1071255--3/17/2010--LAKES_ENTERTAINMENT

related topics

{acquisition, growth, future}

{competitive, industry, competition}

{product, candidate, development}

{cost, contract, operation}

{regulation, change, law}

{debt, indebtedness, cash}

{provision, law, control}

{personnel, key, retain}

{loan, real, estate}

Failure of our existing, proposed, and other prospective casino projects to successfully compete may have a material adverse effect on our results of operations, cash flow and financial condition. The early termination or modification of our management, development, consulting or financing agreements with Indian tribes may reduce or eliminate our revenues under such agreements. Our joint venture project in Kansas may not be approved and, as a result, this potential casino opportunity would be lost along with many of the resources we expended in pursuing the project. If we fail to comply with the laws, regulations and ordinances (including tribal or local laws) applicable to gaming facilities, we may be unable to operate or develop casino projects. If Indian tribes default on their repayment obligations or wrongfully terminate their management, development, consulting or financing agreements with us, we may be unable to collect the amounts due. A deterioration of our relationship with an Indian tribe could cause delay or termination of a casino project and prevent or significantly impede recovery of our investment therein. We may be adversely impacted by economic factors beyond our control and may incur additional impairment charges to our investment portfolio. If we are unable to obtain additional financing in order to satisfy our cash requirements, we may be forced to delay, scale back or eliminate some of our expansion and development goals. We may be unable to generate sufficient cash flow to satisfy our debt obligations, which would adversely affect our financial condition and results of operations. If we are unsuccessful in our litigation with the Louisiana Department of Revenue, we may need to raise additional capital or revise our development and/or operational plans which could have a negative effect on existing shareholders or future operations. If one or more of our Indian casino projects fail, the recorded assets related to those projects will be impaired and there may be a material adverse impact on our financial condition, results of operations, and cash flow. Various regulatory bodies have made proposals which, if implemented, could negatively impact the economic viability of the Jamul Casino project. Our entry into new businesses may result in future losses. We are dependent on the ongoing services of our senior corporate management, and the loss of their services could have a detrimental effect on the pursuit of our business objectives, profitability and the price of our common stock. Our Articles of Incorporation and Bylaws may discourage lawsuits and other claims against our directors.

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1071255--3/17/2010--LAKES_ENTERTAINMENT_INC