Lakes Entertainment Applies to NASDAQ to Be Relisted

Lakes Entertainment, the casino operator that also controls 62 percent of World Poker Tour Enterprise's stock, submitted an application to NASDAQ to relist its common stock.

The company's stock was delisted in August after it failed to file timely annual and quarterly reports for 2004, as required by law. Federal securities laws require publicly traded companies to disclose information on an ongoing basis. The forms - the 10-K and 10-Q - are unaudited financial statements.

In a press release, Lakes Entertainment said the delay was the result of comments that the company received from Securities and Exchange Commission (SEC) staff pertaining to Lakes' annual report on Form 10-K for the fiscal year that ended Dec. 28, 2003.

The company resolved these comments with the SEC during November of 2005 and filed its 2004 Form 10-K and its 2005 first, second, and third quarter Forms 10-Q during December, 2005, which once again put the company in the position of being a current filer with the SEC.

As a result, the company should no longer be in violation of the NASDAQ rule and is expected to be relisted in six to eight weeks.

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