Lakes Entertainment, Inc. Announces Sale of Shark Club Property
	MINNEAPOLIS July 2, 2003 Lakes Entertainment, Inc. (Lakes) (Nasdaq:LACO) announced today that it has completed the sale of its Shark Club property in Las Vegas, Nevada to an entity to be managed and operated by Marriott Ownership Resorts, Inc. As consideration for this sale, Lakes received $15.0 million in cash, plus $1.0 million as repayment of a loan previously made to Chateau by Lakes.
Lyle Berman, Chairman and CEO of Lakes stated, "Now that the Shark Club sale is final, our book value of approximately $15.00 per share includes approximately $40.0 million in cash or approximately $4.00 per share. Other than cash, our assets are comprised mainly of notes receivable from our Tribal gaming projects of approximately $71.0 million and land held for development in conjunction with these gaming projects of approximately $14.0 million, approximately $8.0 million in investments in unconsolidated affiliates reflecting our remaining interest in the Polo property, approximately $5.0 million for land held for sale relating to the Travelodge parcel, deferred tax assets of approximately $11 million and a remaining net asset balance in various other assets and liabilities of approximately $10.0 million." Berman continued. "The development and management of our casino projects remains our primary business focus. We are hopeful that construction on one or more of the projects will begin before the end of the year with the casino operations open for business approximately twelve months after construction begins." The summary table below reflects the approximate book value of the company as discussed above. All amounts are approximations in millions: Cash $40 Notes Receivable 71 Land Held for Development 14 Investments in Unconsolidated Affiliates 8 Land Held for Sale 5 Deferred Tax Assets 11 Remaining Net Asset Balance 10 ---- Total Approximate Book Value $159 Total Shares Outstanding 10.6 Approximate Book Value Per Share $15.00 Lakes Entertainment, Inc. currently has development and management agreements with four separate Tribes for four new casino operations, one in Michigan, two in California and one with the Nipmuc Nation on the East Coast. Lakes Entertainment also has agreements for the development of one additional casino on Indian-owned land in California through a joint venture with MRD Gaming, which is currently being disputed by the Tribe. Additionally, the Company owns approximately 80% of World Poker Tour, LLC, a joint venture formed to film and produce poker tournaments for television broadcast. Lakes Entertainment, Inc. common shares are traded on the Nasdaq National Market under the trading symbol "LACO".