Document:

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                                                                  EXHIBIT 10.181

                                                             EXECUTION AGREEMENT

                 THIRD AMENDED AND RESTATED INDEMNITY AGREEMENT

     This Indemnity Agreement ("Indemnity Agreement") is dated as of the 25th
day of January, 2006, by and between the Pokagon Band of the Potawatomi Indians
(the "Band") and Great Lakes Gaming of Michigan, LLC, a Minnesota limited
liability company ("Lakes"):

                                   WITNESSETH:

     WHEREAS, the Band and Lakes Entertainment, Inc., f/k/a Lakes Gaming, Inc.
("Lakes Entertainment") previously entered into Development Agreement dated as
of July 8, 1999, (as assigned by Lakes Entertainment to Lakes pursuant to that
certain Assignment and Assumption Agreement dated October 16, 2000, by and among
the Band, Lakes Entertainment and Lakes, and amended by a First Amendment dated
as of December 22, 2004 and a Second Amended and Restated Assignment and
Assumption Agreement dated as of January 25, 2006 ("Assignment Agreement")), and
as amended and restated by that certain First Amended and Restated Development
Agreement dated October 16, 2000 by and between the Band and Lakes, and as
amended and restated by that certain Second Amended and Restated Development
Agreement dated as of December 22, 2004, by and between the Band and Lakes and
as amended and restated by that certain Third Amended and Restated Development
Agreement dated of even or recent date (collectively, and as heretofore and
hereafter further amended, substituted, restated or modified, the "Third Amended
and Restated Development Agreement"), pursuant to which the Band has engaged
Lakes to, among other things, assist the Band in the design, development,
construction and management of the Facility; and

     WHEREAS, Article 2 of the Third Amended and Restated Development Agreement
provides, among other things, that Lakes shall finance the acquisition of all
parcels of land comprising the Gaming Site and the Non-Gaming Lands through the
making of advances (a) under the Lakes Note for the acquisition of each parcel
of land constituting the Gaming Site (all such advances, whether heretofore or
hereafter made, shall be collectively referred to as the "Gaming Site
Advances"), and (b) under the Non-Gaming Land Acquisition Line of Credit for
each parcel of land constituting the Non-Gaming Lands (all such advances,
whether heretofore or hereafter made, shall be collectively referred to as the
"Non-Gaming Land Advances" and together with all Gaming Site Advances shall be
collectively referred to as the "Advances"); and

     WHEREAS, as further provided in Article 2 of the Third Amended and Restated
Development Agreement, all of the Gaming Site Advances and the Non-Gaming Land
Advances are to be secured by mortgages in favor of Lakes on the related parcels
of land constituting the Gaming Site and the Non-Gaming Lands; and

     WHEREAS, the Band, with the consent of Lakes, has formed and may hereafter
form certain related entities known as "Band Designees", including but not
limited to Pokagon Properties, LLC, a Delaware limited liability company
("PPLLC") and Filbert Land Development, LLC, an Indiana limited liability
company ("Filbert"), for the purpose of, at Band's option, acquiring title to
all or a portion of the Gaming Site and all or a portion of the Non-Gaming
Lands; and

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     WHEREAS, each of the Advances (to the extent made in connection with any
Band Designee's acquisition of Gaming Site or Non-Gaming Land parcels) will be
made available by the Band to the Band Designee for the purpose of paying all
costs associated with the acquisition of the parcels of land constituting the
Gaming Site and the Non-Gaming Lands; and

     WHEREAS, Lakes has required and will be requiring each Band Designee to
execute and deliver certain Band Designee Guaranties and Band Designee Mortgages
(as each of such terms are defined in the Third Amended and Restated Development
Agreement) and amendments thereto from time to time in connection with each
acquisition of parcels of land related to the Gaming Site and the Non-Gaming
Lands and has required the Band to execute and deliver that certain Indemnity
Agreement dated October 16, 2000 by and between the Band and Lakes, as amended
and restated by that certain First Amended and Restated Indemnity Agreement
dated February 28, 2001 and by that certain Second Amended and Restated
Indemnity dated December 22, 2004 (collectively, the "Original Indemnity
Agreement") to Lakes, all as a condition precedent to the making of such
Advances; and

     WHEREAS, in connection with the execution of the Third Amended and Restated
Development Agreement, the Band and Lakes desire to amend and restate the
Original Indemnity Agreement as set forth herein.

     NOW, THEREFORE, for valuable consideration, the receipt of which is hereby
acknowledged, and as an inducement to the Lakes to make the Advances to the
Band, the Band agrees as follows:

     1. Recitals True. The above recitals are true and this Third Amended and
Restated Indemnity Agreement shall amend and restate the Original Indemnity
Agreement in its entirety.

     2 Definitions. Capitalized terms used but not otherwise defined herein and
defined in the Third Amended and Restated Development Agreement shall have the
same meaning herein as therein.

