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): May 3, 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 7.  FINANCIAL STATEMENTS AND EXHIBITS.

      (c)     Exhibits

          99.1     Lakes Entertainment, Inc. Press Release dated May 3, 2004.
          99.2     Lakes Entertainment, Inc. Press Release dated May 4, 2004.

ITEM 9.  REGULATION FD DISCLOSURE

         On May 3, 2004 and May 4, 2004, Lakes Entertainment, Inc. issued press
releases. A copy of each press release is attached as Exhibit 99.1 and Exhibit
99.2, respectively, to this Form 8-K.



                                    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: May 4, 2004                          By:  /s/Timothy J. Cope
                                               ---------------------------------
                                               Name: Timothy J. Cope
                                               Title: President and Chief
                                                      Financial Officer





                                  EXHIBIT INDEX


EXHIBIT NO.         DESCRIPTION
- -----------         -----------
99.1                Press Release dated May 3, 2004.
99.2                Press Release dated May 4, 2004.