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                                                                    EXHIBIT 10.1

                                 PROMISSORY NOTE

$1,600,000.00                                                    January 4, 2001

           FOR VALUE RECEIVED, STANLEY M. TAUBE AND PATRICIA TAUBE, jointly and
severally (collectively, the "Borrower"), hereby promises to pay to the order of
BERMAN CONSULTING CORP., a Minnesota corporation ("Lender") at 130 Cheshire
Lane, Minnetonka, Minnesota 55305, or at such other place as the Lender hereof
may from time to time designate in writing,

           (i) the principal sum of up to One Million Six Hundred Thousand and
           00/100 Dollars ($1,600,000.00) or such other amount as may be due and
           owing to Lender for the repayment of amounts advanced by Lender to
           Borrower, which principal amount shall be payable in full on November
           1, 2002; plus

           (ii) interest on the unpaid principal balance of this Note from
           time-to-time outstanding at the applicable federal floating monthly
           short-term rate under Section 1274 of the Internal Revenue Code of
           1986, as amended, payable at maturity.

           The Borrower agrees not to prepay, in whole or in part, the unpaid
principal balance hereof..

           This Note is secured by a Pledge Agreement of even date herewith,
pursuant to which the Borrower has granted the Lender a security interest in
200,000 shares of Lakes Gaming, Inc. common stock (the "Collateral"), provided
however that at Lender's option Lender may advance up to $800,000 hereunder to
Borrower by paying such amount directly to the current pledgee of the
Collateral. Borrower represents and warrants that the loan currently encumbering
the Collateral does not exceed $800,000 and that upon payment of such amount,
the current pledgee of the Collateral will release any security interest it has
therein.

           On or after November 1, 2002, the Lender shall have the right, at
Lender's sole discretion, to take legal title to the Collateral in exchange for
cancellation of the Borrower's principal and interest obligations under this
Note.

           The Borrower agrees to pay all costs of collecting this Note
including, but not limited to, attorneys' fees and legal expenses (whether suit
is commenced or not and whether such cost or expense is paid or incurred prior
to or after entry of judgment) including costs and expenses in litigation,
bankruptcy or insolvency proceedings together with interest on any such costs
from the date paid at the interest rate then in effect under this Note.

           This Note shall be construed and interpreted in accordance with the
laws of the State of Minnesota. The Borrower hereby consents to the personal
jurisdiction of the state and federal courts located in the State of Minnesota
in connection with any controversy related in any way to this Note or any
security or guarantee for this Note and waive any argument that venue in such
forums is not convenient, and agree that any litigation initiated by the
Borrowers against the payee or any other holder of this Note relating in any way
to this Note or any security or guarantee for this Note shall be venued in
either the District Court of Hennepin County, Minnesota or the United States
District Court, District of Minnesota, Fourth Division.

           No waiver of any right or remedy under this Note shall be valid
unless in a writing executed by the holder of this Note and any such waiver
shall be effective only in the specific instance and for the specific purpose
given. All rights and remedies of the holder of this Note shall be cumulative
and may be exercised singly, concurrently or successively.

           The Borrower hereby waives presentment for payment, demand, protest,
notice of protest, notice of dishonor and notice of nonpayment of this Note.




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         Each of the undersigned is primarily liabile herein as co-maker, and
neither are merely "accommodation parties." The undersigned each waive all
defenses based upon the status of an accommodation party.




                                                   /s/ Stanley M. Taube
                                                   -----------------------------
                                                   STANLEY M. TAUBE



                                                   /s/ Patricia Taube
                                                   -----------------------------
                                                   PATRICIA TAUBE