     3. Indemnity - General. The Band agrees to indemnify and to hold Lakes (the
"Indemnitee") harmless from any and all claims, causes of action, damages,
penalties, fees and costs (to the extent such fees and costs are payable under
the respective Band Designee Mortgages) which may be asserted against, or
incurred by, Indemnitee resulting from or due to any Band Designee's failure to
pay and perform each of its obligations under any Band Designee Guaranty and the
respective Band Designee Mortgages (excluding obligations under Section 25 of
any Band Designee Mortgage) as and when required thereunder (collectively, the
"Indemnified Obligation"); provided that such indemnity shall only be due and
owing after an Event of Default has occurred under the applicable Band Designee
Guaranty or respective Band Designee Mortgage and all applicable notices have
been given and all rights of cure have expired, and either (a) the time within
which arbitration may be demanded has expired, or (b) if arbitration has been
timely demanded, as and to the extent allowed in an arbitration award. The
Band's duty to indemnify and hold harmless includes, but is not limited to,
proceedings or actions commenced by any person (including, but not limited to,
any federal, state, or local governmental agency or entity) before any court or
administrative agency asserting a claim for which Band must indemnify Indemnitee
under this section. The Band further agrees that

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pursuant to its duty to indemnify under this section, the Band shall indemnify
the Indemnitee against all Indemnified Obligations incurred by it as they become
due and not waiting for the ultimate outcome of such litigation or
administrative proceeding.

     4. Indemnity - Hazardous Waste. The Band agrees to indemnify and to hold
Lakes and each of its officers, directors, shareholders, employees, agents,
attorneys and other representatives (individually and collectively, the
"Hazardous Waste Indemnitees") harmless from any and all claims, causes of
action, damages, penalties, fees and costs (to the extent such fees and costs
are payable under the respective Band Designee Mortgages) which may be asserted
against, or incurred by, any of the Hazardous Waste Indemnitees resulting from
or due to any Band Designee's failure to pay and perform its obligations under
Section 25 of any Band Designee Mortgage as and when required thereunder
(collectively, the "Hazardous Waste Indemnity Obligation"); provided that such
indemnity shall only be due and owing after an Event of Default has occurred
under the applicable Band Designee Guaranty or respective Band Designee Mortgage
and all applicable notices have been given and all rights of cure have expired,
and either (a) the time within which arbitration may be demanded has expired, or
(b) if arbitration has been timely demanded, as and to the extent allowed in an
arbitration award. The Band's duty to indemnify and hold harmless includes, but
is not limited to, loss or liability asserted in proceedings or actions
commenced by any person (including, but not limited to, any federal, state, or
local governmental agency or entity) before any court or administrative agency
asserting a claim for which Band must indemnify Hazardous Waste Indemnitees
under this section. The Band further agrees that pursuant to its duty to
indemnify under this section, the Band shall indemnify the Hazardous Waste
Indemnitees against all Hazardous Waste Indemnity Obligations incurred by them
as they become due and not waiting for the ultimate outcome of such litigation
or administrative proceeding. The Band's obligations to indemnify and hold the
Hazardous Waste Indemnitees harmless hereunder shall survive repayment,
satisfaction and/or foreclosure of the applicable Band Designee Guaranty, the
respective Band Designee Mortgages and all other obligations now or hereafter
owed by the Band to Lakes or its permitted assigns under the Third Amended and
Restated Development Agreement, the Third Amended and Restated Management
Agreement (as defined in the Third Amended and Restated Development Agreement)
and any other instruments, documents or agreements related thereto, but shall
remain subject to the provisions of Sections 6, 7, 8, 9 and 10 of this Indemnity
Agreement, which shall also survive such repayment, satisfaction or foreclosure.

     5. Advances under Loan Agreements. Notwithstanding the foregoing and
without limiting the rights of Lakes under each Band Designee Guaranty and the
respective Band Designee Mortgages, prior to the occurrence of the Commencement
Date for the Facility, all Indemnified Obligations and Hazardous Waste Indemnity
Obligations (collectively, the "Indemnity Obligations") accruing prior thereto
and not paid by the Band on demand by any of the Indemnitees, shall be deemed to
be an Advance made by Lakes to the Band under the terms of the Lakes Development
Note or the Non-Gaming Lands Acquisition Line of Credit, as applicable, and
shall accrue interest from the date incurred and be repayable in accordance with
the terms set forth therein; subject to timely demand for arbitration under
Section 6 and, if so demanded, the arbitration award. Thereafter, to the extent
any Indemnity Obligations are not paid on demand, the same shall constitute
"Operating Expenses" (as defined in the Third Amended and Restated Management
Agreement) paid by Lakes and Lakes shall be entitled to reimbursement of the
same under the Third Amended and Restated Management Agreement

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without any further consent or approval of the Band; subject to timely demand
for arbitration under Section 6 and, if so demanded, the arbitration award.

     6. Arbitration; Limited Waiver of Sovereign Immunity. Any disputes under
this Indemnity Agreement shall be subject to arbitration as provided in Section
14.2 of the Third Amended and Restated Development Agreement and be resolved in
the venues provided in Section 14.1 of the Development Agreement. The Band's
limited waiver of sovereign immunity in Section 14.1 of the Third Amended and
Restated Development Agreement shall apply to this Indemnity Agreement.

