Document:

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                                                                    Exhibit 10.4

                          REGISTRATION RIGHTS AGREEMENT

            This Registration Rights Agreement (this "Agreement"), dated as of
December 16, 2005, by and among WPT Enterprises, Inc., a Delaware corporation
(the "Company"), Lakes Entertainment, Inc., a Minnesota corporation ("Lakes")
and Lakes Poker Tour, LLC, a Minnesota limited liability company ("LPT") (each a
"Stockholder" and collectively, the "Stockholders").

            WHEREAS, the Stockholders beneficially own 12,480,000 shares (the
"Shares" or the "Registrable Securities") of the Company's Common Stock, par
value $0.001 per share (the "Common Stock"), representing [62]% of the
outstanding Common Stock; and

            WHEREAS, the Stockholders have expressed an intention to sell,
pledge or otherwise transfer some or all of the Shares and have requested that
transfers of the Shares by the Stockholders and their pledgees be registered
under the Securities Act of 1933, as amended (the "Securities Act"); and

            WHEREAS, the Company is willing to grant certain registration rights
to the Stockholders under the terms set forth herein, in order to facilitate the
orderly transfer of the Shares and in consideration of the Stockholders'
covenants as set forth herein, which the Company has determined will be in the
best interests of the Company and its stockholders.

            NOW, THEREFORE, in consideration of the mutual representations,
warranties, covenants and agreements contained herein, and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Stockholders agree as follows:

      1. Registration of Shares.

            (a) Registration Statement. Subject to the terms, conditions and
      limitations set forth in this Agreement, the Company agrees to use
      commercially reasonable efforts to (i) file a registration statement with
      the Securities and Exchange Commission (the "SEC") on the appropriate form
      covering sales, pledges and other transfers of the Shares as reasonably
      requested by the Stockholders (the "Registration Statement") or before
      April 15, 2006 (the date such Registration Statement is filed, the "Filing
      Date"), (ii) cause such Registration Statement to be declared effective by
      the SEC prior to the date which is 90 days after the Filing Date (the
      "Registration Effective Date"); and (iii) cause such Registration
      Statement to remain effective (the "Registration Period") until the
      earliest of (A) the second anniversary of the Filing Date; (B) the date on
      which all Shares may be sold by the holder thereof pursuant to Rule 144(k)
      of the Securities Act; and (C) such time as all Registrable Securities
      registered under the Registration Statement have been sold (1) pursuant to
      a registration statement; (2) to or through a broker, dealer or
      underwriter in a public distribution or a public securities transaction;
      and/or (3) in a transaction exempt from the registration and prospectus
      delivery requirements of the Securities Act under Section 4(1) thereof so
      that all transfer restrictions and restrictive

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      legends with respect thereto, if any, are removed upon the consummation of
      such sale. To the extent permissible, such Registration Statement also
      shall include, or subsequently be amended to include, to the extent
      allowable under the Securities Act and the rules promulgated thereunder
      (including Rule 416 under the Securities Act), such indeterminate number
      of additional shares of Common Stock resulting from stock splits, stock
      dividends or similar transactions with respect to the Registrable
      Securities.

            The Company shall cause the Registration Statement to cover any
      sales of the Shares by the pledgees under the Loan Agreement (the "Loan
      Agreement"), dated December 15, 2005, by and between LE, LPT and the Lyle
      Berman Family Partnership, a Minnesota general partnership (the "Lender"),
      pursuant to which the Lender has agreed to provide loans of up to Twenty
      Million Dollars ($20,000,000.00) to the Stockholders and LPT has agreed to
      pledge all of the Shares.

            (b) Expenses. All expenses incurred by the Stockholders and WPT in
      the preparation and filing of the Registration Statement, including,
      without limitation, all registration, qualification and filing fees,
      printing expenses, escrow fees, fees and expenses of counsel for the
      Stockholders and WPT, blue sky fees and expenses and the expense of any
      audits incident to or required by any such registration (any such audit,
      an "Audit"), shall be borne by the Stockholders; provided, however, that
      in the event the Company utilizes an Audit for any purpose other than the
      Registration Statement, its regular reporting obligations under the
      Securities Exchange Act of 1934, as amended (the "Exchange Act"), or a
      registration statement on Form S-8 or a similar form, the Company shall
      bear the expenses incurred in connection with such Audit. All underwriting
      discounts and selling commissions applicable to the sale of Registrable
      Securities, if any, and all fees and expenses of legal counsel for any
      holder of Registrable Securities shall be borne by such holder.

