Exhibit 99.3

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

        The following unaudited pro forma condensed combined financial statements are based on the historical consolidated financial statements of Lakes Entertainment, Inc., a Minnesota corporation (“Lakes” or the “Company”) and Sartini Gaming, Inc. (“Sartini Gaming”), after giving effect to the merger of a wholly-owned subsidiary of the Company with and into Sartini Gaming with Sartini Gaming surviving as a wholly-owned subsidiary of the Company (the “Merger”), accounted for under the purchase method of accounting, and reclassifications and adjustments described in the accompanying notes to the unaudited pro forma condensed combined financial statements. While Lakes was renamed Golden Entertainment, Inc. in connection with the Merger, the Company will be referred to as “Lakes” and, together with its pre-Merger subsidiaries, the “Lakes Group” in this discussion and presentation of pro forma condensed combined financial statements as of June 28, 2015 and for the periods ended December 28, 2014 and June 28, 2015 as it relates to Lakes’ pre-Merger financial information.

The unaudited pro forma condensed combined balance sheet as of June 28, 2015 is derived from Lakes’ unaudited consolidated balance sheet as of June 28, 2015 and Sartini Gaming’s unaudited consolidated balance sheet as of June 30, 2015 and is presented as if the Merger had occurred on June 28, 2015. The unaudited pro forma condensed combined statements of operations for the year ended December 28, 2014 and for the six months ended June 28, 2015 are presented as if the Merger had occurred on December 30, 2013, with recurring Merger-related adjustments reflected in that period. The unaudited pro forma condensed combined statement of operations as of December 28, 2014 is derived from Lakes’ audited consolidated statement of operations for the year ended December 28, 2014 and Sartini Gaming’s audited consolidated statement of income for the year ended December 31, 2014. The unaudited pro forma condensed combined statement of operations for the six months ended June 28, 2015 is derived from Lakes’ unaudited consolidated statement of operations for the six months ended June 28, 2015 and Sartini Gaming’s unaudited consolidated statement of operations for the six months ended June 30, 2015.

The unaudited pro forma condensed combined financial statements are prepared for illustrative purposes only and are not necessarily indicative of or intended to represent the results that would have been achieved had the Merger been consummated as of the dates indicated or that may be achieved in the future. The unaudited pro forma condensed combined financial statements do not reflect any operating efficiencies and associated cost savings that may be achieved with respect to the combined companies. In addition, since the unaudited pro forma condensed combined financial data have been prepared based on preliminary estimates of purchase consideration and fair values of assets acquired and liabilities assumed, the actual amounts recorded may differ materially from the information presented. We therefore caution you not to place undue reliance on the unaudited pro forma condensed combined financial statements.

The unaudited pro forma condensed combined financial statements should be read in conjunction with Lakes’ historical audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 28, 2014 and with Sartini Gaming’s historical audited consolidated financial statements and accompanying notes for the year ended December 31, 2014 filed with the Company’s Amendment No. 1 to Current Report on Form 8-K/A dated July 31, 2015.

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET

As of June 28, 2015

(In thousands)

See notes to unaudited pro forma condensed combined financial statements.

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

For the Year Ended December 28, 2014

(In thousands, except for per share data)

See notes to unaudited pro forma condensed combined financial statements.

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

For the Six Months Ended June 28, 2015

(In thousands, except for per share data)

See notes to unaudited pro forma condensed combined financial statements.

NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

Pursuant to that certain Agreement and Plan of Merger, dated as of January 25, 2015, by and among Lakes, LG Acquisition Corporation, a Nevada corporation and wholly-owned subsidiary of Lakes (the “Merger Subsidiary”), Sartini Gaming and The Blake L. Sartini and Delise F. Sartini Family Trust, as the sole stockholder of Sartini Gaming (the “Sartini Trust”), as amended by that certain First Amendment to Agreement and Plan of Merger, dated as of June 4, 2015, by and among Lakes, Sartini Gaming, the Merger Subsidiary and the Sartini Trust (as amended, the “Merger Agreement”), on July 31, 2015, the Merger Subsidiary merged with and into Sartini Gaming, with Sartini Gaming surviving as a wholly-owned subsidiary of the Company, was consummated. In connection with the Merger, the Company’s name was changed to Golden Entertainment, Inc. 

The Merger will be accounted for under the purchase method of accounting in accordance with ASC Topic 805, Business Combinations. Under the purchase method, the total estimated purchase price, or consideration transferred, is measured at the Merger closing date. The Merger consideration issued by the Company on the Merger closing date was based on preliminary estimates of the pre-Merger values of Lakes and Sartini Gaming, which are subject to post-closing adjustment, under the Merger Agreement.

