EXHIBIT 99.1
NEWS RELEASE
LAKES ENTERTAINMENT, INC.
130 CHESHIRE LANE
[LAKES ENTERTAINMENT, INC. LOGO] 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:
THURSDAY, DECEMBER 18, 2003
WORLD POKER TOUR EVENTS CONTINUE DRAMATIC GROWTH
FIVE DIAMOND WORLD POKER CLASSIC AT BELLAGIO MAKES HUGE JUMP IN PLAYERS,
PRIZE MONEY AND FIRST PLACE PAYOUT
314 PLAYERS CONTEND FOR $3,070,050 IN THE HIGH STAKES WPT TOURNAMENT
LAS VEGAS (DECEMBER 18, 2003)-- The Five Diamond World Poker Classic at Bellagio
in Las Vegas, NV, which is currently in progress, is the latest event on the
WORLD POKER TOUR to demonstrate the domino effect of the television show's huge
popularity. Tour records have been set in each of the stops and the Five Diamond
World Poker Classic is no exception with a huge increase in players, prize money
and first place payout over the previous year's tournament.
314 players signed up for this week's event, which will culminate on December
18, 2003 with the filming of the Final Table for broadcast as part of the WORLD
POKER TOUR series on The Travel Channel. WORLD POKER TOUR airs every Wednesday
night at 9 p.m. ET/PT on the network. The number marks a tremendous increase
over the 146 competitors who played in 2002.
The increase in players catapults the total prize money to $3,070,050, with the
winner walking away with $1,101,908. The prize pool is determined by the number
of players "buying in" to the tournament -- in this case $10,000. Last year's
prize pool was $1,416,200.
With such an enormous and record-setting prize pool for the tournament, players
down to 36th place will go home with a nice payday, and the winner will capture
a top prize of $1,101,098. Last year's champion Gus Hansen from Denmark walked
away with $556,480.
"We at the World Poker Tour are thrilled with the dramatic increase in
tournament players at the Bellagio this year, and hope it will continue to
grow," said CEO of the World Poker Tour, Steve Lipscomb.
(MORE)
The World Poker Tour, over 80% owned by Lakes Entertainment, is a major cable
television hit this year. Millions of people tune in each week to watch the high
stakes drama of the tense competition where millions of dollars change hands
across the table, all chronicled by "WPT Cams," that reveal the players hidden
cards. The show is the highest rated series in the history of The Travel
Channel.
The dramatic increase in prize money at the Five Diamond World Poker Classic is
helping drive the WPT's total prize money for the year to an estimated $30
million, triple the prize money in the previous season, which in turn is
attracting many newcomers to the game of poker and to WPT tournaments.
The Five Diamond World Poker Classic concludes Thursday. WPT fans are welcome to
come watch the action and see who will go home with the millions laid forth on
the table before the final hand. The show begins at 3 PM Thursday, December 18
in the Ballroom at Bellagio, Las Vegas. Admission is free and seating is first
come, first served. The next stop on the tour will be the PokerStars Caribbean
Adventure in January 2004. To play in a WORLD POKER TOUR event, go to
www.worldpokertour.com for the complete 2003-2004 Tournament Schedule and casino
contacts. The WORLD POKER TOUR airs Wednesday nights at 9 p.m. ET/PT on The
Travel Channel.
About The World Poker Tour
The World Poker Tour has transformed poker into a televised mainstream sports
sensation, creating record-setting ratings for the Travel Channel 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 p.m.
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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