New Casino and Resort Facility Planned Near Oklahoma City

Lakes Entertainment, Inc. has announced that it has signed development consulting agreements and managemOkent contracts with the Iowa Tribe of Oklahoma in connection with assisting the tribe in developing, equipping and managing two separate casino destinations.

The Iowa plans include the development and operation of a new first class casino resort facility located on Indian land along historical Route 66 approximately 25 miles northeast of Oklahoma City. The project which will be one of the closest to the Oklahoma City market, is master planned to include a large first class casino, hotel and meeting space, a child care and arcade facility, entertainment and events center, parking, a golf course, multiple restaurant and bar venues and other casino resort amenities. The first phase of the project is planned to include approximately 1,500 gaming devices, various restaurant and bar outlets, approximately 40 table games and a large poker room.

Tim Cope, president and CFO of Lakes Entertainment, said that the first phase of the new casino should open in early 2007.