     7. Limited Recourse. The liability of the Band under or relating to this
Indemnity Agreement shall always be Limited Recourse, and in no instance shall
any enforcement of any kind whatsoever be allowed against any assets of the Band
other than the limited assets of the Band specified in the definition of Limited
Recourse and Section 14.3(a) of the Third Amended and Restated Development
Agreement.

     8. Governing Law. This Indemnity Agreement shall be interpreted in
accordance with the law of Michigan.

     9. Amendments. Assignments, Etc. Any provision of this Indemnity Agreement
may be amended if, but only if, such amendment is in writing and is signed by
each of the parties hereto. No modification shall be implied from course of
conduct. Lakes may not assign its rights and obligations hereunder except to an
assignee permitted under Section 10.5(a) of the Third Amended and Restated
Development Agreement. This Indemnity Agreement may be executed in separate
counterparts and such counterparts shall be deemed to constitute one binding
document.

     10. Notices. The Band agrees that any notice or demand upon it shall be
deemed to be sufficiently given or served if it is in writing and is personally
served or in lieu of personal service is mailed by first class certified mail,
postage prepaid, or be overnight mail or courier service, addressed to the Band
at the address of the Band and with copies set forth in Section 15.4 of the
Third Amended and Restated Development Agreement. Any notice or demand so mailed
shall be deemed received on the date of actual receipt, on the third business
day following mailing as herein set forth or one day following delivery to a
courier service, whichever first occurs.

     11. Termination. This Indemnity Agreement shall terminate (except as
provided in Section 4) upon the discharge of all Band Designee Mortgages.

     12. Amendment and Restatement. This Third Amended and Restated Indemnity
Agreement amends and restates in its entirety the Original Indemnity Agreement.
Nothing herein shall be construed to impair or discharge the Original Indemnity.
To the extent that the terms and provisions of the Original Indemnity may
conflict with or be inconsistent with the terms and provisions of this Third
Amended and Restated Indemnity Agreement, the latter shall control.

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     IN WITNESS WHEREOF, the parties hereto have caused this Third Amended and
Restated Indemnity Agreement to be executed as of the 25th day of January, 2006.

                                        THE POKAGON BAND OF POTAWATOMI INDIANS

                                        /s/ John Miller
                                        ----------------------------------------
                                        By: John Miller
                                        Its: Council Chairman

                                        /s/ Daniel Rapp
                                        ----------------------------------------
                                        By: Daniel Rapp
                                        Its: Secetary

                                        GREAT LAKES GAMING OF MICHIGAN, LLC

                                        /s/ Timothy J. Cope
                                        ----------------------------------------
                                        By: Timothy J. Cope
                                        Its: President

                                       5<PAGE>
                                                                  EXHIBIT 10.182

                                                               EXECUTION VERSION

                 SECOND AMENDED AND RESTATED UNLIMITED GUARANTY

     This Second Amended and Restated Unlimited Guaranty ("Guaranty Agreement")
is made as of the 25th day of January, 2006, by and among Lakes Entertainment,
Inc., f/k/a Lakes Gaming, Inc., a Minnesota corporation ("Lakes") and Lakes
Gaming and Resorts, LLC, a Minnesota limited liability company ("LG & R";
collectively with Lakes, and each of Lakes and LG&R individually, the
"Guarantor"), and the Pokagon Band of Potawatomi Indians (the "Band").

                                   WITNESSETH:

     WHEREAS, the Band and Lakes entered into a Development Agreement dated as
of July 8, 1999 (the "1999 Development Agreement") and a Management Agreement
dated as of July 8, 1999 (the "1999 Management Agreement"; collectively, with
the 1999 Development Agreement, the "1999 Agreements"), pursuant to which the
Band engaged Lakes to, among other things, assist the Band in the design,
development, construction and management of a gambling casino and certain
related amenities (as defined in the 1999 Development Agreement, the
"Facility"); and

     WHEREAS, pursuant to the 1999 Development Agreement, Lakes agreed to make
certain payments and advances to the Band, including without limitation the
Transition Loan, the Lakes Development Loan and the Non-Gaming Land Acquisition
Line of Credit (collectively the "Lakes Loans"), and the Scholarship Program
Fee, and has agreed to perform development services with regard to the Facility,
all on the terms set out in that Agreement; and

     WHEREAS, pursuant to the 1999 Management Agreement, Lakes agreed to manage
the Facility on the terms set out in that Agreement; and

     WHEREAS, Lakes assigned its rights and obligations under the 1999
Agreements to Great Lakes Gaming of Michigan, LLC ("Great Lakes"), pursuant to
an Assignment and Assumption Agreement dated as of October 16, 2000, as the same
has been amended by a First Amendment dated as of December 22, 2004 (the
"Assignment Agreement"), subject to the terms and conditions set out in the
Assignment Agreement; and

     WHEREAS, the 1999 Agreements were amended and restated by a First Amended
and Restated Development Agreement dated as of October 16, 2000 and by a First
Amended and Restated Management Agreement dated as of October 16, 2000
(collectively, the "First Amended and Restated Agreements"); and

