EXHIBIT 99.1
NEWS RELEASE
[LAKES ENTERTAINMENT, INC. LOGO] 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:
Tuesday, February 24, 2004
WORLD POKER TOUR EVENTS CONTINUE DRAMATIC GROWTH
L.A. POKER CLASSIC AT COMMERCE CASINO SETS RECORDS FOR NUMBER OF ENTRIES,
PRIZE MONEY AND FIRST PLACE PAYOUT
382 PLAYERS CONTEND FOR $3,806,500 MILLION IN THE HIGH STAKES WPT TOURNAMENT
COMMERCE, CA (FEBRUARY 24, 2004)- The L.A. Poker Classic at the Commerce Casino
in Commerce, CA, which began February 21, 2004, 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 tour stops and the L.A. Poker
Classic is no exception setting a new Commerce Casino record and WPT record for
the highest number of entries, prize money and first place payout ever on the
WORLD POKER TOUR.
382 players signed up for this week's event, which culminated today 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 new season begins its weekly broadcast on March 3.
The increase in players catapults the total prize money to $3,806,500 million,
including the $25,000 WPT contributed to the prize pool. With such an enormous
and record-setting 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
$1,408,385, including a seat in the season finale WPT Championship in April at
Bellagio, Las Vegas. Last year's champion, Gus Hansen from Denmark, walked away
with $507,190 when the prize pool totaled $1,360,000. The prize pool is
determined by the number of players "buying in" to the tournament -in this case
the entry fee is $10,000 per person.
"We are elated that the Commerce Casino had such a significant increase from
last year. We know next year will be even bigger and more records will be
broken," said CEO of the World Poker Tour, Steve Lipscomb.
(MORE)
The World Poker Tour, over 80% owned by Lakes Entertainment, is one of the major
television hits 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.
The dramatic increase in prize money at the L.A. Poker Classic is helping drive
the WPT's total prize money for Season 2 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 L.A. Poker Classic concluded today. The next stop on the tour will be the
WPT Invitational at Commerce Casino on February 26, 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 pm. 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 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 17 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. Season 2 of the World Poker Tour begins airing
Wednesday, March 3 on 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
owned 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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