            (c) Actions by the Company. The Company shall, upon the
      Stockholders' reasonable request, inform each holder of Registrable
      Securities as to the status of any such registration, qualification,
      exemption and compliance contemplated by this Agreement. At the expense of
      the Stockholders, the Company shall use commercially reasonable efforts
      to:

                  (i) keep such registration, and any qualification, exemption
            or compliance under state or federal securities laws which the
            Company determines to obtain, continuously effective until the
            termination of the Registration Period;

                  (ii) advise the holders of Registrable Securities as soon as
            practicable:

                        (A) when the Registration Statement or any amendment
                  thereto has been filed with the SEC and when the Registration
                  Statement or any post-effective amendment thereto has become
                  effective;

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                        (B) of the issuance by the SEC of any stop order
                  suspending the effectiveness of the Registration Statement or
                  the initiation of any proceedings for such purpose;

                        (C) of the receipt by either the Stockholders or the
                  Company of any notification with respect to the suspension of
                  the qualification of the Registrable Securities included
                  therein for sale in any jurisdiction or the initiation or
                  threatening of any proceeding for such purpose; and

                        (D) of the happening of any event that requires the
                  making of any changes in the Registration Statement or the
                  prospectus so that, as of such date, the statements therein
                  are not misleading and do not omit to state a material fact
                  required to be stated therein or necessary to make the
                  statements therein (in the case of the prospectus, in the
                  light of the circumstances under which they were made) not
                  misleading (which notice will be accompanied by an instruction
                  to suspend the use of the prospectus until such changes have
                  been made);

                  (iii) obtain the withdrawal of any order suspending the
            effectiveness of any Registration Statement at the earliest possible
            time;

                  (iv) furnish to each holder of Registrable Securities, without
            charge, at least one copy of such Registration Statement and any
            post-effective amendment thereto, including financial statements and
            schedules, and, if such holders so request in writing, all exhibits
            (including those incorporated by reference) in the form filed with
            the SEC;

                  (v) during the Registration Period, deliver to each holder of
            Registrable Securities, without charge, as many copies of the
            prospectus included in such Registration Statement and any amendment
            or supplement thereto as such holder may reasonably request; and the
            Company consents to the use, consistent with the provisions hereof,
            of the prospectus or any amendment or supplement thereto by each of
            the holder of Registrable Securities in connection with the offering
            and sale of the Registrable Securities covered by the prospectus or
            any amendment or supplement thereto;

                  (vi) prior to any public offering of Registrable Securities
            pursuant to the Registration Statement, register or qualify or
            obtain an exemption for offer and sale under the securities or blue
            sky laws of such jurisdictions as any holders of Registrable
            Securities reasonably request in writing, provided that the Company
            shall not for any such purpose be required to qualify generally to
            transact business as a foreign corporation in any jurisdiction where
            it is not so qualified or to consent to general service of process
            in any such jurisdiction, and do any and all other acts or things
            reasonably necessary or advisable to enable the offer and sale in
            such jurisdictions of the Registrable Securities covered by such
            Registration Statement in the sole discretion of the Company;

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                  (vii) to the extent permitted under applicable rules and
            regulations promulgated under the Securities Act, cooperate with the
            holders of Registrable Securities to facilitate the timely
            preparation and delivery of certificates representing Registrable
            Securities to be sold pursuant to any Registration Statement free of
            any restrictive legends to the extent not required at such time and
            in such denominations and registered in such names as holders of
            Registrable Securities may request at least five (5) business days
            prior to sales of Registrable Securities pursuant to such
            Registration Statement;

                  (viii) upon the occurrence of any event contemplated by
            Section 1(c)(ii)(D) above, promptly prepare a post-effective
            amendment to the Registration Statement or a supplement to the
            related prospectus, or file any other required document so that, as
            thereafter promptly delivered to purchasers of the Registrable
            Securities included therein, the prospectus will not include any
            untrue statement of a material fact or omit to state any material
            fact necessary to make the statements therein, in the light of the
            circumstances under which they were made, not misleading; and

                  (ix) comply with all applicable rules and regulations of the
            SEC, and make generally available to the Company's security holders
            not later than 45 days (or 90 days if the fiscal quarter is the
            fourth fiscal quarter) after the end of its fiscal quarter in which
            the first anniversary date of the Effective Date occurs, an earnings
            statement satisfying the provisions of Section 11(a) of the
            Securities Act.

      Notwithstanding the foregoing, it shall be a condition precedent to the
      obligations of the Company to take any action pursuant to paragraphs
      (c)(i) through (c)(ix) of this Section 1, that each holder of Registrable
      Securities shall furnish to the Company such information regarding itself,
      the Registrable Securities to be sold by such holder and the intended
      method of disposition of such Registrable Securities as shall be required
      to effect the registration of the Registrable Securities, all of which
      information shall be furnished to the Company in writing specifically for
      use in the Registration Statement.

            (d) Holders. The holders of Registrable Securities (each, a
      "Holder"), shall have no right to take any action to restrain, enjoin or
      otherwise delay any registration pursuant to Section 1(a) hereof as a
      result of any controversy that may arise with respect to the
      interpretation or implementation of this Agreement.