     WHEREAS, Guarantor unconditionally guaranteed the obligations of Great
Lakes to the Band under the First Amended and Restated Agreements pursuant to an
Unlimited Guaranty dated as of October 16, 2000 (the " 2000 Guaranty"); and

     WHEREAS, the First Amended and Restated Agreements were amended and
restated by a Second Amended and Restated Development Agreement dated as of
December 22, 2004 and

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by a Second Amended and Restated Management Agreement dated as of December 22,
2004 (collectively, the "Second Amended and Restated Agreements"); and

     WHEREAS, the 2000 Guaranty was amended by a First Amendment to Unlimited
Guaranty dated as of December 22, 2004 (as so amended and as may be further
amended, the "Guaranty") in order to reflect the execution of the Second Amended
and Restated Agreements; and

     WHEREAS, Great Lakes, Lakes and the Band have entered into a Third Amended
and Restated Development Agreement dated as of January 25, 2006 and a Third
Amended and Restated Management Agreement dated as of January 25, 2006
(collectively, the "Third Amended and Restated Agreements");

     WHEREAS, Great Lakes, Lakes and the Band have entered into a Second Amended
and Restated Assignment and Assumption Agreement of even date hereof amending
the Assignment Agreement; and

     WHEREAS, the parties wish to further amend and restate the Guaranty to
reflect the execution of the Third Amended and Restated Agreements, and to
provide that pursuant to the Guaranty each Guarantor shall unconditionally
guarantee the obligations of Great Lakes to the Band under the Third Amended and
Restated Agreements and all related documents and instruments;

     NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as follows:

1. Recitals True. The above recitals are true.

2. Defined Terms.

     a.   Capitalized terms used but not otherwise defined herein and defined in
          the Third Amended and Restated Agreements shall have the same meaning
          herein as therein.

     b.   All references to the term "Development Agreement" herein shall mean
          the Development Agreement dated as of July 8, 1999 between Lakes and
          the Band, as assumed by Great Lakes under the Assignment and
          Assumption Agreement dated as of October 16, 2000, and the Second
          Amended and Restated Assignment and Assumption Agreement of even date
          hereof, as the same has been and may be amended, and as amended and
          restated by a First Amended and Restated Development Agreement dated
          as of October 16, 2000, a Second Amended and Restated Development
          Agreement dated as of December 22, 2004, and a Third Amended and
          Restated Development Agreement dated as of January 25, 2006, and as
          the same may be further amended, substituted, restated or modified.

     c.   All references to the term "Management Agreement" herein shall mean
          the Management Agreement dated as of July 8, 1999 between Lakes and
          the Band, as assumed by Great Lakes under the Assignment and
          Assumption Agreement dated as of October 16, 2000, and the Second
          Amended and Restated Assignment and Assumption Agreement of even

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          date hereof, as the same has been and may be amended, and as amended
          and restated by a First Amended and Restated Management Agreement
          dated as of October 16, 2000, a Second Amended and Restated Management
          Agreement dated as of December 22, 2004, and a Third Amended and
          Restated Management Agreement dated as of January 25, 2006, and as the
          same may be further amended, substituted, restated or modified.

     d.   All references to the term "Lakes Loans" shall mean the Transition
          Loan, the Lakes Development Loan, the Non-Gaming Land Acquisition Line
          of Credit and the Lakes Facility Loan.

     e.   All references to the term "Obligations" shall mean any and all
          obligations of Great Lakes to the Band under or relating to the
          following documents and instruments:

          i.   Development Agreement;

          ii.  Management Agreement;

          iii. Third Amended and Restated Non-Gaming Land Acquisition Line of
               Credit Agreement dated as of January 25, 2006, and any subsequent
               amendments, restatements, substitutions and modifications
               thereto;

          iv.  Third Amended and Restated Control Agreement dated as of January
               25, 2006, and any subsequent amendments, restatements,
               substitutions and modifications thereto;

          v.   Third Amended and Restated Pledge and Security Agreement dated as
               of January 25, 2006, and any subsequent amendments, restatements,
               substitutions and modifications thereto;

          vi.  Second Amended and Restated Assignment and Assumption Agreement
               dated as of January 25, 2006, and any subsequent amendments,
               restatements, substitutions and modifications thereto.

3. Consent. Each Guarantor consents to the Third Amended and Restated Agreements
and to all documents executed in connection therewith or related thereto.

4. Guarantied Obligations. The undersigned Guarantor(s), jointly and severally,
hereby irrevocably and unconditionally guarantee the full and punctual payment
and performance by Great Lakes of all covenants, obligations and representations
of Great Lakes under or relating to the Obligations, including without
limitation the due and punctual payment by Great Lakes of all advances due under
the Lakes Loans and the Scholarship Program Fee, as such Obligations may be
amended, modified, restated or renewed, as well as all substitutions therefor
and renewals, extensions and rearrangements thereof, together with any and all
costs incurred by Band (including, without limitation, reasonable attorneys'
fees and disbursements) in enforcing this Guaranty or any security therefore
(individually, a "Guarantied Obligation" and collectively, the "Guarantied
Obligations").

