EXHIBIT 99.1
[LAKES ENTERTAINMENT, INC. LOGO] NEWS RELEASE
LAKES ENTERTAINMENT, INC.
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:
Friday, January 23, 2004
WORLD POKER TOUR EVENTS CONTINUE DRAMATIC GROWTH
THE INAUGURAL YEAR OF THE POKERSTARS CARIBBEAN ADVENTURE
PROVES TO BE A WINNING HAND
219 PLAYERS CONTEND FOR $1,642,500 IN THE HIGH STAKES WPT TOURNAMENT
MINNEAPOLIS, JANUARY 23, 2004 -- LAKES ENTERTAINMENT, INC. (NASDAQ "LACO") today
announced the PokerStars Caribbean Adventure, which began January 18, 2004 on
board the Royal Caribbean's "Voyageur of the Seas", is the latest event on the
WORLD POKER TOUR to demonstrate the domino effect of the television show's huge
popularity. Records have been set in each of the tour stops and the PokerStars
Caribbean Adventure, hosted by PokerStars.com, is no exception with its debut
featuring a huge number of players, prize money and first place payout.
219 players signed up for this week's event, which will culminate on January 24,
2004 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 of entries catapults the total prize money to $1,642,500, with the
winner walking away with $451,685. The prize pool is determined by the number of
players "buying in" to the tournament --in this case the entry fee is $7,500 per
person.
With such an enormous prize pool for the tournament, players down to 27th place
will go home with a nice payday, and the winner will capture a top prize of
$451,685.
"We are thrilled that PokerStars.com can join our WPT family and is experiencing
such enormous success in its first year, "said CEO of the World Poker Tour,
Steve Lipscomb. "This continues to expand the impact that the World Poker Tour
is having on people who are looking to poker as a way to spend their leisure
time."
(MORE)
The World Poker Tour, over 80% owned by Lakes Entertainment, is a television hit
of the year. More than five million 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.
As the newest addition to the World Poker Tour, PokerStars.com, 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 PokerStars Caribbean Adventure concludes Saturday. WPT fans aboard the ship
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 2 p.m.
Saturday, January 24 in Studio B on board Voyageur of the Seas. Admission is
free and seating is first come, first served. The next stop on the tour will be
the Jack Binion World Poker Open on January 29, 2004 in Tunica, MS. 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 and will air a special WPT
Hollywood Home Game show on Sunday, January 25, 2004.
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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