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:
Tuesday, May 18, 2004
WORLD POKER TOUR ANNOUNCES LICENSING PARTNERS
MANUFACTURERS TO BRING WPT-BRANDED MERCHANDISE TO MARKET
BEGINNING THIS FATHER'S DAY
MINNEAPOLIS, MN (MAY 18, 2004) -- World Poker Tour, LLC (WPT) announced today
that it has signed its first wave of license agreements as part of a
comprehensive brand licensing program with the following partners:
- - THE UNITED STATES PLAYING CARD COMPANY, a maker of casino-grade
playing cards and chips, will offer a complete set of WPT
playing cards and chip sets to allow its fans to host
casino-style poker games in their own home.
- - JAKKS PACIFIC, Inc., a leading toy, writing instrument and
leisure products company, will market a WPT TV Games line of
plug it in and play video games housed inside a WPT-themed
joystick. Games in the first unit will include Texas Hold `Em,
based on the WPT television show. JAKKS' WPT TV Games is
expected to hit retail shelves in late 2004.
- - ODM, a manufacturer of edgy and lifestyle T-shirts, will sell a
line of WPT-themed T-shirts across a variety of distribution
channels.
- - MDI ENTERTAINMENT LLC, (A SUBSIDIARY OF SCIENTIFIC GAMES), a
company that creates state lottery games, has signed on to
create a WPT Texas Hold `Em Scratch-off lottery game that will
offer poker-related prizes.
- - G-III APPAREL, a marketer and designer of fashion forward
designer clothes and sports league apparel, will design WPT
casual sportswear including jackets and jerseys.
- - LAKES ENTERTAINMENT will license and market WPT All in Hold
`Em(R) table games directly to casinos that will allow players
to play a poker-themed table game that lets them strategize
their betting and make "all-in" raises or bluffs. Lakes
Entertainment owns approximately 80% of WPT.
Brandgenuity LLC, a New-York based licensing agency, has assisted the WPT in the
strategic development and execution of its licensing program. For more
information on World Poker Tour licenses, contact Brandgenuity at 212-925-0730
or email info@brand-genuity.com. The company is located at 430 West 14th Street,
Suite 403, New York, NY 10014.
ABOUT THE WORLD POKER TOUR
World Poker Tour, LLC is an integrated media and entertainment company, engaged
in the development, production and marketing of television programming and live
events, and the licensing and sale of branded consumer products featuring the
World Poker Tour brand.
ABOUT BRANDGENUITY LLC
Brandgenuity LLC, an independent boutique trademark licensing agency based in
New York, provides turnkey licensing services to owners of famous trademarks.
The agency's four principals, Jay Asher, Adina Avery-Grossman, Louis Drogin and
Andrew Topkins, have more than 50 years of combined licensing and marketing
experience. Brandgenuity agency services include strategic licensing planning,
prospecting, negotiation, licensee management and program administration.
Brandgenuity's clients include Snapple(R), Yoohoo(R), This Old House(R), Outdoor
Life(R), Sports Illustrated(R), Orajel(R), Baby Orajel(R) and Meow Mix(R).
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 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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