LAKES ENTERTAINMENT INC
			Symbol			LACO

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Lakes Entertainment Announces Passage of Ohio Referendum

2009-11-04 19:00 ET - News Release

Company Website: http://www.lakesentertainment.com
MINNEAPOLIS -- (Business Wire)

Lakes Entertainment, Inc. (NASDAQ: LACO) today announced that on November 3, 2009, the Ohio voters approved Issue 3, the citizen-initiated referendum to amend the Ohio constitution to authorize one gaming facility in each of Cleveland, Cincinnati, Columbus and Toledo, Ohio. The approval of Issue 3 authorizes casino gaming for the first time in the State of Ohio.

Issue 3 was primarily backed by Rock Ohio Ventures, LLC (“Rock”), a group led by Dan Gilbert, owner of the Cleveland Cavaliers, and Penn Ventures, LLC (“Penn”), a subsidiary of Penn National Gaming, Inc. Lakes recently reached an agreement with Penn whereby it (1) agreed to fund 10% of Penn’s costs of the Issue 3 referendum (“Referendum”) and (2) has the option, but not the obligation, to fund up to 10% of equity required to develop potential casinos in Columbus and Toledo, in return for a corresponding equity stake up to 10% in such casinos. Similarly, Lakes recently entered into an agreement with Rock whereby it has the right, but not the obligation, to invest up to 10% of Rock’s costs of the Referendum and the equity required to develop potential casinos in Cleveland and Cincinnati, in return for a corresponding equity stake of up to 10% in such casinos.

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