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            (e) Indemnification.

                  (i) The Company shall indemnify the Stockholders against all
            claims, losses, damages and liabilities (or actions in respect
            thereof), including any of the foregoing incurred in settlement of
            any litigation, commenced or threatened (subject to Section
            1(e)(iii) below), arising out of or based on (a) any untrue
            statement (or alleged untrue statement) of a material fact contained
            in the Registration Statement, any Prospectus or form of prospectus,
            or any amendment or supplement thereof, or based on any omission (or
            alleged omission) to state therein a material fact required to be
            stated therein or necessary to make the statements therein (in the
            case of any Prospectus or form of prospectus or supplement thereto,
            in light of the circumstances under which they were made) not
            misleading, in light of the circumstances in which they were made,
            or (b) any violation or alleged violation by WPT of the Securities
            Act, the Exchange Act, or any rule or regulation promulgated under
            the Securities Act, or the Exchange Act, and will reimburse the
            Stockholders for reasonable legal and other expenses reasonably
            incurred in connection with investigating or defending any such
            claim, loss, damage, liability or action as incurred; provided,
            however, that the Company will not be liable in any such case to the
            extent that any such claim, loss, damage, liability or action arises
            out of, relates to or is based upon any untrue statement or omission
            or allegation thereof is made in reliance upon and in conformity
            with written information furnished to the Company by or on behalf of
            the Stockholders and stated to be specifically for use in
            preparation of such Registration Statement or Prospectus, or
            information about the Stockholders or their proposed method of
            distribution of Registrable Securities that was reviewed and
            approved by the Stockholder for use in the Registration Statement or
            Prospectus.

                  (ii) The Stockholders will jointly and severally indemnify the
            Company, its directors and officers, each underwriter of the
            Registrable Securities and each person who controls the Company
            within the meaning of Section 15 of the Securities Act, against all
            claims, losses, damages and liabilities (or actions in respect
            thereof), including any of the foregoing incurred in settlement of
            any litigation, commenced or threatened (subject to Section
            1(e)(iii) below), arising out of or based on any untrue statement
            (or alleged untrue statement) of a material fact contained in the
            Registration Statement or Prospectus, or any amendment or supplement
            thereof, incident to any such registration, qualification or
            compliance, or based on any omission (or alleged omission) to state
            therein a material fact required to be stated therein or necessary
            to make the statements therein (in the case of any Prospectus or
            form of prospectus or supplement thereto, in light of the
            circumstances under which they were made) not misleading, and will
            reimburse the Company, such directors and officers, each underwriter
            of the Registrable Securities and each person controlling the
            Company for reasonable legal and any other expenses reasonably
            incurred in connection with investigating or defending any such
            claim, loss, damage, liability or action as incurred, in each case
            to the extent, but only to the extent, that such untrue statement or
            omission or allegation

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            thereof is made in reliance upon and in conformity with written
            information furnished to the Company by or on behalf of the
            Stockholders and stated to be specifically for use in preparation of
            such Registration Statement or Prospectus, or information about the
            Stockholders or their proposed method of distribution of Registrable
            Securities that was reviewed and approved by the Stockholder for use
            in the Registration Statement or Prospectus.

                  (iii) Each party entitled to indemnification under this
            Section 1(e) (the "Indemnified Party") shall give notice to the
            party required to provide indemnification (the "Indemnifying Party")
            promptly after such Indemnified Party has actual knowledge of any
            claim as to which indemnity may be sought, and shall permit the
            Indemnifying Party to assume the defense of any such claim or any
            litigation resulting therefrom, provided that counsel for the
            Indemnifying Party, who shall conduct the defense of such claim or
            litigation, shall be approved by the Indemnified Party (whose
            approval shall not unreasonably be withheld), and the Indemnified
            Party may participate in such defense at such Indemnified Party's
            expense, and provided further that the failure of any Indemnified
            Party to give notice as provided herein shall not relieve the
            Indemnifying Party of its obligations under this Agreement, unless
            such failure is materially prejudicial to the Indemnifying Party in
            defending such claim or litigation. An Indemnifying Party shall not
            be liable for any settlement of an action or claim effected without
            its written consent (which consent will not be unreasonably
            withheld).

