Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. Certain information included in this presentation (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 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 GSN as a current source of revenue, and the risk that GSN will not exercise its options to air seasons of the WPT series beyond Season Six; 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.

Company Overview

The company currently manages two Native American casinos and is in the construction or development stage of three additional Native American casinos. The company also has the option to develop 773 acres of land in Vicksburg, MS, for future casino development and owns 61% of WPT Enterprises, a publicly traded production company. •

Operating Native American Management Contracts

– Four Winds Casino Resort – New Buffalo, Michigan • Opened August 2007 under five year management contract • 3,000 slots, 110 table games • 165 hotel rooms – Cimarron Casino – Perkins, Oklahoma • Entered into seven year management contract, May 2006 • 360 class III slots

Company Overview

Under Construction/Development – Foothill Oaks Casino – near Sacramento, California • Under construction and expected to open 4Q08 • 2,100 class III and class II slot machines • 75 table games – Ioway Casino Resort – Chandler, Oklahoma • Under development • Waiting for NIGC approval • 1,500 slots, 50 table games • 250 room hotel

Company Overview

Under Construction/Development – Jamul Casino – near San Diego, California • Does not require land in trust or NIGC approval • Expected to have 1,150 gaming positions • 1,000 gaming devices, 25 table games – Vicksburg land • Approximately 773 acres of casino zoned land • 1,200-1,500 slot machines • 40 to 50 table games • Restaurants Other – Lakes Entertainment owns ~61% of WPT Enterprises • WPTE – NASDAQ listed company • Produces the World Poker Tour

Long –Term Strategy

– To develop and manage existing Native American management contract pipeline – Evaluate potential new casino opportunities including Native American management contracts and owned assets – Continue to direct and support WPTE – Monetize assets/receivables where appropriate

Investment Thesis

Visible Growth Pipeline with Strong Balance Sheet – Established core management fee business – Four Winds Casino Resort and Cimarron Casino – Significant growth pipeline – Foothill Oaks Casino under construction – 2008; Ioway Casino – 2009; Jamul Casino – 2010 – Vicksburg property provides additional growth opportunity; would be newest property in $280m+ market – Underleveraged balance sheet positions company to fund growth and be opportunistic

Project Pipeline/Status

Foothill Oaks Jamul Casino Ioway Casino Resort Lakes Vicksburg (1) Estimated in millions Compact Signed Land In Trust Environmental Assessment Management Agreement NIGC Approval Project Cost (1) Expected Opening      $450 4Q08 Size/ Scope 2,600 gaming positions   NA    NA  NA Under review TBD TBD 2010 2009 1,150 gaming positions 1,800 gaming positions NA NA  NA NA TBD 2010 1,440 to 1,800 gaming positions

Financial Capsule

As of 09/30/07 Cash & Equivalents (includes $4.5 million of WPT Enterprises, Inc. cash) Short-term Investments (includes $21.4 million of WPT Ent., Inc. short term investments) Notes Receivable from Indian Tribes (at fair value) Total Assets $ 7.9M

$ 51.6M

$ 79.3M

$ 265.2M

Total Liabilities $ 37.8M

Book Value Book Value per Share Price/Book Ratio (2/4/08) $212.8M

$8.70

0.8

Geographically Diverse Casino Locations

Four Winds Casino Resort New Buffalo, Michigan

Four Winds Casino Resort New Buffalo, Michigan

Four Winds Casino Resort New Buffalo, Michigan

Four Winds Casino Resort New Buffalo, Michigan

New Buffalo, Michigan location – Managed for Pokagon Band of Potawatomi Indians – Market: Chicago, IL; South Bend, IN; Grand Rapids, MI – Avg. HH income of $61k within 50 miles; $75k within 50-100 miles – 2 million adults within 50 miles, 8.8 million adults within 100 miles – Northern Indiana riverboats currently produce $1B+ in revenue –

Competitive advantage

• Only land-based casino in region • Competitive gaming tax advantage – Prime interstate location Casino Resort Features: – 130,000 square feet of casino – Approximately 3,000 class III slots, 110 table games – Multiple food and beverage outlets – 165 room suite-hotel – 3,400 garage and surface parking spaces

Four Winds Casino Resort New Buffalo, Michigan

– Opened the property August 2, 2007 – Completed on time and under budget – Key performance metrics consistently improving – Growing customer loyalty program – Continue to improve operating efficiencies as team builds

Foothill Oaks Casino Shingle Springs, California

– Managed for Shingle Springs Band of Miwok Indians – Market: Sacramento, CA – Proven gaming market – Better access than Station’s Thunder Valley – Closer than Lake Tahoe casinos

Foothill Oaks Casino Shingle Springs, California

Foothill Oaks Casino Shingle Springs, California

Foothill Oaks Casino Shingle Springs, California

Current Status: – Obtained $450 million financing in 2Q07 – Plan to obtain at least $65 million under a secured FF&E financing – Construction started 2Q07 – Opening estimated 4Q08 Casino Features: – 88,000 square feet of casino – 2,100 slot machines and gaming devices – 75 table games – Multiple food and beverage outlets

Jamul Casino Jamul, California

– Finance & develop for Jamul Indian Village – Market: San Diego, CA – Proven gaming market – Excellent location 15 miles from San Diego – 1,000 gaming devices, 25 table games – Enclosed parking garage

Cimarron & Ioway Casinos Perkins and Chandler, Oklahoma

Ioway Casino Resort Chandler, Oklahoma

Current Status: – Ioway management agreement under NIGC review – Ioway construction estimated 2008 – Ioway opening estimated 2009 – Master plan includes golf, events center, and additional rooms – 1,500 gaming devices – 50 table games – 250 hotel rooms

Cimarron Casino Perkins, Oklahoma

– Managed for Iowa Tribe of Oklahoma – Seven year contract – Markets: Stillwater, Oklahoma City and Tulsa – Renovated Cimarron opened 3Q06 – 360 class III slots, video poker and video blackjack – Remodeled interior, a new bar and grille – Champions Player’s Club – New additional parking – Casino is a 24/7 operation

Lakes Vicksburg

Vicksburg, Mississippi

– Owned or options to own 773 acres – Growing $280 million (1) market – Prime highway location (1) For 12 months ended June 30, 2007 – State approved gaming site – Planned development estimated for 2009/2010

Lakes Vicksburg

Vicksburg, Mississippi

– 1,200-1,500 slots, 40-50 table games – 250 hotel rooms – Poker room – Multiple food and beverage outlets – Nightclub

Other Business Activities

Table Games Products – Licensing rights for five games, continuing with in-casino testing – Games currently installed in 17 locations including Bellagio, Mirage, Sunset Station, and Wynn ~ 61% Ownership of WPT Enterprises, Inc.

– Publicly traded company (WPTE) – Produces WPT for the Game Show Network – Worldwide syndication – Online casino – Brand licensing and retail merchandise sales

Investment Thesis

Visible Growth Pipeline with Strong Balance Sheet – Established core management fee business – Four Winds Casino Resort and Cimarron Casino – Significant growth pipeline – Foothill Oaks Casino under construction – 2008; Ioway Casino – 2009; Jamul Casino – 2010 – Vicksburg property provides additional growth opportunity; would be newest property in $280m+ market – Underleveraged balance sheet positions company to fund growth and be opportunistic

Thank you. Questions?