Casino Enterprise Management

Penn National Gaming, Inc. announced that Penn Ventures, LLC, its wholly owned subsidiary, has entered into a Termination Agreement with Lakes Entertainment, Inc. whereby the parties will terminate the October 2009 Funding and Option Agreement. In exchange for a $25 million cash payment, Lakes Entertainment has agreed to surrender all right, title and interest held in connection with the Columbus, Ohio and Toledo, Ohio casino properties currently under development by Penn National.

Lakes Entertainment, Inc. announced that it entered into a termination agreement with the Iowa Tribe of Oklahoma, its governmental components and instrumentalities terminating all agreements with the Tribe, including a note under which approximately $5.0 million was advanced to the Tribe, effective May 1, 2010.

Lakes Entertainment, Inc. announced it has rescheduled the conference call and webcast to discuss the company's First Quarter financial results to Thursday, May 20, 2010, at 1 p.m. CDT (2 p.m. EDT). The company will issue financial results prior to the call.

Lakes Entertainment, Inc. announced today that Chisholm Creek Casino Resort, LLC has officially withdrawn its application to be the Lottery Facility Gaming Manager in the South Central Gaming Zone in Kansas.

Lakes Entertainment Inc. announced today that Chisholm Creek Casino Resort, LLC has officially withdrawn its application to be the Lottery Facility Gaming Manager in the South Central Gaming Zone in Kansas.

Lakes Entertainment, Inc. announced that on Feb. 17, 2010, the Kansas Lottery executed an amendment to the management contract for Chisholm Creek Casino Resort, LLC. Lakes previously announced that the Kansas Lottery Gaming Facility Review Board returned the Contract to the Kansas Lottery for renegotiation at the request of both Chisholm and the Kansas Lottery. The Contract will now be sent to the Review Board for its consideration.

Lakes Entertainment, Inc. announced that on Jan. 5, 2010, its wholly owned subsidiary, Lakes Tunica Casino Management, LLC, entered into a Development Services and Management Agreement with Abston-McKay Ventures, LLC, wherein Lakes agreed to perform certain development and management services for a potential casino located at the former Isle of Capri site in Tunica, Miss.

Lakes Entertainment, Inc. today announced results for the three and nine months ended Sept. 27, 2009. Earnings from operations were $0.7 million for the third quarter of 2009, compared to a loss of $0.5 million for the third quarter of 2008. Net earnings applicable to Lakes Entertainment, Inc. for the third quarter of 2009 were $2.3 million

Lakes Entertainment, Inc. 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.

Lakes Entertainment, Inc. announced today that Peter Fordham, General Manager of the Red Hawk Casino, located near Shingle Springs, Calif., has left the organization. The Authority and Lakes are currently conducting a search for his replacement.