                  (iv) If the indemnification provided for in this Section 1(e)
            is held by a court of competent jurisdiction to be unavailable to an
            Indemnified Party with respect to any loss, liability, claim, damage
            or expense referred to therein, then the Indemnifying Party, in lieu
            of indemnifying such Indemnified Party thereunder, shall contribute
            to the amount paid or payable by such Indemnified Party as a result
            of such loss, liability, claim, damage or expense in such proportion
            as is appropriate to reflect the relative fault of the Indemnifying
            Party on the one hand and of the Indemnified Party on the other in
            connection with the statements or omissions which resulted in such
            loss, liability, claim, damage or expense as well as any other
            relevant equitable considerations. The relative fault of the
            Indemnifying Party and of the Indemnified Party shall be determined
            by reference to, among other things, whether the untrue or alleged
            untrue statement of a material fact or the omission to state a
            material fact relates to information supplied by the Indemnifying
            Party or by the Indemnified Party and the parties' relative intent,
            knowledge, access to information and opportunity to correct or
            prevent such statement or omission. The Stockholders and the Company
            agree that it would not be just and equitable if contribution
            pursuant to this Section 1(e)(iv) was based solely upon the number
            of entities from whom contribution was requested or by any other
            method of allocation which does not take account of the equitable
            considerations referred to above in this Section 1(e)(iv). The
            amount paid or payable by an Indemnified Party as a result of the
            losses, claims, damages and liabilities (or actions in respect
            thereof) referred to above in this Section 1(e)(iv) shall be deemed
            to include any legal or other expenses reasonably

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            incurred by such Indemnified Party in connection with investigating
            or defending any such action or claim, subject to the provisions of
            Section 1(e)(iv) hereof. The parties agree that it would not be just
            and equitable if contributions pursuant to this Section 1(e) were
            determined by pro rata allocation or by any other method of
            allocation which does not take account of the equitable
            considerations as set forth in this Section 1(e). No Person guilty
            of fraudulent misrepresentation (within the meaning of the
            Securities Act) shall be entitled to contribution from any person
            who was not guilty of such fraudulent misrepresentation.

            (f) Holders of Registrable Securities.

                  (i) Each Stockholder shall agree that, upon receipt of any
            notice from the Company (A) of the need for an amendment or
            supplement to the Registration Statement or the prospectus forming a
            part thereof, (B) that the board of directors of the Company has
            determined in good faith that offers and sales pursuant to the
            prospectus forming part of the Registration Statement should not be
            made by reason of the presence of material undisclosed circumstances
            or developments with respect to which the disclosure that would be
            required in the Registration Statement would be premature or would
            have a material adverse effect, or (C) in connection with a primary
            underwritten offering of equity securities of the Company,
            Stockholder will forthwith discontinue disposition of Registrable
            Securities pursuant to the Registration Statement contemplated by
            Section 1(a) until its receipt of copies of the supplemented or
            amended prospectus from the Company or confirmation of the filing of
            such report with the SEC by the Company, any such prospectus to be
            forwarded promptly to the Stockholder by the Company, and, if so
            directed by the Company, each Stockholder shall deliver to the
            Company all copies, other than permanent file copies then in such
            Stockholder's possession, of the prospectus covering such
            Registrable Securities current at the time of receipt of such
            notice; provided, however, that the Company, may suspend the
            disposition of Registrable Securities pursuant to the Registration
            Statement pursuant to clause (ii) above not more than one time (not
            to exceed 30 days) during any three month period, nor more than
            three times (not to exceed 30 days each) in any twelve-month period.

                  (ii) As a condition to the inclusion of its Registrable
            Securities, each Stockholder shall furnish to the Company such
            information regarding such Stockholder and the distribution proposed
            by such Stockholder as the Company may reasonably request in writing
            or as shall be required in connection with any registration,
            qualification or compliance referred to in this Section 1.

            (g) With a view to making available to the Stockholders the benefits
      of certain rules and regulations of the SEC that at any time permit the
      sale of the Registrable Securities to the public without registration, the
      Company shall use commercially reasonable efforts to:

                  (i) make and keep public information available, as those terms
            are understood and defined in Rule 144 under the Securities Act, at
            all times;

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                  (ii) file with the SEC in a timely manner all reports and
            other documents required under the Exchange Act; and

                  (iii) so long as a Stockholder owns any unregistered
            Registrable Securities, furnish to such Stockholder, upon any
            reasonable request, a written statement by the Company as to its
            compliance with Rule 144 under the Securities Act, and of the
            Exchange Act, a copy of the most recent annual or quarterly report
            of the Company, and such other reports and documents of the Company
            as such holder may reasonably request in availing itself of any rule
            or regulation of the SEC allowing such holder to sell any such
            securities without registration.

            (h) The Company shall use commercially reasonable efforts to cause
      all Registrable Securities covered by the Registration Statement to be
      listed on each securities exchange, interdealer quotation system or other
      market on which similar securities issued by the Company are then listed.

      2. Miscellaneous

            (a) This Agreement is intended for the benefit of the parties hereto
and their respective permitted successors and assigns, and is not for the
benefit of, nor may any provision hereof be enforced by any other Person. Each
Holder may assign its rights and obligations in the manner permitted hereunder.

