8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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) March 1, 2006

LODGENET ENTERTAINMENT CORPORATION

(Exact Name of Registrant as Specified in Charter)

Delaware	0-22334	46-0371161
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

3900 West Innovation Street, Sioux Falls, SD	57107
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code (605) 988-1000

n/a

(Former Name or Former Address, if Changed Since Last Report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

PowerPoint Slides

Press Release

Item 7.01. Regulation FD Disclosure.

     LodgeNet Entertainment Corporation today will make a presentation at the 15th Annual CIBC Gaming, Lodging & Leisure Forum regarding its operations and business. The PowerPoint slide presentation to be used during LodgeNet’s presentation regarding its operations and business is furnished as Exhibit 99.1.

     LodgeNet also issued a press release today, a copy of which is attached as Exhibit 99.2. The press release contains information announced during LodgeNet’s presentation at the 15th Annual CIBC Gaming, Lodging & Leisure Forum, including reaffirmation of its first quarter 2006 financial guidance.

     The information in this Item 7.01 and Exhibits 99.1 and 99.2 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.

     (c) Exhibits

99.1	PowerPoint Slides (furnished)
99.2	Press Release (furnished)

SIGNATURES

     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 hereunto duly authorized.

Date: March 1, 2006	By	/s/ Scott C. Petersen   Scott C. Petersen
	Its	President and Chief Executive Officer

EX-99.1

EXHIBIT 99.1

Certain statements in this presentation constitute "forward-looking statements". When used in this presentation, the words "intends," "expects," "anticipates," "estimates," "believes," "goal," "no assurance" and similar expressions, and statements which are made in the future tense or refer to future events or developments, are intended to identify such forward-looking statements. Such forward- looking statements are subject to risks, uncertainties, and other factors that could cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. In addition to the risks and uncertainties discussed herein, such factors include, among others, the following: the effects of economic conditions, including in particular the economic condition of the lodging industry, including the effects of international crises, acts of terrorism and public health issues, competition, demand for our products and services, programming availability, timeliness and quality, technological developments by competitors, developmental costs, difficulties and delays, relationships with clients and property owners, the availability of capital to finance growth, the impact of government regulations, potential effects of litigation, risks of expansion into new markets, risks related to the security of our data systems, and other factors detailed, from time to time, in our filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this presentation. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Interactive Room Base Surpassed One Million Rooms ~ 38.5 million room months under contract Landmark Agreements with Ritz-Carlton & Starwood Operating Income up 75%; Net Loss Reduced by 66% Pre-Expansion Cash Flow up 10% to $37.2 million Post-Expansion Cash Flow up 105% to $12.8 million Financial Highlights of 2005 FINANCIAL HIGHLIGHTS

Average Contract Length 6.5 Years Annual Revenue $ 316 Annual Cash Flow $ 132 Total Cash Flow Over Life $ 858 Average Capital Investment $ 341 Payback Period 2.6 Years Cash-on-Cash Return 38.7% Q4 2005 TTM Single Room Economics Digital New * Revenue, cash flow and capital based on TTM December '05 actual results INTERACTIVE DIGITAL SYSTEM

New Installation Digital Capital per Room 2000 423 2001 456 2002 439 2003 405 2004 364 Q2 2003 408 Q3 2003 396 Q4 2003 391 Q1 2004 382 Q2 2004 373 Q3 2004 375 Q4 2004 341 Q1 2005 351 Q2 2005 335 Q3 2005 321 2005 340 TAPE $423 $456 $439 $405 DIGITAL DIGITAL DIGITAL DIGITAL $364 Market Segmentation Product Segmentation Engineering Developments Capital Reductions From: $340 DIGITAL DIG DIGITAL INTERACTIVE DIGITAL SYSTEM

2000 423 2001A 0.14 2002 0.3 0 2003 0.42 0 2004 0.52 0 2005 0.63 0 2006E 0.75 2007P 0.9 Digital Share of Total Guest Pay Room Base GROWING INFLUENCE OF DIGITAL