Certain of the assets and liabilities of Sartini Gaming have been measured based on provisional valuations and are subject to adjustment as valuations are reviewed and finalized. However, as indicated in the accompanying unaudited pro forma condensed combined financial statements, the Company has made certain adjustments to the June 30, 2015 historical book values of the assets and liabilities of Sartini Gaming to reflect certain estimates of the fair values necessary to prepare the pro forma financial statements. Actual results may differ from the pro forma financial statements once the Company has finalized the valuations that support the provisional purchase price allocation. Such finalization could result in changes to the pro forma financial statements. The allocation of the purchase price will be revised, if necessary, once the valuations are finalized.

The unaudited pro forma condensed combined financial statements are prepared for illustrative purposes only and are not necessarily indicative of or intended to represent the results that would have been achieved had the Merger been consummated as of the dates indicated or that may be achieved in the future. The unaudited pro forma condensed combined financial statements do not reflect any operating efficiencies and associated cost savings that may be achieved with respect to the combined companies. In addition, since the unaudited pro forma condensed combined financial data have been prepared based on preliminary estimates of purchase consideration and fair values of assets acquired and liabilities assumed, the actual amounts recorded may differ materially from the information presented. We therefore caution you not to place undue reliance on the unaudited pro forma condensed combined financial statements. The unaudited pro forma condensed combined financial statements should be read in conjunction with Lakes’ historical audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 28, 2014 and with Sartini Gaming’s historical audited consolidated financial statements and accompanying notes for the year ended December 31, 2014 filed with the Company’s Amendment No. 1 to Current Report on Form 8-K/A dated July 31, 2015.

On July 31, 2015, the Company acquired Sartini Gaming, a diversified group of gaming companies that focus on distributed gaming (including tavern gaming) and casinos, through the consummation of the Merger. At the effective time of the Merger, all issued and outstanding shares of capital stock of Sartini Gaming were canceled and converted into the right to receive shares of Company common stock. At the closing of the Merger, the Company issued 7,772,736 shares of its common stock to the Sartini Trust (as the sole stockholder of Sartini Gaming), of which 388,637 shares are being held in escrow as security for the post-closing adjustment in accordance with the Merger Agreement, and 777,274 shares are being held in escrow as security for claims for indemnifiable losses in accordance with the Merger Agreement. In addition, the Company issued 457,172 shares of its common stock to holders of warrants issued by a subsidiary of Sartini Gaming that elected to receive shares of Company common stock in exchange for their warrants. As a result, the estimated value of the purchase consideration, based on preliminary estimates, was $75.3 million.  This amount is the product of the 8,229,908 total common shares issued upon the Merger closing and the $9.15 per share closing price of the Company's common stock on July 31, 2015. 

Calculation of Value of Merger Consideration

Under the Merger Agreement, the number of shares of the Company’s common stock issued in connection with the acquisition of Sartini Gaming in the Merger reflect the pre-Merger value of Sartini Gaming relative to the pre-Merger value of the Lakes Group, which are calculated in accordance with formulas set forth in the Merger Agreement, as described below. To determine the number of shares of Lakes common stock issued in connection with the Merger, the sum of the number of shares of Lakes common stock outstanding immediately prior to the Merger and the number of shares issuable upon the exercise of outstanding in-the-money stock options are divided by the percentage of the total pre-Merger value of both companies that represents the Lakes Group’s pre-Merger value to determine the total number of fully diluted shares immediately following the Merger. The number of shares issued in connection with the Merger is the difference between the total number of fully diluted shares immediately following the Merger and the total number of fully diluted shares immediately prior to the Merger. No fractional shares of Lakes common stock are issued in connection with the Merger, and any fractional share was rounded to the nearest whole share.

The Merger Agreement specifies the procedure for determining the pre-Merger values of Sartini Gaming and the Lakes Group. In accordance with the Merger Agreement, prior to the closing of the Merger, Lakes and Sartini Gaming each delivered to the other a statement of its estimate of its pre-Merger value, which preliminary estimates were used to determine the number of shares of Lakes common stock to be issued at the closing of the Merger. The final pre-Merger values of Lakes and Sartini Gaming are in the process of being determined pursuant to the post-closing adjustment provisions of the Merger Agreement, and the number of shares issued in connection with the Merger will be trued up accordingly; see “Post-Closing “True-Up” Adjustment” below.