            (b) All notices, requests and other communications under this
Agreement shall be in writing, and shall be sufficiently given if delivered to
the addressees in person or by recognized overnight courier, mailed by certified
or registered mail, return receipt requested, or by facsimile or e-mail delivery
followed by a copy sent by recognized overnight delivery, as follows:

     If to the Company:    WPT Enterprises, Inc.
                           5700 Wilshire Boulevard
                           Suite 350
                           Los Angeles, California  90036
                           Facsimile:  (323) 330-9901
                           Attn:  Chief Financial Officer

     With a copy to:       Maslon Edelman Borman & Brand, LLP
                           90 South Seventh Street
                           Suite 3300
                           Minneapolis, Minnesota 55402
                           Facsimile:  (612) 642-8326
                           Attn:  Martin R. Rosenbaum, Esq.

If to a Stockholder, at such address as such Stockholder shall have provided in
writing to the Company or such other address as such Stockholder furnishes by
notice given in accordance with this Section 2(b) or such other address as may
be designated in writing hereafter, in the same manner, by such Stockholder.

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            (c) This Agreement shall be governed by, and construed in accordance
with the laws of the State of California, without regard to the conflicts of law
rules of such state.

            (d) Any action or proceeding seeking to enforce any provision of, or
based on any right arising out of, this Agreement must be brought against any of
the parties in the courts of the State of California, County of Los Angeles or,
if it has or can acquire jurisdiction, in the United States District Court,
Central District in the State of California, and each of the parties consents to
the jurisdiction of those courts (and of the appropriate appellate courts) in
any such action or proceeding and waives any objection to venue laid therein.
Process in any such action or proceeding may be served by sending or delivering
a copy of the process to the party to be served at the address and in the manner
provided for the giving of notices in Section 2(b). Nothing in this Section
2(d), however, affects the right of any party to serve legal process in any
other manner permitted by law.

            (e) THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY
ACTION, SUIT OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES
UNDER THIS AGREEMENT.

            (f) This Agreement may be executed in one or more counterparts, each
of which shall be deemed an original but all of which together shall constitute
one and the same instrument.

            (g) If any provision of this Agreement is held by a court of
competent jurisdiction or other authority to be invalid or unenforceable, such
invalidity or unenforceability shall not affect the validity or enforceability
of the remainder of this Agreement, and the parties shall negotiate in good
faith to modify this Agreement and to preserve each party's anticipated benefits
under this Agreement.

            (h) The headings in this Agreement are for convenience of reference
only and shall not limit or otherwise affect the meaning hereof.

            (i) This Agreement shall be null and void and given no effect if the
Loan Agreement is terminated and the transactions contemplated thereby are not
consummated.

            (j) This Agreement may not be amended or modified, and no provision
hereof may be waived, without the written consent of the Company and holders of
at least a majority of the outstanding shares of Registrable Securities at the
time of such amendment, modification or waiver; provided, however, that if the
holders of at least a majority of the outstanding shares of Registrable
Securities so consent, such amendment, modification or waiver shall be effective
upon the holders of all outstanding shares of Registrable Securities then
outstanding.

            (k) The failure of any party hereto to exercise any right or remedy
under this Agreement or otherwise, or delay by any party hereto in exercising
such right or remedy, shall not operate as a waiver thereof.

            (l) Each party agrees to execute such other documents, instruments,
agreements and consents, and take such other actions as may be reasonable
requested by the other parties hereto to effectuate the purposes of this
Agreement.

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            (m) This Agreement contains the entire understanding of the parties
with respect to the subject matter hereof and supersedes all prior agreements
and understandings, oral or written, with respect to such matters.

                   [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
                           SIGNATURE PAGES TO FOLLOW]

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            IN WITNESS WHEREOF, the parties have executed this Registration
Rights Agreement as of the date first written above.

                 Company:             WPT ENTERPRISES, INC.

                                      By: /s/ Steven Lipscomb
                                          --------------------------------------
                                       Name: Steven Lipscomb
                                       Title: Founder, President and Chief
                                              Executive Officer

                 LE:                  LAKES ENTERTAINMENT, INC.

                                      By: /s/ Timothy Cope
                                          --------------------------------------
                                       Name: Timothy Cope
                                       Title: Chief Financial Officer

                 LPT:                 LAKES POKER TOUR, LLC

                                      By: /s/ Timothy Cope
                                          --------------------------------------
                                       Name: Timothy Cope
                                       Title: Chief Financial Officer<PAGE>

                                                                    Exhibit 10.5

                               GUARANTY AGREEMENT

      THIS AGREEMENT is made as of this 15th day of December, 2005, by the
undersigned for the benefit of LYLE BERMAN FAMILY PARTNERSHIP, a Minnesota
general partnership(herein, with its participants, successors and assigns,
called "LENDER").