STRATEGY Expand Interactive TV & Broadband Networks Increase Guestroom Revenue & Gross Profit Increase Profitability of Business Model Generate Increasing Levels of Cash Flow Diversify Revenue Sources Business Strategy

Size Of Lodging Network Large MSO - 300 Million Guests Annually Network Of "Edge Servers" Terabyte Servers in Digital Hotels Other "Download" Opportunities Content Management System Supports Network Nationwide Service Network Interactive/Digital TV Expertise STRATEGY Strategic Assets

Starwood Chooses LodgeNet - Sole Preferred Provider Strategic Alliance Agreement Approximately 134,000 rooms in 380 properties - Currently Serving 78,000 New Systems Include: - - LodgeNet SIGNETURE(r) HDTV - - Unique Starwood "Look and Feel" - - Hotel SportsNetSM (where applicable) Factored Within 2006 Capital Investment Guidance

Ritz-Carlton Chooses LodgeNet for HDTV Solution Exclusive Master Services Agreement 11,000 Rooms Renewed Through 2011 New Systems Include: LodgeNet SIGNETURE(r) TV HDTV Investment by Hotel Barry Shuler, Sr. VP IT Strategy for Marriott International: "LodgeNet's solution gives us a solid foundation for meeting our high standards and those of our guests today and into the future as the company continues to pursue innovations"

Growth Initiatives: Digital Platform Focused GROWTH INITIATIVES Healthcare Initiative 2005 Success: 9 Contracts 2006 Goal: 20 Additional Contracts Advertising Initiative Outstanding Guest Demographics Multiple Marketing Points IdleAire Initiative On-Demand Movies To Travel Centers Cash Flow Without Capital

GROWTH Increasing Room Base and Revenue Generation IMPROVED PROFITABILITY Focusing on Operating Leverage within Business and Technology CASH FLOW GENERATION Managing Capital Investment Activities INVESTMENT THESIS

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 GP Interactive Rooms 400245 511851 596000 660000 725075 812149 876348 924643 974798 1001929 Total Rooms 516348 613407 703325 755000 806112 887830 952673 994127 1034605 1053806 1997 1999 2000 2001 1998 Driving Expansion of Interactive Room Base Largest Worldwide Hotel Provider - More Than One Million Rooms 2002 2003 GROWTH 2004 2005

(in millions) Q1 '01 Q2 '01 Q3 '01 Q4 '01 Q1 '02 Q2 '02 Q3 '02 Q4 '02 Q1 '03 Q2 '03 Q3 '03 Q4 '03 Q1 '04 Q2 '04 Q3 '04 Q4 '04 Q1 '05 2003 2004 2005 2006E Revenue 69.6 72.4 73.4 75.1 77.6 79.6 81.7 81.9 4.6 243 247 250 254 258 262 266 269 250.1 266.4 275.8 293 Occupancy 0.675 0.669 0.655 0.645 0.635 0.632 0.631 0.631 0.628 0.622 0.622 0.624 0.625 0.63 0.635 0.639 0.645 Steady Revenue Growth GROWTH $250 $285 - $293 $266 $276

2005 2004 % Change Movie Revenue $ 17.00 $ 17.39 -2.2% Other Interactive Services 5.53 5.47 1.1% Total Per Guest Pay Room $ 22.53 $ 22.86 -1.4% 2005 Revenue Analysis Less Popular Movie Titles in First Three Quarters TV Internet Enhancement Initiative -- $(0.15) Revenue; $0.16 Gross Profit Hurricane Katrina -- $(0.09) Per room per month GROWTH

Q4 2005 Q4 2004 % Change Movie Revenue $ 16.66 $ 16.37 1.8% Other Interactive Services 5.34 5.20 2.7% Total Per Guest Pay Room $ 22.00 $ 21.57 2.0% Q4 Revenue Analysis Digital Platform Installed in 63% of Rooms Increased Number and Quality of Movie Titles Top 10 Movies in Q4 '05 Outperformed Q4 '04 by 20% Per room per month GROWTH

