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): January 7, 2004


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


        MINNESOTA                      0-24993                  41-1913991
(State or other jurisdiction       (Commission File           (IRS Employer
     of incorporation)                 Number)              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 January 7, 2004, 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 January 7, 2004.




                                    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: January 7, 2004                          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 January 7, 2004.






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