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:
Thursday, March 4, 2004
WORLD POKER TOUR INTRODUCES NEW EVENT FORMAT,
SECURES FULL HOUSE IN SAN JOSE
BAY 101 SHOOTING STAR TOURNAMENT AT SAN JOSE'S BAY 101 CASINO REWARDS PLAYERS
FOR KNOCKING OUT POKER STARS AND CELEBRITIES
243 PLAYERS CONTEND FOR $1,240,000 MILLION IN THE HIGH STAKES WPT TOURNAMENT
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MINNEAPOLIS (MARCH 4, 2004)-- The Bay 101 Shooting Star Tournament at Bay 101
Casino in San Jose, CA, which began yesterday, is the latest event on the WORLD
POKER TOUR to play to a turn-away crowd.
The Bay 101 Shooting Star Tournament, capped at just over 240 players, sold out
weeks ago. Attracting top poker pros like the Bay Area's Antonio Esfandiari and
Phil "The Unabomber" Laak, plus Annie Duke, T.J. Cloutier and Gus Hansen, the
event also drew Hollywood heavyweights James Woods, Jon Favreau, and Mimi
Rogers. The unique format of the tournament rewards amateur players for knocking
out the stars by presenting them a $5,000 bounty.
243 players signed up for this week's event, which will culminate on March 5,
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 new season began its weekly broadcast
last night.
The total prize money is $1,240,000, including the $25,000 WPT contributed to
the prize pool. With such an enormous prize pool for the first ever Bay 101
Shooting Star tournament, players down to 27th place will go home with a nice
payday, and the winner will capture a top prize of $364,800, including a seat in
the season finale WPT Championship in April at Bellagio, Las Vegas. The prize
pool is determined by the number of players "buying in" to the tournament -- in
this case with an entry fee of $5,000 per person.
(more)
"We at the WPT are thrilled that Bay 101 pulled off such an amazing and
exceptional tournament that was able to attract the top players of the World
Poker Tour as well as some of Hollywood's finest," said Steve Lipscomb, CEO of
the World Poker Tour.
The World Poker Tour, over 80% owned by Lakes Entertainment, is one of the
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.
This new addition to the World Poker Tour 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 Bay 101 Shooting Star concludes Friday. WPT fans are welcome to come watch
the action and see who will go home with the $1.2 million laid forth on the
table before the final hand. The show begins at 2:00 p.m. Friday, March 5, 2004
on the poker floor at Bay 101 in San Jose, CA. Admission is free and seating is
first come, first served. The next stop on the tour will be the PartyPoker
Million on board a cruise to Mexico on March 17, 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
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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 p.m.
ET/PT on The Travel Channel. Season 2 of the World Poker Tour began 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 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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