      For good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, and to induce Lender from time to time to make one or
more loans or extend other financial accommodations at the discretion of the
Lender to LAKES ENTERTAINMENT, INC., a Minnesota corporation and LAKES POKER
TOUR, LLC, a Minnesota limited liability company (each a "BORROWER" and
collectively the "BORROWERS"), each of the undersigned hereby guarantee(s) and
agree(s) as follows:

      The undersigned hereby absolutely and unconditionally guarantee(s) to
Lender the full and prompt payment when due (whether on demand or at a stated
maturity or earlier by reason of acceleration or otherwise) of any and all
present and future debts, liabilities and obligations owed to Lender by
Borrowers; and the undersigned represent(s), warrant(s) and agree(s) that:

      1. The debts, liabilities and obligations guaranteed hereby (collectively
referred to herein as the "Indebtedness") shall include, but shall not be
limited to, debts, liabilities and obligations of the Borrowers arising out of
Loan Agreement.

      2. No act or thing need occur to establish the liability of the
undersigned hereunder, and no act or thing, except full payment and discharge of
all Indebtedness, shall in any way exonerate the undersigned or modify, reduce,
limit or release the liability of the undersigned hereunder. This is an
absolute, unconditional and continuing guaranty of payment of the Indebtedness
and shall continue to be in force and be binding upon the undersigned, whether
or not all Indebtedness is paid in full, until this Guaranty is revoked
prospectively as to future transactions, by written notice actually received by
Lender, and such revocation shall not be effective as to Indebtedness existing
or committed for at the time of actual receipt of such notice by Lender, or as
to any renewals, extensions and refinancings thereof. Any adjudication of
bankruptcy or death or disability or incapacity of the undersigned shall not
revoke this guaranty, except upon actual receipt of written notice thereof by
Lender and then only prospectively, as to future transactions, as herein set
forth.

      3. If the undersigned shall die, shall be or become insolvent or shall
initiate or have initiated against the undersigned any act, process or
proceeding under the United States Bankruptcy Code or any other bankruptcy,
insolvency or reorganization law or otherwise for the modification or adjustment
of the rights of creditors, then the undersigned will forthwith pay to Lender,
the full amount of all Indebtedness then outstanding, whether or not any
Indebtedness is then due and payable.

      4. Until all of the Indebtedness and the obligations of the undersigned
hereunder have been paid in full, the undersigned (i) shall not have and waives
any right or subrogation to any of the rights of Lender against Borrower, any
other guarantor, maker or endorser, and waives its rights to

<PAGE>

any reimbursement, contribution, recourse and indemnity therefrom, (ii) waives
any right to enforce any remedy which Lender now has or may hereafter have
against Borrower, and any other guarantor, maker or endorser, and (iii) waives
any benefit of, and any other right to participate in, any collateral security
for the Indebtedness or any guaranty of the Indebtedness now or hereafter held
by Lender.

      5. If any payment received and applied by Lender to Indebtedness is
thereafter set aside, recovered or required to be returned for any reason
(including, without limitation, the bankruptcy, insolvency or reorganization of
Borrower or such other person), the Indebtedness to which such payment was
applied shall, for the purposes of this Guaranty, be deemed to have continued in
existence, notwithstanding such application, and this Guaranty shall be
enforceable as to such Indebtedness as fully as if such application had not been
made.

      6. Lender shall not be obligated by reason of its acceptance of this
Guaranty to engage in any transactions with or for Borrower. Whether or not any
existing relationship between the undersigned and Borrower has been changed or
ended and whether or not this Guaranty has been revoked in accordance with
Paragraph 2, Lender may enter into transactions resulting in the creation or
continuance of Indebtedness and may otherwise agree, consent to, or suffer the
creation or continuance of any Indebtedness, without any consent or approval by
the undersigned and without any prior or subsequent notice to the undersigned.
The liability of the undersigned shall not be affected or impaired by any of the
following acts or things (which Lender is expressly authorized to do, omit or
suffer from time to time, both before and after revocation of this Guaranty,
without consent or approval by or notice to the undersigned): (i) any acceptance
of collateral security, guarantors, accommodation parties or sureties for any or
all Indebtedness; (ii) one or more extensions or renewals of Indebtedness
(whether or not for longer than the original period) or any modification of the
interest rates, maturities or other contractual terms applicable to any
Indebtedness; (iii) any waiver or indulgence granted to Borrower, any delay or
lack of diligence in the enforcement of Indebtedness, or any failure to
institute proceedings, file a claim, give any required notices or otherwise
protect any Indebtedness; (iv) any full or partial release of, compromise or
settlement with, or agreement not to sue Borrower or any other guarantor or
other person liable in respect of any Indebtedness; (v) any release, surrender,
cancellation or other discharge of any evidence of Indebtedness or the
acceptance of any instrument in renewal or substitution therefor; (vi) any
failure to obtain collateral security (including rights of setoff) for
Indebtedness, or to see to the proper or sufficient creation and perfection
thereof, or to establish the priority thereof, or to preserve, protect, insure,
care for, exercise or enforce any collateral security; or any modification,
alteration, substitution, exchange, surrender, cancellation, termination,
release or other change, impairment, limitation, loss or discharge of any
collateral security; (vii) any collection, sale, lease or other disposition of,
or any other foreclosure or enforcement of or realization on, any collateral
security; (viii) any assignment, pledge or other transfer of any Indebtedness or
any evidence thereof; (ix) any manner, order or method of application of any
payments or credits upon Indebtedness. The undersigned waive(s) any and all
defenses and discharges available to a surety, guarantor, or accommodation
co-obligor, dependent on its character as such.