Determination of Lakes Pre-Merger Value

The pre-Merger value of Lakes is determined for the Lakes Group on a consolidated basis and is based on an estimated value of $135,245,106 (the product of $9.57 per share multiplied by 14,132,195 shares), subject to the following adjustments under the Merger Agreement:

Determination of Sartini Gaming Pre-Merger Value

The Sartini Gaming preliminary pre-Merger value is determined for Sartini Gaming and its subsidiaries on a consolidated basis and is based on the sum of (i) Sartini Gaming’s Adjusted EBITDA, multiplied by a factor of 7.5, plus (ii) the aggregate amount of specified investments, acquisitions and contributions to capital (but only so long as and to the extent that such amounts so expended or obligations so incurred do not exceed $5,000,000) made between October 31, 2014 and July 31, 2015, subject to the adjustments under the Merger Agreement set forth below.

For purposes of this determination, Sartini Gaming’s Adjusted EBITDA is measured for the period of 12 consecutive calendar months ended June 30, 2015 (being the last full month ended at least 30 days prior to the Merger), and equals the net income or loss generated by Sartini Gaming for such period, plus (without duplication, and to the extent deducted in calculating such net income or loss) (i) interest, fees, charges and related expenses paid or payable for such period in connection with borrowed money or the deferred purchase price for assets, and rent paid or payable under capital leases treated as interest, (ii) expenses for income taxes paid or accrued, (iii) depreciation and amortization, (iv) non-cash or non-recurring expenses, losses or charges, (v) fees, costs, expenses, discounts, premiums and commissions incurred, paid or deducted in connection with the refinancing of Sartini Gaming’s indebtedness, any dispositions or acquisitions, and any restructuring, integration, severance or retention costs, accruals or reserves relating to or resulting from acquisitions, and (vi) severance payments, transition payments, legal and other advisor fees and other fees, costs or expenses incurred and paid by Sartini Gaming in connection with the Merger and the transactions contemplated by the Merger Agreement. The calculation of Adjusted EBITDA also reflects annualized results for four specified Sartini Gaming taverns that Sartini Gaming acquired after the beginning of the measurement period.

The so calculated pre-Merger value of Sartini Gaming is subject to the following adjustments under the Merger Agreement:

Determination of Lakes Shares Outstanding (Fully Diluted Basis)

The total number of shares of Lakes common stock outstanding (on a fully diluted basis) immediately prior to the Merger to be used in calculating the number of shares of Lakes common stock issued in connection with the Merger is the sum of (i) all shares of Lakes common stock then issued and outstanding, plus (ii) all shares of Lakes common stock then issuable upon the exercise, conversion or exchange of outstanding options, warrants or other convertible securities, but excluding currently outstanding options exercisable for 12,500 shares at an exercise price of $12.85 per share. Such sum equaled 14,132,195 shares as of July 31, 2015.

Preliminary Estimated Pre-Merger Value Calculations

The following calculations illustrate the pre-Merger values of both Lakes and Sartini Gaming used in connection with the closing of the Merger on July 31, 2015 and the resulting number of shares of Lakes common stock issued in connection with the Merger. These calculations are based on the preliminary estimated pre-Merger values delivered by Lakes and Sartini Gaming prior to the closing of the Merger and are subject to final review and adjustment post-closing (see “Post-Closing “True-Up” Adjustment” below).

The preliminary estimated pre-Merger value of Sartini Gaming as of July 31, 2015 was as follows:

The preliminary estimated pre-Merger value of Lakes as of July 31, 2015 was as follows:

The total number of shares of Lakes common stock issued in connection with the Merger on July 31, 2015 was based on these preliminary estimated pre-Merger values, subject to final review and adjustment post-closing:

Post-Closing “True-Up” Adjustment

The number of shares of Lakes common stock issued in connection with the Merger will be adjusted to reflect the pre-Merger values of Lakes and Sartini Gaming, as finally determined following the Merger in accordance with the provisions of the Merger Agreement. On September 29, 2015, the Company prepared and delivered a closing report setting forth its determinations of the pre-Merger values of Lakes and Sartini Gaming, which closing report is currently under review in accordance with the terms of the Merger Agreement. Upon finalization, the number of shares of Lakes common stock issued in connection with the Merger will be trued up accordingly.

The preliminary purchase price allocation as of July 31, 2015 (the closing date of the Merger) and giving effect to the purchase price allocation adjustments similar to those made in the pro forma financial statements, is as follows (unaudited, in thousands):

The preliminary amounts assigned to property and equipment by category are summarized in the table below (unaudited, amount assigned in thousands):

The preliminary amounts assigned to intangible assets by category are summarized in the table below (unaudited, amount assigned in thousands):

The pro forma adjustments included in the unaudited pro forma condensed combined financial statements are as follows:

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