X0304 4 2012-01-28 0 0001071255 LAKES ENTERTAINMENT INC LACO 0000903291 BERMAN LYLE LAKES ENTERTAINMENT, INC., 130 CHESHIRE LANE MINNETONKA MN 55305 1 1 1 0 Chief Executive Officer Common Stock 2012-01-28 4 M 0 10000 0.00 A 3661666 D Common Stock 745806 I By profit sharing plan and Berman Consulting Corporation Restricted Stock Units 2012-01-28 4 M 0 10000 0.00 D Common Stock 10000 0 D Shares were acquired upon the vesting and conversion of Restricted Stock Units, which were received as a grant for which no consideration was paid. 323,000 shares are owned by profit sharing plan. 422,806 shares are owned by Berman Consulting Corporation, a corporation wholly owned by the Reporting Person. Each Restricted Stock Unit ("RSU"), which was granted on January 28, 2009, represents a contingent right to receive one share of the Issuer's common stock. 10,000 of the total number of RSUs granted vested on January 28, 2010, 10,000 of the total number of RSUs granted vested on January 28, 2011, and the remaining 10,000 RSUs granted vested on January 28, 2012. /s/ Lyle Berman 2012-01-31