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Lakes Gaming's Management Contract for Grand Casino Coushatta Not Renewed

Coushatta Tribal Chairman, Lovelin Poncho, expressed gratitude for the very good relationship the tribe has enjoyed with Lakes.

``We appreciate very much the positive association between the Coushatta Tribe of Louisiana and Lakes Gaming, Inc. We have collaborated in a manner that has allowed the Tribe to obtain self-sufficiency and provide a significant, positive impact on the local and state economies. We are separating our business association on a positive note, at a time when the Tribe has made the decision to move forward with tribal management of the casino.''

Lyle Berman, Chairman and CEO of Lakes stated, ``We have enjoyed a successful partnership with the Coushatta Tribe over the past seven year period and we wish them continued success in the future.'' Mr. Berman continued, ``We will continue to support and help the Coushatta Tribe during the coming months to ensure as smooth a transition as possible.''

Lakes managed all aspects of the development and operations for the casino property from master planning and financing to construction and marketing. Lakes placed particular emphasis on the training and development of the casino's tribal employees.

Mr. Berman also stated, ``We recognize that the Coushatta contract is currently our only significant source of revenue, and this will terminate in January 2002. However, we continue to be excited about the prospects for the proposed new casino developments in which we are participating. We believe our current cash resources, along with financing for specific projects, will be sufficient to fund our operations until the new casino projects begin operations. If our capital needs are greater than anticipated, we may seek additional financing in the future.''

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