EXHIBIT 99.1
NEWS RELEASE
LAKES ENTERTAINMENT, INC.
[LAKES ENTERTAINMENT, INC. LOGO] 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:
June 14, 2004
WORLD POKER TOUR EXPANDS SEASON 3 SCHEDULE TO
15 TOURNAMENTS, CULMINATING WITH WPT CHAMPIONSHIP
PLAYERS CAN BEGIN SIGNING UP FOR SATELLITES
THE MIRAGE IN LAS VEGAS JOINS WPT ROSTER FOR 2004-2005 SEASON
MINNEAPOLIS, MN - JUNE 14, 2004 -- Players hoping to get a slice of the millions
in prize money offered on the WORLD POKER TOUR will have at least one additional
opportunity in the upcoming third season as the Tour adds a stop at THE MIRAGE
in Las Vegas in July, 2005. This new Tour stop represents an expansion over the
Tour's second season in 2003-2004, when the total prize money for the Tour
reached $35 million. The WORLD POKER TOUR airs on The Travel Channel on
Wednesday nights at 9 p.m. (ET/PT).
Season 3 of the WORLD POKER TOUR will once again feature events in Paris and
Aruba, two on seagoing cruises, and a stellar lineup of U.S. destinations. The
new tournament, THE MIRAGE "The Mirage Poker Showdown," is slated for July
29-August 1, making it the second stop on the schedule. The Tour returns to Las
Vegas to cap off the third season with the WPT Championship in April 2005, when
the WPT will crown its third WPT World Champion. The total prize pool for the
second season WPT Championship was a WPT record $8.3 million and the winner took
home $2.7 million.
DATE TOURNAMENT CASINO LOCATION
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2004
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July 17-20 Grand Prix of Paris Aviation Club de France Paris, France
July 29-Aug.1 The Mirage Poker Showdown The Mirage Las Vegas, NV
Aug. 28-31 Legends of Poker The Bicycle Casino Bell Gardens, CA
Sept 19-22 Borgata Poker Open Borgata Hotel & Casino Atlantic City, NJ
Sept 28-Oct. 1 Ultimate Poker Classic UltimateBet.com Aruba
Nov. 14-17 World Poker Finals Foxwoods Resort Casino Mashantucket, CT
Dec. 12-16 Five Diamond World Poker Classic Bellagio Las Vegas, NV
(MORE)
2005
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Jan. 8-15 PokerStars.com (Cruise) PokerStars.com To Be Determined
Jan. 24-27 Jack Binion World Poker Open Horseshoe & Gold Strike Casinos Tunica, MS
Feb. 19-22 L.A. Poker Classic Commerce Casino Commerce, CA
Feb. 23-24 WPT Invitational (Celebrity Pro/Am) Commerce Casino Commerce, CA
Mar. 9-11 Shooting Star Tournament Bay 101 Card Club San Jose, CA
Mar. 19-26 PartyPoker Million PartyPoker.com Cruise to Mexico
Mar 29-Apr.1 World Poker Challenge Reno Hilton Reno, NV
Apr. 18-24 WPT Championship Bellagio Las Vegas, NV
All WPT tournaments (except for the pro/celebrity WPT Invitational) are open to
pros and amateurs alike who ante up each tournament's buy-in or play in
satellite tournaments for a chance to win an entry. The announcement of the
schedule will enable players to begin signing up for satellites offered by the
casinos and online poker rooms that host WPT tournaments. Satellite information
can be found at www.worldpokertour.com. More than 4,000 players participated in
WPT tournaments in season two.
Anyone age 21 or older wishing to play in WPT tournaments should contact the
participating casino to obtain information on the buy-in fee and registration
deadlines. You may then register with and provide payment to the host casino to
reserve a seat in the tournament.
A growing number of the WPT tournament entries are women. There's no limit to
who enters a WPT tournament. WPT players range in age from 21 to 70; they come
from all over the world; they represent both sexes and many different
ethnicities.
Enthusiasts who would like to attend a final table TV taping should contact the
casino or card room directly to reserve their seats.
Season two of the WORLD POKER TOUR is currently airing Wednesday nights at 9
p.m. (ET/PT) on Travel Channel and culminates on June 30 with the WPT
Championship.
World Poker Tour, LLC is a media and entertainment company principally engaged
in the development, production and marketing of gaming-themed televised
programming, the licensing and sale of branded products and the sale of
corporate sponsorships. World Poker Tour, LLC is a subsidiary of Lakes
Entertainment, Inc.
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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