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Lakes Entertainment Receives Delisting Notice

MINNEAPOLIS -- (PRESS RELEASE) -- Lakes Entertainment, Inc. (Nasdaq:LACOE). Lakes Entertainment, Inc. announced today that it has received notice from The Nasdaq Stock Market Listing Qualifications Department that the Nasdaq Listing Qualifications Panel has determined to delist Lakes' common stock from the Nasdaq National Market effective as of the opening of business on August 10, 2005. As previously reported, Lakes has not filed its Annual Report on Form 10-K for the fiscal year ended January 2, 2005 ("2004 Form 10-K") and its Quarterly Report on Form 10-Q for the quarter ended April 3, 2005 ("2005 First Quarter Form 10-Q"). The delay in filing both reports is the result of comments that Lakes received from the SEC staff pertaining to Lakes' Annual Report on Form 10-K for the fiscal year ended December 28, 2003. These comments relate to Lakes' accounting for development costs and advances to Indian tribes for the development of casinos as assets on its balance sheet. Lakes has not filed either the 2004 Form 10-K or 2005 First Quarter Form 10-Q pending a resolution of the comments. Lakes' failure to timely file these reports resulted in noncompliance with Nasdaq Marketplace Rule 4310(c)(4) which is required for continued listing of Lakes' common stock.

Lakes plans to appeal the decision of the Nasdaq Listing Qualifications Panel's determination, but this will not delay or prevent the delisting of Lakes' common stock as of the opening of business on August 10, 2005. There is no assurance that Lakes' common stock will be relisted on The Nasdaq Stock Market as a result of its appeal or otherwise. Once delisted, Lakes expects that quotations for its common stock will appear in the Pink Sheets® (formerly the National Daily Quotation Bureau), where subscribing dealers can submit bid and ask prices on a daily basis.

Lakes remains committed to regaining compliance with all filing requirements and obtaining relisting of its common stock with The Nasdaq Stock Market as soon as possible and continues to work diligently toward completing and filing its delinquent reports. While Lakes is working expeditiously to resolve the SEC Staff's comments, Lakes is unable to predict when it will be able to file its 2004 Form 10-K or its 2005 First Quarter Form 10-Q.

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