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5. Demand by the Band: Performance by Guarantor. In the event of a Guaranty
Event of Default, the Band may make demand upon the Guarantor(s), or any one of
them, for the payment or performance of the Guarantied Obligation, and each
Guarantor binds and obliges it to make such payment or performance and to pay
any related damages forthwith upon such demand. Each Guarantor further covenants
and agrees that Band may upon a Guaranty Event of Default proceed first and
directly against the Guarantor, without any action, proceeding or suit, whether
against Great Lakes or against any security for the Guarantied Obligations
(hereby intending, among other matters, to waive any defense to this Guaranty
based on impairment of collateral), or any other party liable for the Guarantied
Obligations. This Guaranty Agreement is not conditioned upon the genuineness,
validity, or enforceability of the Third Amended and Restated Agreements, the
Lakes Notes and all documents related thereto, arising thereunder or executed in
connection therewith (collectively, the "Transaction Documents") or any other
instruments relating to the creation or performance of the Guarantied
Obligations, or the pursuit by the Band of any remedies which the Band has now
or may hereafter have with respect thereto under the Transaction Documents.

"Guaranty Event of Default" means (a) either (i) a Lakes Event of Default under
the Development Agreement, (ii) a Manager Event of Default under the Management
Agreement, or (iii) any other default or breach by Great Lakes under the
Guaranteed Obligations; in each case after all cure periods have expired and
either the time within which arbitration may be demanded has expired or, if
arbitration has been timely demanded, the arbitrator has issued his award and
the award determines that Great Lakes is in default or breach under a Guaranteed
Obligation; or (b) the receivership, insolvency, bankruptcy, assignment for the
benefit of creditors, reorganization, arrangement, composition or readjustment
of, or any similar proceeding affecting Great Lakes or any Guarantor or any of
its or their assets.

6. Waiver of Demands. Notices, Diligence, etc. Each Guarantor hereby assents to
all the terms and conditions of the Guarantied Obligations and the related
Transaction Documents and waives (a) demand for the payment or performance of
any Guarantied Obligation (other than a demand under Section 5 hereof); (b)
notice of the occurrence of a default or an Event of Default under the
Transaction Documents; (c) notice of acceptance of any guaranty herein provided
for or of the terms and provisions thereof or hereof by the Band; (d) notice of
any indulgences or extensions granted to Great Lakes or any successor to Great
Lakes or any person or party which shall have assumed the obligations of Great
Lakes or any other obligor in respect of any Guarantied Obligation; (e) any
requirement of diligence or promptness on the part of the Band in the
enforcement of any of its rights under the provisions of any Guarantied
Obligation or the Transaction Documents; (f) any enforcement of any Guarantied
Obligation against any other party liable therefor; (g) any right which the
Guarantor might have to require the Band to proceed against any other guarantor
of the Guarantied Obligations or to realize on any collateral security therefor;
(h) any and all notices of every kind and description which may be required to
be given by any statute or rule of law in any jurisdiction (other than notices
required hereunder), to the maximum extent permitted by applicable law; (i) any
and all claims, defenses or objections based upon the failure of the Band to
make demand upon the Guarantor for the payment or performance of any of the
Guarantied Obligations (other than the demand provided for in Section 5 hereof)
under applicable law; and (j) any right to exoneration or marshaling, and, to
the maximum extent permitted by applicable law, any defense based upon or
arising from the Statute of Limitations, and other laws relating to stays of
action or moratorium. Each Guarantor further

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hereby waives (solely as against Band) any right to contribution from co
guarantors as well as any right to exoneration, subrogation or reimbursement
until all Guarantied Obligations are fully and indefeasibly paid or performed
and until the expiration of any applicable preference periods. The Band and
Great Lakes (or any other party to a Guaranteed Obligation) may modify, renew,
waive or extend any Guaranteed Obligation or any provision thereof and may
modify, waive or release any collateral therefor without the consent of any
Guarantor and without altering or releasing the obligations of Guarantor
hereunder.

