EXHIBIT 99.1
NEWS RELEASE
LAKES ENTERTAINMENT, INC.
[LAKES ENTERTAINMENT, INC. LOGO] 130 CHESHIRE LANE
MINNETONKA, MN 55305
952-449-9092
952-449-9353 (fax)
WWW.LAKESENTERTAINMENT.COM
TRADED: NASDAQ "LACO"
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FOR FURTHER INFORMATION CONTACT:
Timothy J. Cope 952-449-7030
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FOR IMMEDIATE RELEASE:
Wednesday, December 10, 2003
WORLD POKER TOUR JOINS FORCES WITH CASINOS NATIONWIDE
TO DEVELOP NEW WPT SATELLITE EVENTS
THE GOALS ARE TO INCREASE OPPORTUNITIES FOR PLAYERS TO WIN A $25,000 ENTRY
INTO THE WPT CHAMPIONSHIP, FOSTER RELATIONS WITH POKER ROOMS
LOS ANGELES (DECEMBER 10, 2003) -- As the WORLD POKER TOUR emerges as a smash
hit on television and becomes the engine driving a huge increase in customers to
poker rooms and casinos across the country, those not currently on the roster of
WPT Tournament Member Casinos are asking how they can get in on the action.
The WPT now has an answer. The WPT and Lakes Entertainment, which owns 80% of
the venture, have formalized a WPT Satellite program designed specifically to
encourage casinos and online poker rooms to run low cost satellite events that
will feed directly into the season-ending World Poker Tour Championship, April
19-23, 2004 at Bellagio, Las Vegas, where the total prize pool is estimated to
reach over $5 million.
"Now that we have proven this successful formula works for our member casinos,
we feel it is time to expand participation to other casinos in the poker
industry," says Steve Lipscomb, founder and CEO. "By joining together we achieve
many goals, not the least of which is the synergy that will enable casinos to
improve the appeal of the game and draw a new generation of poker players."
By holding WPT Satellites, casinos can leverage the appeal of the WORLD POKER
TOUR to attract new players that are likely to come back between tournaments,
increasing revenues. They also receive exposure on the WPT website listing their
satellites and if a player from their casino makes it to a WPT Final Table, the
casino will be mentioned on the Travel Channel broadcast (Wednesdays, 9 p.m.
ET/PT). The association with the wildly popular WORLD POKER TOUR, which has
nearly 5 million devoted viewers a week and has been the force changing the
image of the game and its players, brings added brand leverage, a competitive
edge and increased credibility to each of the casinos hosting WPT Satellites.
Certainly one of the results of the effort will be to dramatically increase the
prize pool for the WPT Championship. Last season, the event drew 111 players and
offered a prize pool of $2.6
million, with $1 million going to the winner. With the WPT Satellite program in
place, the finals are expected to draw more than 200 players, resulting in a $5
million prize pool and $2 million first prize for the champion.
Here's how the events work: Casinos across the country create a WPT Satellite or
series of tiered satellites within their casinos. Winners of each WPT Satellite
go on to compete in a $2,600 satellite at Bellagio, Las Vegas, plus receive
airfare and accommodations for two nights at an MGM Mirage property. Should they
win their table at Bellagio, they receive a $25,000 entry into the WPT
Championship game, and the WPT will extend their free accommodations until they
are eliminated or win the tournament.
To maximize the value of the WPT Satellite program for both parties, the WPT
will provide promotional assistance to each participating casino. This package
includes artwork for advertising, promotional materials, templates for signage,
promotional video, DVDs and publicity materials to build the buzz for the event.
The winner of the WPT Championship will be profiled in the final televised
show--spotlighting his journey to the finals and the casino. Casinos are also
offered the opportunity to share in the proceeds from the sale of WPT
merchandise.
Initial casinos that have enthusiastically signed up include Turning Stone
Casino Resort (Verona, NY); Players Casino (Federal Way, WA); Spirit Mountain
Casino (Willamina, OR), Village Club (Chula Vista, CA), Divi Carina Bay Casino
(Christiansted, Virgin Islands), Wildhorse Casino Resort (Pendleton, OR), Six
Card Charlies (Long Beach, WA), Planetpoker.com (online), and AbsolutePoker.com
(online).
To explore hosting a WPT Satellite, contact Jack Malisow, Director of WPT
Satellites, (800) 946-9464, ext. 7024. For merchandise queries, call Mary
Blauert (ext. 8555).
About The World Poker Tour
The World Poker Tour has transformed poker into a televised mainstream sports
sensation, creating record-setting ratings and capturing millions of new fans
for America's favorite card game. The blockbuster series has riveted the
nation's TV viewers thanks to its hallmarks--a blend of high caliber
sports-style production shot from 13 different camera angles, expert commentary,
cliffhanging "reality TV" drama and the WPT's signature "ace in the hole"--its
revolutionary WPT Cams, that reveal the player's hidden cards, making it
possible for audiences to feel like they're sitting in the seat making million
dollar decisions on each hand. For information and media photos, go to
www.media.worldpokertour.com. For information on the WORLD POKER TOUR, go to
www.worldpokertour.com .The WORLD POKER TOUR airs Wednesday nights at 9 pm.
ET/PT on The Travel Channel.
The World Poker Tour is a joint venture between Steven Lipscomb and Lakes
Entertainment, Inc., which owns approximately 80% of WPT. Lakes currently has
development and management agreements with four separate Tribes for four new
casino operations, one in Michigan, two in California and one with the Nipmuc
Nation on the East Coast. In addition, Lakes Entertainment has agreements for
the development of one additional casino on Indian-owned land in California
through a joint venture with MRD Gaming, which is currently being disputed by
the Tribe. LAKES ENTERTAINMENT, INC. COMMON SHARES ARE TRADED ON THE NASDAQ
NATIONAL MARKET UNDER THE TRADING SYMBOL "LACO".
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The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statements. Certain information included in this press
release (as well as information included in oral statements or other written
statements made or to be made by Lakes Entertainment, Inc.) contains statements
that are forward-looking, such as statements relating to plan for future
expansion and other business development activities as well as other capital
spending, financing sources and the effects of regulation (including gaming and
tax regulation) and competition. Such forward-looking information involves
important risks and uncertainties that could significantly affect anticipated
results in the future and, accordingly, such results may differ from those
expressed in any forward-looking statements made by or on behalf of the Company.
These risks and uncertainties include, but are not limited to, possible delays
in completion of Lakes' casino projects, including various regulatory approvals
and numerous other conditions which must be satisfied before completion of these
projects; possible termination or adverse modification of management contracts;
continued indemnification obligations to Grand Casinos; highly competitive
industry; possible changes in regulations; reliance on continued positive
relationships with Indian tribes and repayment of amounts owed to Lakes by
Indian tribes; possible need for future financing to meet Lakes' expansion
goals; risks of entry into new businesses; and reliance on Lakes' management.
For more information, review the Company's filings with the Securities and
Exchange Commission.
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