Ohio Residents Not Worried About Gambling Addiction

Lakes Entertainment, Inc. Announces Status of Ohio Petition Drive

MINNEAPOLIS-- July 01, 2008 --Lakes Entertainment, Inc. (NASDAQ: LACO) announced today that it is currently on pace to collect over 700,000 signatures to place a referendum permitting one casino in Ohio on the November 4th ballot. Ohio law requires at least 402,225 valid signatures to place the referendum on the November 4, 2008 ballot. Although it has obtained more than the required number of signatures, the Secretary of State has not verified that the signatures are valid. The verification will occur when the petition and signatures are submitted to the Secretary of State on or before August 6, 2008.

"We are pleased with the number of signatures that we have obtained so far and believe it shows that a significant number of Ohio residents want a casino in their state," said Tim Cope, President of Lakes. "We anticipate gathering in excess of 700,000 signatures by August 6 and we anticipate verifying enough signatures in the requisite number of counties to place the referendum on the ballot."

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.

About Lakes Entertainment

Lakes Entertainment, Inc. currently has development and management or financing agreements with four separate Tribes for casino operations in Michigan, California, and Oklahoma, for a total of five separate casino sites. Lakes is currently managing the Cimarron Casino for the Iowa Tribe of Oklahoma and the Four Winds Casino Resort for the Pokagon Band of Potawatomi Indians. Lakes is also involved in other business activities, including possible development of a Company owned casino resort project in Vicksburg, Mississippi and the development of new table games for licensing to Tribal and non-Tribal casinos. The Company also owns approximately 61 percent of WPT Enterprises, Inc. (NASDAQ: WPTE), a separate publicly held media and entertainment company engaged in the creation of internationally branded entertainment and consumer products driven by the development, production and marketing of televised programming based on gaming themes, including the World Poker Tour® television series, the operation of an online gaming website, the licensing and sale of branded products and the sale of corporate sponsorships.

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Lakes Entertainment, Inc.) contains statements that are forward-looking, such as statements relating to plans for future expansion and other business development activities as well as other capital spending, financing sources and the effects of regulation (including gaming and tax regulation) and competition. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the company. These risks and uncertainties include, but are not limited to, obtaining a sufficient number of signatures to place the Ohio casino resort project on the November 4, 2008 Ohio statewide election ballot or if the referendum is placed on that ballot, that the referendum will pass, need for current financing to meet Lakes' operational and development needs; those relating to the inability to complete or possible delays in completion of Lakes' casino projects, including various regulatory approvals and numerous other conditions which must be satisfied before completion of these projects; possible termination or adverse modification of management or development contracts; Lakes operates in a highly competitive industry; possible changes in regulations; reliance on continued positive relationships with Indian tribes and repayment of amounts owed to Lakes by Indian tribes; possible need for future financing to meet Lakes' expansion goals; risks of entry into new businesses; reliance on Lakes' management; and the fact that the WPTE shares held by Lakes are currently not liquid assets, and there is no assurance that Lakes will be able to realize value from these holdings equal to the current or future market value of WPTE common stock. There are also risks and uncertainties relating to WPTE that may have a material effect on the company's consolidated results of operations or the market value of the WPTE shares held by the company, including WPTE's significant dependence on the GSN as a current source of revenue, and the risk that the WPT series does not find a domestic distribution outlet; difficulty of predicting the growth of WPTE's online gaming business, which is a relatively new industry with an increasing number of market entrants; reliance on the efforts of CryptoLogic to develop and maintain the online gaming website in compliance with WPTE's business model and applicable gaming laws; the potential that WPTE's television programming will fail to maintain a sufficient audience; the risk that WPTE may not be able to protect its entertainment concepts, current and future brands and other intellectual property rights; the risk that competitors with greater financial resources or marketplace presence might develop television programming that would directly compete with WPTE's television programming; risks associated with future expansion into new or complementary businesses; the termination or impairment of WPTE's relationships with key licensing and strategic partners; and WPTE's dependence on its senior management team. For more information, review the company's filings with the Securities and Exchange Commission.

Contacts

Investor Relations:
Integrated Corporate Relations
William Schmitt, 203-682-8200
investorrelations@lakesentertainment.com
or
For Further Information:
Timothy Cope, 952-449-7030