Ohio. MyOhioNow.com, an Ohio company founded by Dr. Brad Pressman and Rick Lertzman, is in the process of collecting 402,225 signatures as required by state law to place the referendum on the November 4, 2008 ballot.

Initial plans call for the casino to feature approximately 220,000 square feet of gaming space, including up to 5,000 slot machines, 100 table games such as Blackjack, Craps, Baccarat, Pai Gow Poker and Three and Four Card Poker, and a 20 table poker room. The proposed casino is also expected to feature up to a 1,500-room suite-hotel, multiple restaurants, entertainment bars and retail shops. Plans also include a full service destination spa, entertainment complex and championship golf course.

Under the current development plan, construction of the planned casino would likely commence within 12 - 18 months after the referendum is approved, and the casino would open approximately 18 months after construction commences. The casino is expected to employ up to 5,000 people and could generate over $200 million in gaming tax revenues that would be divided directly among all 88 Ohio counties on a per capita basis.

"This is an outstanding opportunity for Ohio," said Lyle Berman, CEO of Lakes. "We believe the project will directly benefit the people of Ohio by creating a large number of jobs in the state and also generate millions in tax revenue that will go directly to the counties, on a per capita basis, to be spent as each county wishes."

"Rick and Brad have been instrumental in communicating the benefits of the casino and gathering the signatures for the referendum," added Tim Cope, President and CFO of Lakes. "We plan on supporting their efforts through strategic advice and financial assistance that is necessary to get the referendum on the ballot, and then developing a truly first class casino resort of which all of Ohio can be proud. We have the gaming expertise and Myohio understands the people and issues of Ohio. That makes this a great partnership."

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