SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT

                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


        Date of Report (Date of earliest event reported): August 7, 2003


                            LAKES ENTERTAINMENT, INC.
             (Exact name of registrant as specified in its charter)


         MINNESOTA                        0-24993               41-1913991
(State or other jurisdiction     (Commission File Number)      (IRS Employer
     of incorporation)                                       Identification No.)


                 130 CHESHIRE LANE, MINNETONKA, MINNESOTA 55305
               (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code: (952) 449-9092


                                 NOT APPLICABLE
          (Former name or former address, if changed since last report)








ITEM 5.  OTHER EVENTS.

         The Press Release dated August 7, 2003, issued by the Registrant has
been filed as Exhibit 99.1 to this Form 8-K and is incorporated herein by
reference.

ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

(c)      Exhibits

99.1     Press Release dated August 7, 2003.




                                    SIGNATURE

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                         LAKES ENTERTAINMENT, INC.
                                         (Registrant)



Date: August 7, 2003                     By:  /s/Timothy J. Cope
                                              ----------------------------------
                                              Name: Timothy J. Cope
                                              Title: President



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                                  EXHIBIT INDEX




EXHIBIT NO.                DESCRIPTION

                                 
99.1     Press Release dated August 7, 2003.





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