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Lakes Entertainment Receives $6 Million

LAS VEGAS, Nevada-- (PRESS RELEASE) -- Lakes Entertainment, Inc. (Nasdaq:LACO) announced today that it received approximately $6.0 million in cash from Metroflag related to the previously announced sale of the Travelodge property in Las Vegas, Nevada.

Tim Cope, President of Lakes commented, "Receipt of this $6 million strengthens the company's cash position as we continue to move forward with our various gaming projects."

Lakes Entertainment, Inc. currently has development and management agreements with three separate Tribes for one new casino operation in Michigan and two in California. Lakes also has agreements for the development of an additional casino on Indian-owned land in California through a joint venture with MRD Gaming, which is currently being disputed by the Tribe. Additionally, the Company owns approximately 64% of WPT Enterprises, Inc. (Nasdaq "WPTE"), a separate publicly held media and entertainment company principally engaged in the development, production and marketing of gaming themed televised programming including the World Poker Tour television series, the licensing and sale of branded products and the sale of corporate sponsorships.

Lakes Entertainment, Inc. common shares are traded on the Nasdaq National Market under the trading symbol "LACO".

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