(in millions) Adjusted Operating Cash Flow* Q1 '01 Q2 '01 Q3 '01 Q4 '01 Q1 '02 Q2 '02 Q3 '02 Q4 '02 Q1 '03 Q2 '03 Q3 '03 Q4 '03 Q1 '04 Q2 '04 Q3 '04 Q4 '04 Q1 '05 2003 2004 2005 2006E Operating Income exclusive of Depreciation & Amortization 69.6 72.4 73.4 75.1 77.6 79.6 81.7 81.9 82.1 82.6 83.2 85 86.7 87.7 89.2 90.2 90.5 85 90 92.3 97.5 0.675 0.669 0.655 0.645 0.635 0.632 0.631 0.631 0.628 0.622 0.622 0.624 0.625 0.63 0.635 0.639 0.645 * Adjusted Operating Cash Flow is defined as Operating Income exclusive of depreciation, amortization, share-based compensation and the effects of Hurricane Katrina insurance recoveries and equipment impairment $85.0 $90.0 $92.3 $94.0 - $97.5 GROWTH

Q1 '01 Q2 '01 Q3 '01 Q4 '01 Q1 '02 Q2 '02 Q3 '02 Q4 '02 Q1 '03 Q2 '03 Q3 '03 Q4 '03 Q1 '04 Q2 '04 Q3 '04 Q4 '04 Q1 '05 2003 2004 2005 2006E Operating Income 69.6 72.4 73.4 75.1 77.6 79.6 81.7 81.9 4.6 -38.4 -38.3 -35.1 -32.8 -24.6 -22.7 -20.8 -18.2 6.5 12.9 22.7 28 Occupancy 0.675 0.669 0.655 0.645 0.635 0.632 0.631 0.631 0.628 0.622 0.622 0.624 0.625 0.63 0.635 0.639 0.645 (in millions) 2003 2004 2006E Operating Income 2005 IMPROVED PROFITABILITY $6.5 $13.0 $22.7 $24.5 - $28.0

Q1 '01 Q2 '01 Q3 '01 Q4 '01 Q1 '02 Q2 '02 Q3 '02 Q4 '02 Q1 '03 Q2 '03 Q3 '03 Q4 '03 Q1 '04 Q2 '04 Q3 '04 Q4 '04 Q1 '05 2003 2004 2005 2006 Net Loss 69.6 72.4 73.4 75.1 77.6 79.6 81.7 81.9 4.6 -38.4 -38.3 -35.1 -32.8 -24.6 -22.7 -20.8 -18.2 -35.052 -20.781 -7 2.5 Occupancy 0.675 0.669 0.655 0.645 0.635 0.632 0.631 0.631 0.628 0.622 0.622 0.624 0.625 0.63 0.635 0.639 0.645 (in millions) 2003 2004 2006E Net Loss/Income $20.8 $35.0 $7.0 2005 $(1.0) - $2.5 IMPROVED PROFITABILITY

2002 -26.9 2003 -5 2004 6.1 2005 12.8 2006E 17.5 Cash Flow Net Of Investing $6.3 (in millions) $(5.1) $12.8 $14.5 - $17.5 CASH FLOW

Cash from Operations Analysis FY 2005 FY 2004 % Change Cash from Operations $ 64.3 $ 60.6 6.1% Corp Capital / Minor Extensions (13.0) (12.1) Digital Renewal Investment * (14.1) (14.6) Pre-Expansion Cash Flow 37.2 33.9 9.7% New Room Investment ** (24.3) (27.6) Post-Expansion Cash Flow $ 12.8 $ 6.3 104.8% *Digital Upgrade Rooms 53,740 51,516 4.3% **New Digital Rooms 71,303 75,932 - 6.1% (Dollar amounts in millions) CASH FLOW

Leverage Metrics Debt $ 292.0 $ 312.3 Debt Net of Cash $271.3 $287.3 Total Debt Leverage Ratio 3.2x 3.5x Net Debt Leverage Ratios 2.9x 3.2x YE 2005 Reduced Debt by $20 Million in 2005 Additional Debt Reduction of $10 Million in January, 2006 (in millions) CASH FLOW YE 2004