7. Obligations of Guarantor Unconditional, etc.

     a.   This Guaranty Agreement is a guaranty of payment not collection. This
          is a continuing Guaranty, which shall apply to the Guarantied
          Obligations which now exist or as the same may change over time, and
          to any successive transactions continuing, compromising, extending,
          increasing, modifying, releasing or renewing any Guaranteed
          Obligation, whether or not notice of any after arising Guarantied
          Obligation or change to the Guarantied Obligation is given to
          Guarantor, and whether or not any and all prior Guarantied Obligations
          have been fully paid, performed or observed before a new Guarantied
          Obligation arose, and shall apply notwithstanding the dissolution of
          Great Lakes or dissolution of any other guarantor of any Guarantied
          Obligation. The obligations of the Guarantor upon a Guaranty Event of
          Default are and shall be unconditional, irrespective of the validity,
          regularity or enforceability of any Guarantied Obligation or any of
          the Transaction Documents or of any claim or defense of any party
          relating thereto. This Guaranty Agreement shall not be affected by any
          action taken under or in respect of any Guarantied Obligation, in the
          exercise of any right or remedy therein or thereby conferred, or by
          any failure or omission on the part of the Band to enforce any right
          given thereunder or hereunder, or any remedy conferred thereby or
          hereby; or by any lack of diligence on the part of Band to enforce,
          assert or exercise any right, power or remedy granted hereunder, under
          the Third Amended and Restated Agreements or any other Guarantied
          Obligation, or any documents relating thereto (including without
          limitation any failure to perfect a security interest in or lien on
          any security for any Guarantied Obligation); or by any release or
          surrender of any security or any other guaranty at any time existing
          for the benefit of Band or in respect of any Guarantied Obligation or
          any modification to any of the foregoing; or by any sale, lease or
          transfer by Great Lakes to any person of any and all of its
          properties; or by any action of the Band granting indulgence or
          extension or accommodations to, or waiving or acquiescing in any
          default by, Great Lakes or any successor to Great Lakes, or any person
          or party which shall have assumed its or their obligations or any
          other party liable for any Guarantied Obligation; or any compromise,
          settlement or other arrangement with Great Lakes or any other party
          liable for any Guarantied Obligation; or by the release or discharge
          by operation of law of Great Lakes from the performance or observance
          of any obligation, covenant or agreement contained in the Third
          Amended and Restated Agreements or the Transaction Documents or any
          document relating to any Guaranteed Obligation or by reason of the
          dissolution of Guarantor or Great Lakes or any other defense of Great
          Lakes or any successor to Great Lakes; or by any modification or
          alteration of any Guarantied Obligation or by any circumstance
          whatsoever (with or without notice to or knowledge of the Guarantor)
          which could vary the risk of the Guarantor hereunder; it being the
          purpose, intent and agreement of the Guarantor that the

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          obligations of the Guarantor hereunder are and shall upon a Guaranty
          Event of Default be absolute and unconditional under any and all
          circumstances and shall not be discharged except by payment or
          performance as herein provided, and then only to the extent of such
          payment or performance, subject, however, to renewal, extension or
          reinstatement pursuant to the provisions of Section 10 hereof.

     b.   Any claim against Great Lakes to which the Guarantor may be or become
          entitled (including, without limitation, claims by subrogation,
          reimbursement, contribution, indemnity, or otherwise) by reason of any
          payment or performance by the Guarantor in satisfaction and discharge,
          in whole or in part, of its obligations under this Guaranty Agreement
          and any other rights against Great Lakes shall be and hereby are made
          subject and subordinate to the prior payment or performance in full of
          the Guaranteed Obligations and until such time Guarantor shall not be
          entitled to and shall not claim any subrogation to any claim of Band,
          nor any right of set off or counterclaim against Great Lakes.

     c.   The Band shall have the right to seek recourse against Guarantor to
          the fullest extent provided for herein and no election by the Band to
          proceed against any party, or on any obligation, shall constitute a
          waiver of the Band's right to proceed against any Guarantor on
          obligations other than those set out herein, or against other parties,
          unless the Band has expressly waived such right in writing.
          Specifically, but without limiting the generality of the foregoing, no
          action or proceeding by the Band under any document or instrument
          evidencing the Guarantied Obligations shall serve to diminish the
          liability of Guarantor under this Guaranty Agreement except to the
          extent that the Band finally and unconditionally shall have realized
          indefeasible payment by such action or proceeding. All rights and
          remedies of the Band shall be cumulative.

     d.   Guarantor represents and warrants that any and all information
          delivered to Band by Guarantor and Great Lakes is true, accurate and
          complete as of the date hereof and covenants and agrees to provide
          Band with such further information as is required under Section
          13.5(b) of the Development Agreement and, after a default hereunder,
          such further information as to Guarantor's financial condition and
          affairs as the Band may require.

8. Direct Obligation. This Guaranty Agreement is a primary and original
obligation of Guarantor, is not merely the creation of a surety relationship,
and is an absolute, unconditional, and continuing guaranty of payment and
performance which shall remain in full force and effect without respect to
future changes in conditions. Each Guarantor agrees that it is directly, jointly
and severally with any other guarantor of the Guarantied Obligations, liable to
the Band, that the obligations of Guarantor hereunder are independent of the
obligations of Great Lakes or any other Guarantor, and that a separate action or
proceeding may be brought against Guarantor, whether such action is brought
against Great Lakes or any other guarantor or whether Great Lakes or any other
guarantor is joined in such action or proceeding. Guarantor agrees that upon the
occurrence of a Guaranty Event of Default its liability hereunder shall be
immediate and shall not be contingent upon the exercise or enforcement by the
Band of whatever remedies it may have against Great Lakes or any other
guarantor, or the enforcement of any lien or realization upon any security the
Band may at any time possess. Guarantor agrees that any release which

                                       6

<PAGE>

may be given by the Band to Great Lakes or any other obligor or any other
guarantor shall not release Guarantor. Guarantor consents and agrees that the
Band shall be under no obligation to marshal any property or assets of Great
Lakes or any other guarantor in favor of Guarantor, or against or in payment of
any or all of the Guarantied Obligations. The Band shall upon a Guaranty Event
of Default have the right to proceed first and directly against each Guarantor
under this Guaranty. Guarantor acknowledges that there are no conditions
precedent to the effectiveness of this Guaranty Agreement and that this Guaranty
Agreement is in full force and effect and is binding on Guarantor upon execution
and delivery to the Band.

