8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 18, 2010

Lakes Entertainment, Inc.

(Exact name of registrant as specified in its charter)

Minnesota	0-24993	41-1913991
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

130 Cheshire Lane, Suite 101, Minnetonka, Minnesota	55305
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (952) 449-9092

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure

On February 18, 2010, Lakes Entertainment, Inc. (NASDAQ: LACO) announced that on February 17, 2010, the Kansas Lottery executed an amendment to the management contract (“Contract”) for Chisholm Creek Casino Resort, LLC (“Chisholm”). Lakes previously announced that the Kansas Lottery Gaming Facility Review Board (“Review Board”) returned the Contract to the Kansas Lottery for renegotiation at the request of both Chisholm and the Kansas Lottery. The Contract will now be sent to the Review Board for its consideration.

The information furnished pursuant to this Item 7.01 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

A copy of the press release is attached as Exhibit 99.1 to this Form 8-K.

Item 9.01. Financial Statements and Exhibits.

     (a) Not Applicable

     (b) Not Applicable

     (c) Not Applicable

     (d) Exhibits

99.1 Lakes Entertainment, Inc. Press Release dated February 18, 2010

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	LAKES ENTERTAINMENT, INC. (Registrant)
Date: February 24, 2010	/s/ Timothy J. Cope
	Name:	Timothy J. Cope
	Title:	President and Chief Financial Officer

EX-99.1

Exhibit 99.1

NEWS RELEASE
Lakes Entertainment, Inc.
130 Cheshire Lane, Suite 101
Minnetonka, MN 55305
952-449-9092
952-449-9353 (fax)
www.lakesentertainment.com
(NASDAQ: LACO)

FOR FURTHER INFORMATION CONTACT:
Timothy Cope — 952-449-7030

FOR IMMEDIATE RELEASE:
February 18, 2010

LAKES ENTERTAINMENT ANNOUNCES LOTTERY COMMISSION
APPROVES KANSAS MANAGEMENT CONTRACT

MINNEAPOLIS February 18, 2010 — Lakes Entertainment, Inc. (NASDAQ: LACO) announced that on February 17, 2010, the Kansas Lottery executed an amendment to the management contract (“Contract”) for Chisholm Creek Casino Resort, LLC (“Chisholm”). Lakes previously announced that the Kansas Lottery Gaming Facility Review Board (“Review Board”) returned the Contract to the Kansas Lottery for renegotiation at the request of both Chisholm and the Kansas Lottery. The Contract will now be sent to the Review Board for its consideration.

Phase one of the proposed casino is planned to feature a minimum of 1,300 slot machines, 30 table games, a poker room and other amenities, including a 100-room hotel to be developed by a third party hotel developer. Additional phases of the development could include expanded gaming positions, entertainment space, and other market driven amenities.

“We are pleased that the Kansas Lottery approved the amendment to Chisholm’s management contract and look forward to the final decision by the Lottery Gaming Review Board,” stated Lyle Berman, Lakes’ Chief Executive Officer.

“We have started pre-development work and intend to open the casino within 18 months of receiving all necessary approvals,” added Tim Cope, President and Chief Financial Officer of Lakes.

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, the Four Winds Casino Resort for the Pokagon Band of Potawatomi Indians and the Red Hawk Casino for the Shingle Springs

Band of Miwok Indians. Lakes is also involved in other business activities, including the development of new table games for licensing to Tribal and non-Tribal casinos.

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, need for potential future financing to meet Lakes’ 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; and reliance on Lakes’ management. For more information, review the company’s filings with the Securities and Exchange Commission.

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