EXHIBIT 99.1
NEWS RELEASE
[LAKES LOGO] LAKES GAMING, INC.
130 CHESHIRE LANE
LAKES GAMING, INC. MINNETONKA, MN 55305
952-449-9092
952-449-9353 (FAX)
WWW.LAKESGAMING.COM
TRADED: NASDAQ "LACO"
- --------------------------------------------------------------------------------
FOR FURTHER INFORMATION CONTACT:
Timothy J. Cope 952-449-7030
- --------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE:
Thursday, May 30, 2002
BRINGING POKER TO THE MAINSTREAM:
LAKES GAMING, INC. ANNOUNCES NATIONAL LAUNCH OF THE WORLD
POKER TOUR IN LAS VEGAS
MINNEAPOLIS, MN MAY 30, 2002 - Lakes Gaming, Inc. announces the launch of the
World Poker Tour, LLC ("WPT"), a newly formed Los Angeles-based company, and a
subsidiary of Lakes. The WPT injects high-concept, cutting-edge television
production into the burgeoning world of upscale poker tournaments. The company
is a joint venture between World Poker Tour CEO, Steven Lipscomb, an
accomplished television creator and award-winning filmmaker, and Lakes Gaming,
Inc., whose founder and CEO, Lyle Berman, is a world-renowned poker player.
Lakes' investment provides for an approximate 80% ownership position in the
joint venture.
The WPT Launch opened with a Media Event at the prestigious Bellagio in Las
Vegas, NV on Sunday, May 26, 2002. A media cocktail reception/buffet and WPT
Press Conference took place and was followed by a $5,000 Press Poker Tournament
- - and a shot at winning a piece of the $5,000 prize pool for each press member
or for the charity of his/her choice.
A host of celebrity pro-poker players and promoters attended the media event.
Attendees included top women players Jennifer Harman and Annie Duke (who has
seventeen finishes in the money at the World Series of Poker over the last eight
years), Hall-of-Fame poker legend Lyle Berman and David "Chip" Reese, amongst
others.
The Inaugural event of the World Poker Tour is the Bellagio Five Diamond World
Poker Classic, which began May 27, 2002 at the world-famous resort and
culminates with the Finals Event on Saturday, June 1, 2002 at 2:00 p.m. WPT will
film the Finals Event as the first show in the WPT season and will arrange for
its broadcast it at a later date.
The nation's most popular card game is poised to become the next major
mainstream sport on television. The World Poker Tour will consist of 13
nationally televised poker events, filmed in casinos around the world, where the
finalists play for multi-million dollar prize pools. The season will culminate
in the grand finale featuring the winners from each Tour event. But, unlike the
Masters, the Super Bowl, or any other sports championship, anyone who is willing
to put up the $25,000 buy-in-can compete in the final event for a shot at the
Championship title. WPT will negotiate with one or more television networks for
the broadcast of these events.
For information, consult the World Poker Tour website at: www.worldpokertour.com
----------------------
Lakes Gaming, 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
Gaming has agreements for the development of one additional casino on
Indian-owned land in California through a joint venture with MRD Gaming.
Lakes Gaming, Inc. common shares are traded on the Nasdaq National Market under
the trading symbol "LACO".
- --------------------------------------------------------------------------------
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 Gaming, 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.
- --------------------------------------------------------------------------------
XXX