      7. The undersigned waive(s) any and all defenses, claims, setoffs, and
discharges of Borrower, or any other obligor, pertaining to Indebtedness, except
the defense of discharge by payment in full. Without limiting the generality of
the foregoing, the undersigned will not assert against Lender any defense of
waiver, release, discharge in bankruptcy, statute of limitations, res judicata,
statute of frauds, anti-deficiency statute, fraud, incapacity, minority, usury,
illegality or

                                       2
<PAGE>

unenforceability which may be available to Borrower or any other person liable
in respect of any Indebtedness, or any setoff available against Lender to
Borrower or any such other person, whether or not on account of a related
transaction, and the undersigned expressly agree(s) that the undersigned shall
be and remain liable for any deficiency remaining after foreclosure of any
mortgage or security interest securing Indebtedness, whether or not the
liability of Borrower or any other obligor for such deficiency is discharged
pursuant to statute or judicial decision. The liability of the undersigned shall
not be affected or impaired by any voluntary or involuntary liquidation,
dissolution, sale or other disposition of all or substantially all the assets,
marshaling of assets and liabilities, receivership, insolvency, bankruptcy,
assignment for the benefit of creditors, reorganization, arrangement,
composition or readjustment of, or other similar event or proceeding affecting
Borrower or any of its assets. The undersigned will not assert against Lender
any claim, defense or setoff available to the undersigned against Borrower.

      8. The undersigned waive(s) presentment, demand for payment, notice of
dishonor or nonpayment, and protest of any instrument evidencing Indebtedness.
Lender shall not be required first to resort for payment of the Indebtedness to
Borrower or other persons, or their properties, or first to enforce, realize
upon or exhaust any collateral security for Indebtedness, before enforcing this
Guaranty.

      9. The undersigned will pay or reimburse Lender for all costs and expenses
(including reasonable attorneys' fees and legal expenses) incurred by Lender in
connection with the enforcement of this Guaranty.

      10. This Guaranty shall be enforceable against each person signing this
Guaranty, even if only one person signs and regardless of any failure of other
persons to sign this Guaranty or to otherwise guaranty any of the Borrower's
debts, liabilities or obligations to Lender. All agreements and promises herein
shall be construed to be, and are hereby declared to be, joint and several in
each and every particular with respect to the Guarantor and any other guarantors
of the Indebtedness and shall be fully binding upon and enforceable against any
or all such guarantors. This Guaranty shall be binding upon the undersigned, and
the heirs, successors and assigns of the undersigned and shall inure to the
benefit of Lender and its respective participants, successors and assigns.
Except to the extent otherwise required by law, this Guaranty and the
transaction evidenced hereby shall be governed by the substantive laws of the
State of Minnesota. If any provision or application of this Guaranty is held
unlawful or unenforceable in any respect, such illegality or unenforceability
shall not affect other provisions or applications which can be given effect, and
this Guaranty shall be construed as if the unlawful or unenforceable provision
or application had never been contained herein or prescribed hereby. All
representations and warranties contained in this Guaranty or in any other
agreement between the undersigned and Lender shall survive the execution,
delivery and performance of this Guaranty and the creation and payment of the
Indebtedness. This Guaranty may not be waived, modified, invalidated, terminated
or released or otherwise changed except by a writing signed by Lender. The
Guaranty shall be effective whether or not accepted in writing by Lender and the
undersigned waive(s) notice of the acceptance of this Guaranty by Lender.

                                       3
<PAGE>

      IN WITNESS WHEREOF, the Guaranty has been duly executed and delivered by
each the undersigned on the day and year first above written.

                                      GREAT LAKES GAMING OF MICHIGAN, LLC

                                      By: /s/ Timothy Cope
                                          --------------------------------------
                                            Timothy Cope
                                      Its:  Chief Financial Officer
                                      Address:  130 Cheshire Lane
                                                Minnetonka, MN 55305

                                      LAKES JAMUL, INC.