GROWTH Increasing Room Base and Revenue Generation IMPROVED PROFITABILITY Focusing on Operating Leverage within Business and Technology CASH FLOW GENERATION Managing Capital Investment Activities INVESTMENT THESIS

Current Valuation Metrics FY2005 Average Shares Outstanding 17,923 Cash from Operations $ 3.59 Pre-Expansion Cash Flow $ 2.07 Post-Expansion Cash Flow .72 Entity Value per Subscriber*(Room) $ 526 Entity Value/Adjusted OCF 5.7x (per outstanding share) FINANCIAL HIGHLIGHTS (in thousands) * Calculation Based on 2/24/06 Share Price of $14.28

Copyright 2005 LodgeNet Entertainment Corporation All rights reserved.

(12 months trailing) (Dollar amounts in thousands) Reconciliation of Adjusted Operating Cash Flow To Operating Income

EX-99.2

EXHIBIT 99.2

CONTACTS:
Ann Parker
Director of Corporate Communications
LodgeNet Entertainment Corporation
605-988-1000
communications@lodgenet.com

LODGENET TO PRESENT AT THE 15TH ANNUAL
CIBC GAMING, LODGING & LEISURE FORUM
Company Will Reaffirm Guidance and Discuss Positive Revenue Trends

     New York, NY – March 1, 2006 – LodgeNet Entertainment Corporation (NASDAQ: LNET), the world’s largest provider of interactive television and broadband solutions to hotels, will be reaffirming its first quarter 2006 financial guidance during a presentation tomorrow at the 15th Annual CIBC Gaming, Lodging & Leisure Forum.

     LodgeNet President & CEO Scott C. Petersen will comment on how the positive trend for movie revenue experienced in the fourth quarter of 2005 is continuing into January and February of this year. Petersen will state that he believes the trend is in part attributable to a more popular line-up of Hollywood titles as well as the increased penetration of the Company’s higher revenue-producing digital network, now serving nearly 65% of LodgeNet Guest Pay rooms. In addition, Petersen will speak to the advanced merchandising and marketing capabilities made possible by the Company’s LodgeNet Media Management System.

     With regard to the first quarter of 2006, LodgeNet continues to expect revenue to be in a range from $68.0 million to $70.0 million and operating income from $5.0 million to $6.0 million. Adjusted Operating Cash Flow is expected to be in a range from $22.5 million to $23.5 million. Net loss is expected to be $(2.0) million to $(1.0) million or earnings per share of $(0.11) to $(0.05).

About LodgeNet

     LodgeNet Entertainment Corporation (www.lodgenet.com) is the world’s largest provider of interactive television and broadband solutions to hotels throughout the United States and Canada as well as select international markets. These services include on-demand movies, music and music videos, on-demand videogames, Internet on television, and television on-demand programming, as well as high-speed Internet access, all designed to serve the needs of the lodging industry and the traveling public. LodgeNet provides service to more than one million interactive guest pay rooms and serves more than 6,000 hotel properties worldwide. LodgeNet estimates that during 2005 approximately 300 million travelers had access to LodgeNet’s interactive television systems. In addition, LodgeNet is a leading innovator in the delivery of on-demand patient education, information and entertainment to healthcare facilities. LodgeNet is listed on NASDAQ and trades under the symbol LNET.

Forward-Looking Statement

     Certain statements in this press release constitute “forward-looking statements”. When used in this press release, the words “intends,” “expects,” “anticipates,” “estimates,” “believes,” “goal,” “no assurance” and similar expressions, and statements which are made in the future tense or refer to future events or developments, are intended to identify such forward-looking statements. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. In addition to the risks and uncertainties discussed herein, such factors include, among others, the following: the effects of economic conditions, including in particular the economic condition of the lodging industry, including the effects of international crises, acts of terrorism and public health issues, competition, demand for our products and services, programming availability, timeliness and quality, technological developments by competitors, developmental costs, difficulties and delays, relationships with clients and property owners, the availability of capital to finance growth, the impact of government regulations, potential effects of litigation, risks of expansion into new markets, risks related to the security of our data systems, and other factors detailed, from time to time, in our filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

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