9. Subordination. Guarantor hereby agrees that any and all present and future
indebtedness of Great Lakes owing to Guarantor is subordinated to payment, in
full, in cash, of the Guarantied Obligations. In this regard, no payment of any
kind whatsoever shall be made with respect to such indebtedness after the
occurrence and during the continuance of a Guaranty Event of Default until the
Guarantied Obligations have been indefeasibly paid and performed in full.

10. Reinstatement.

     a.   It is the intention of the parties hereto that this Guaranty Agreement
          shall remain in full force and effect until all of the Guarantied
          Obligations have been fully and indefeasibly paid, performed and
          satisfied; until Great Lakes is no longer obligated to the Band under
          or in respect of the Guarantied Obligations or any documents relating
          thereto; and until the expiration of any applicable preference
          periods. This Guaranty Agreement shall continue to be effective or be
          reinstated, as the case may be, if at any time any amount received by
          the Band in payment of the Guarantied Obligations is rescinded or must
          otherwise be restored or returned upon the insolvency, bankruptcy,
          dissolution, liquidation or reorganization of any Guarantor or Great
          Lakes or upon the appointment of any intervenor or conservator of, or
          trustee or similar official for any Guarantor or Great Lakes or any
          substantial part of either of their respective properties, or if any
          payment made in respect of any Guarantied Obligation is subsequently
          invalidated, declared to be fraudulent or preferential, or otherwise
          returned for any reason, all as though such payments had not been
          made.

     b.   The Guaranteed Obligations shall not be considered indefeasibly paid
          for purposes of this Guaranty Agreement unless and until all payments
          to the Band are no longer subject to any right on the part of any
          person, including Great Lakes, Great Lakes as debtor in possession, or
          any trustee (whether appointed under the Bankruptcy Code or otherwise)
          of Great Lakes' assets to invalidate or set aside such payments or to
          seek to recoup the amount of such payments or any portion thereof, or
          the declare the same to be fraudulent or preferential. Until such full
          and final performance and indefeasible payment of the Guaranteed
          Obligations whether by Guarantor or Great Lakes, the Band shall have
          no obligation whatsoever to transfer or assign its interest in the
          Transaction Documents to Guarantor. In the event that, for any reason,
          any portion of such payments to Band is set aside or restored, whether
          voluntarily or involuntarily, after the making thereof, then the
          obligation intended to be satisfied thereby shall be revived and
          continued in full force and effect as if said payment or payments had
          not been made, and Guarantor shall be liable for the full amount the
          Band is required to repay plus any and all costs and expenses
          (including attorneys' fees) paid by the Band in connection therewith.

                                       7

<PAGE>

11. Notices, etc. All notices, requests and other communications to any
Guarantor hereunder shall be in writing and shall be sent to the address of
Lakes and with the copies set forth in Section 15.4 of the Development
Agreement. Any notice or demand so mailed shall be deemed received on the date
of actual receipt, on the third business day following mailing as herein set
forth or one day following delivery to a courier service, whichever first
occurs.

12. Multiple Debtors or Guarantors. If more than one Guarantor signs this
Guaranty Agreement, or if there are multiple guarantors, as to any such
circumstances, this Guaranty shall take effect as a separate guarantee on the
same terms from each Guarantor to Band with respect to the Guarantied
Obligations of each debtor, except as otherwise expressly provided in this
section; and each such Guarantor identified on the signature page hereto is
jointly and severally liable for the Guarantied Obligations. Each Guarantor's
obligation under this Guaranty may be modified or released only by written
agreement signed by the Band and such Guarantor, without the consent or
agreement of any other Guarantor. No Guarantor's obligations under this
Guarantee shall be impaired, reduced or otherwise affected by any such
modification or release nor by the invalidity or unenforceability of the
obligations of any other Guarantor. This Guaranty shall bind all signatories to
this Guaranty, notwithstanding a failure by any party or entity named in this
Guaranty Agreement as Guarantor to sign this or any Guaranty Agreement. All
Guarantors of the Guarantied Obligations shall be and are jointly and severally
liable under this Guaranty Agreement or their guaranties, as applicable, and
default by any one guarantor shall constitute a default for all guarantors. A
default by any one debtor of the Band or any Guarantor shall constitute default
by all Guarantors with respect to all the Guarantied Obligations of all debtors
of the Band. Suit may be brought against the Guarantors, jointly and severally,
and against any one or more of them, or less than all of them, without impairing
the rights of Band, its successors or assigns, against the other of the
Guarantors; and Band may agree with any one or more of the Guarantors that such
Guarantor or Guarantors shall be liable for such sum or sums as Band may see fit
and may release any of such Guarantors from all further liability to Band for
the Guaranteed Obligations guaranteed hereunder without impairing the right of
Band to demand and collect the balance of the Guaranteed Obligations from the
other Guarantors not so released.