                                      By: /s/ Timothy Cope
                                          --------------------------------------
                                            Timothy Cope
                                      Its:  Chief Financial Officer
                                      Address:  130 Cheshire Lane
                                                Minnetonka, MN 55305

                       [SIGNATURE PAGE 1 OF 5 TO GUARANTY]

<PAGE>

                                      LAKES KEAN ARGOVITZ RESORTS -
                                      CALIFORNIA, LLC

                                      By: /s/ Timothy Cope
                                          --------------------------------------
                                            Timothy Cope
                                      Its:  Chief Financial Officer
                                      Address:  130 Cheshire Lane
                                                Minnetonka, MN 55305

                                      LAKES SHINGLE SPRINGS, INC.

                                      By: /s/ Timothy Cope
                                          --------------------------------------
                                            Timothy Cope
                                      Its:  Chief Financial Officer
                                      Address:  130 Cheshire Lane
                                                Minnetonka, MN 55305

                                      LAKES KAR - SHINGLE SPRINGS, LLC

                                      By: /s/ Timothy Cope
                                          --------------------------------------
                                            Timothy Cope
                                      Its:  Chief Financial Officer
                                      Address:  130 Cheshire Lane
                                                Minnetonka, MN 55305

                                      LAKES GAME DEVELOPMENT, LLC

                                      By: /s/ Timothy Cope
                                          --------------------------------------
                                            Timothy Cope
                                      Its:  Chief Financial Officer
                                      Address:  130 Cheshire Lane
                                                Minnetonka, MN 55305

                       [SIGNATURE PAGE 2 OF 5 TO GUARANTY]

<PAGE>

                                      LAKES NIPMUC, LLC

                                      By: /s/ Timothy Cope
                                          --------------------------------------
                                            Timothy Cope
                                      Its:  Chief Financial Officer
                                      Address:  130 Cheshire Lane
                                                Minnetonka, MN 55305

                                      LAKES COVERDALE, LLC

                                      By: /s/ Timothy Cope
                                          --------------------------------------
                                            Timothy Cope
                                      Its:  Chief Financial Officer
                                      Address:  130 Cheshire Lane
                                                Minnetonka, MN 55305

                                      PACIFIC COAST GAMING - SANTA ROSA, LLC

                                      By: /s/ Timothy Cope
                                          --------------------------------------
                                            Timothy Cope
                                      Its:  Chief Financial Officer
                                      Address:  130 Cheshire Lane
                                                Minnetonka, MN 55305

                                      BORDERS LAND COMPANY, LLC

                                      By: /s/ Timothy Cope
                                          --------------------------------------
                                            Timothy Cope
                                      Its:  Chief Financial Officer
                                      Address:  130 Cheshire Lane
                                                Minnetonka, MN 55305

                       [SIGNATURE PAGE 3 OF 5 TO GUARANTY]

<PAGE>

                                      LAKES KICKAPOO CONSULTING, LLC

                                      By: /s/ Timothy Cope
                                          -------------------------------------
                                            Timothy Cope
                                      Its:  Chief Financial Officer
                                      Address:  130 Cheshire Lane
                                                Minnetonka, MN 55305

                                      LAKES KICKAPOO MANAGEMENT, LLC

                                      By: /s/ Timothy Cope
                                          -------------------------------------
                                            Timothy Cope
                                      Its:  Chief Financial Officer
                                      Address:  130 Cheshire Lane
                                                Minnetonka, MN 55305

                                      LAKES IOWA CONSULTING, LLC

                                      By: /s/ Timothy Cope
                                          -------------------------------------
                                            Timothy Cope
                                      Its:  Chief Financial Officer
                                      Address:  130 Cheshire Lane
                                                Minnetonka, MN 55305

                                      LAKES IOWA MANAGEMENT, LLC

                                      By: /s/ Timothy Cope
                                          -------------------------------------
                                            Timothy Cope
                                      Its:  Chief Financial Officer
                                      Address:  130 Cheshire Lane
                                                Minnetonka, MN 55305

                       [SIGNATURE PAGE 4 OF 5 TO GUARANTY]

<PAGE>

                                      LAKES PAWNEE CONSULTING, LLC

                                      By: /s/ Timothy Cope
                                          --------------------------------------
                                            Timothy Cope
                                      Its:  Chief Financial Officer
                                      Address:  130 Cheshire Lane
                                                Minnetonka, MN 55305

                                      LAKES PAWNEE MANAGEMENT, LLC

                                      By: /s/ Timothy Cope
                                          --------------------------------------
                                            Timothy Cope
                                      Its:  Chief Financial Officer
                                      Address:  130 Cheshire Lane
                                                Minnetonka, MN 55305

                                      LAKES GAMING MISSISSIPPI, LLC

                                      By: /s/ Timothy Cope
                                          --------------------------------------
                                            Timothy Cope
                                      Its:  Chief Financial Officer
                                      Address:  130 Cheshire Lane
                                                Minnetonka, MN 55305

                       [SIGNATURE PAGE 5 OF 5 TO GUARANTY]

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