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TheStreet Open House

Lakes Entertainment To Host Conference Call And Webcast On Results For Second Quarter 2012

Lakes Entertainment, Inc. (NASDAQ: LACO) announced it will host a conference call and webcast to discuss the Company's Second Quarter financial results on Wednesday, August 8, 2012, at 1:00 p.m. Central Time (2:00 p.m. Eastern). The Company will issue financial results prior to the call.

Chairman of the Board and Chief Executive Officer Lyle Berman, and President and Chief Financial Officer Tim Cope, will recap the second quarter 2012 results and provide a business update.

WHEN:

Wednesday, August 8, 2012Conference Call: 1:00 p.m. Central Time (2:00 p.m. Eastern Time)Dial-in Number: 800-591-6942Passcode: 49146435WEBCAST: To listen to a live webcast of the conference call, go to Lakes' web site, www.lakesentertainment.com, and click on "Conference Call."

The webcast replay will be available from 3:00 p.m. Central Time, August 8, 2012, until August 22, 2012, on the Lakes Entertainment website at www.lakesentertainment.com. Listening to the webcast requires speakers and Windows Media Player. If you do not have Media Player, download the free software at www.windowsmedia.com.

If you do not have Internet access and want to listen to an audio replay, call 888-286-8010 and enter conference call code 58870151. The audio replay will be available beginning at 3:00 p.m. Central Time, August 8, 2012, until 12:00 p.m. Central Time, August 22, 2012.

About Lakes Entertainment

Lakes Entertainment, Inc. currently has a management agreement with the Shingle Springs Band of Miwok Indians to manage the Red Hawk Casino. Lakes has an investment in Rock Ohio Ventures, LLC for their casino developments in Cincinnati and Cleveland, Ohio. Lakes’ subsidiary Evitts Resort, LLC, has been awarded a video lottery operation license for the Rocky Gap Lodge & Golf Resort it owns near Cumberland, Maryland.

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; adverse litigation results and the related costs; reliance on Lakes' management; and litigation costs. For more information, review the company's filings with the Securities and Exchange Commission.

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