13. Survival of Guaranty, etc. This Guaranty Agreement shall inure to the
benefit of and be binding upon each Guarantor and the Band and their respective
successors and assigns, including any subsequent assignees of any of the
Guarantied Obligations permitted under Section 10.5(b) of the Development
Agreement. This Guaranty Agreement is intended to take effect as a sealed
instrument. This Guaranty Agreement is for the benefit of Band and in the event
this Guaranty Agreement or any Guarantied Obligation are transferred or assigned
in accordance with the Development Agreement, said transferee or assignee shall
be entitled to the benefits hereof and to enforce the performance and observance
of the terms and provisions hereof to the same extent as if said transferee or
assignee was a party or signatory hereto and any such transferee shall be
recognized as the Band hereunder.

14. Reservation of Rights. By entering into this Guaranty Agreement, the Band
does not waive or affect any rights against any Guarantor.

                                       8

<PAGE>

15. Warranties and Representations - Great Lakes and Lakes. Each of the
Guarantors warrants, represents and covenants to the Band that:

     a.   This Guaranty Agreement constitutes the legal, valid and binding
          obligation of each of the Guarantors, and is fully enforceable in
          accordance with its terms; and

     b.   Neither the execution or delivery of this Guaranty Agreement nor
          fulfillment of or compliance with the terms and provisions hereof,
          will conflict with, or result in a breach of the terms, conditions or
          provisions of, constitute a default under or result in the creation of
          any lien, charge or encumbrance upon any property or assets of any
          Guarantor under any agreement or instrument to which they or either of
          them is now a party or by which they may be bound.

16. Further Assurances. From time to time hereafter, each Guarantor and the Band
will execute and deliver, or will cause to be executed and delivered, such
additional instruments, certificates or documents, and will take all such
actions, as may reasonably be requested by the other party or parties, for the
purpose of implementing or effectuating the provisions of this Guaranty
Agreement.

17. Governing Law. This Guaranty Agreement shall be interpreted in accordance
with the law of the internal law of Minnesota.

18. Amendments, Assignments, Etc. Any provision of this Guaranty Agreement may
be amended if, but only if, such amendment is in writing and is signed by each
of the parties hereto. No modification shall be implied from course of conduct.

19. Gender and Number; Counterparts. Whenever the context so requires the
masculine gender shall include the feminine and/or neuter and the singular
number shall include the plural, and conversely in each case. This Guaranty
Agreement may be executed in separate counterparts and said counterparts shall
be deemed to constitute one binding document.

20. Severability. If any obligation or portion of this Guaranty Agreement is
determined to be invalid or unenforceable under law, it shall not affect the
validity or enforceability of any remaining obligations or portions hereof.

21. Additional Payment. All payments, advances, charges, costs and expenses,
including reasonable attorneys' fees, made or incurred by Band in connection
with the enforcement of this Guaranty Agreement shall be paid by Guarantor
immediately without demand, together with interest at a rate per annum equal to
the interest rate in effect for advances under the Lakes Loans, if (a) the Band
makes demand on Guarantor under Section 5 above and Guarantor fails to timely
demand arbitration under this Guaranty Agreement, or (b) Guarantor makes a
timely demand for arbitration or the Band or Great Lakes demand arbitration, and
the arbitration award in either case finds in the Band's favor on any issue
being arbitrated.

22. Arbitration; Limited Waiver of Sovereign Immunity. Any disputes under this
Guaranty Agreement shall be subject to arbitration as provided in Section 14.2
of the Development Agreement and be resolved in the venues provided in Section
14.1 of the Development

                                       9

<PAGE>

Agreement. The Band's limited waiver of sovereign immunity in Section 14.1 of
the Development Agreement shall apply to this Guaranty Agreement.

23. Amendment and Restatement. This Second Amended and Restated Unlimited
Guaranty amends and restates in its entirety a certain Unlimited Guaranty from
Guarantor to the Band, as amended by a First Amendment to Unlimited Guaranty
dated as of December 22, 2004 (collectively, the "Prior Guaranty"). Nothing
herein shall be construed to impair or discharge the Prior Guaranty. To the
extent that the terms and provisions of the Prior Guaranty may conflict with or
be inconsistent with the terms and provisions of this Second Amended and
Restated Unlimited Guaranty, the latter shall control.

     IN WITNESS WHEREOF, the parties hereto have caused this Guaranty Agreement
to be executed as of the 25th day of January, 2006.

                                        LAKES ENTERTAINMENT, INC., f/k/a
                                        LAKES GAMING, INC.

                                        By: /s/ Timothy J. Cope
                                            ------------------------------------
                                            Timothy J. Cope
                                        Its President

                                        LAKES GAMING AND RESORTS, LLC

                                        By: /s/ Timothy J. Cope
                                            ------------------------------------
                                            Timothy J. Cope
                                        Its President

                                        THE POKAGON BAND OF POTAWATOMI INDIANS

                                        By: /s/ John Miller
                                            ------------------------------------
                                            John Miller
                                        Its Council Chairman

                                        By: /s/ Daniel Rapp
                                            ------------------------------------
                                            Daniel Rapp
                                        Its Secretary

                                       10

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