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:
Monday, May 17, 2004
CALIFORNIA'S SYCUAN RESORT & CASINO BECOMES FIRST TO DEBUT NEW
"WORLD POKER TOUR(R) ALL-IN HOLD `EM(TM)" TABLE GAME
OTHER CASINOS EXPECTED TO ANTE UP FOR NEW GAME BASED ON
WORLD POKER TOUR TELEVISION SHOW
MINNEAPOLIS, MN (MAY 17, 2004) -- On Saturday, May 22, 2004, Sycuan Resort and
Casino in El Cajon California will be the first gaming facility in the United
States to debut the new WORLD POKER TOUR ALL-IN HOLD `EM table. WPT ALL-IN HOLD
`EM was developed by Lakes Entertainment, Inc. through a license arrangement
with World Poker Tour, LLC, the entertainment and media company that films and
produces the World Poker Tour television series currently shown on Travel
Channel. Lakes Entertainment expects that WPT ALL-IN HOLD `EM, which is inspired
by the World Poker Tour television series, will be a big winner for casinos by
drawing new players into the properties and giving the house an edge in the
game.
WPT ALL-IN HOLD `EM will allow poker fans to experience the same kind of
excitement that they have been accustomed to seeing on their television sets.
Players can strategize their betting and experience the rush of making an
"all-in" raise or bluffing for a big win. Like the No Limit Texas Hold `Em poker
played on the World Poker Tour, the WPT ALL-IN HOLD `EM table game "takes a
minute to learn for a lifetime of action" -- to quote WPT commentator Mike
Sexton. WPT ALL-IN HOLD `EM is distinctive, however, in that players only play
against the dealer rather than against the other players at the table.
"We are delighted to deliver our first table to the Sycuan Resort and Casino,"
said Lakes Entertainment CEO Lyle Berman. "Our staff will provide all the
promotional support that will help the casino maximize the opportunity of being
the first in the nation to unveil the exciting WPT ALL-IN HOLD `EM table. As new
casinos sign up, we'll provide guidance and counsel to insure their success with
WPT ALL-IN HOLD `EM."
The table is being marketed to casinos along with an attractive screen that runs
an action-packed WPT promotional and instructional video on a continual loop
that is designed to draw players to the table. Berman expects to announce other
casino commitments in the coming weeks.
(more)
The Sycuan Resort and Casino is operated by the Sycuan Band of the Kumeyaay
Nation, on the tribe's traditional El Cajon land, near San Diego. Said Steve
Penhall, General Manager, "We feel honored to be the first to introduce this
revolutionary new game. It has all the appeal of Texas Hold `Em coupled with the
simplicity of Blackjack. Leveraging the visibility of Texas Hold `Em that has
resulted in part from the World Poker Tour television series, we know WPT ALL-IN
HOLD 'EM will be a major new attraction in our casino."
The exciting new WPT ALL-IN HOLD `EM table game is marketed by Lakes
Entertainment, a respected name in the gaming world through its previous
development and management of Indian casinos across the nation. Lakes
Entertainment also owns approximately 80% of World Poker Tour, LLC, the media
and entertainment company that films and produces the World Poker Tour
television series.
For information on being among the first casinos to secure the WPT ALL-IN HOLD
`EM please contact Jack Malisow at Lakes Entertainment (952) 449 7024 or email:
jmalisow@lakesentertainment.com. You can see more on WPT ALL-IN HOLD `EM at
www.lakesentertainment.com.
More About WPT All-In Hold `Em
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What makes "WPT ALL-IN HOLD `EM" distinctive is that, unlike the traditional
Texas Hold `Em played on the Tour, players don't bet against their fellow
players--they bet against the dealer only! The table is specially designed to
showcase a new derivation of Texas Hold `Em, which is easy to learn, easy to
play, and provides plenty of action.
In "WPT ALL-IN HOLD `EM" each player is required to bet the blind ante on every
hand. That's the ticket into the game. Then the player has other betting
options, including an optional bonus bet on the hole cards. For example, two red
aces pays 50 to 1, while a pair of deuces pays 2 to 1.
Once he or she has seen the hole cards, a player can fold, raise the blind ante
by betting five times or even ten times the ante bet (placed in two easily
visible marked circles in front of each player.) Then the action turns to the
dealer, who will fold and pay off the player's ante bets, or call. If the dealer
qualifies to play on (based on specific rules), the play continues with the
flop, turn and the river. If the player's best five-card poker hand beats the
dealer's, the player wins his ante and the raise bets.
ABOUT THE SYCUAN TRIBE
The Sycuan Band of the Kumeyaay Nation. Sycuan Tribal Development Corporation
(STDC). STDC is the business development arm of the Sycuan Tribe. Its purpose is
to expand and diversify the economic base of the tribal government, thereby
ensuring the future well being of tribal members and the broader San Diego
community through job retention and creation and tax generation.
Other ventures of STDC include the purchase of the Singing Hills Resort in the
year 2000; selection as the master developer of Marina Gateway Place, a combined
hotel-retail development in National City; launch of Sycuan Capital Management
(Sycuan Capital), the first Tribal-owned registered investment adviser licensed
by the S.E.C.; acquisition of the U.S. Grant Hotel, a 284 room historic hotel in
the heart of downtown San Diego; and future development of Sycuan Square, a
12-acre commercial property in Dehesa near the Sycuan Casino.
About Lakes Entertainment, Inc.
Lakes Entertainment, Inc. 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. In addition, Lakes Entertainment
owns approximately 80% of the World Poker Tour, the entertainment and media
company that films and produces the World Poker Tour television series currently
shown on Travel Channel. 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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