P.R.: World Poker Tour Fuels Growth of Tournament Poker

Louis Cypher · 10-29-2003, 09:22 PM

October 29, 2003 04:00 PM US Eastern Timezone

LOS ANGELES--(BUSINESS WIRE)--Oct. 29, 2003--The phenomenal success of the World Poker Tour, airing Wednesday Nights at 9 p.m. ET/PT on the Travel Channel, has been a boon for casinos and poker parlors across the nation, but among the biggest winners are those organizations hosting tournaments on the WPT and the players on the Tour.

With a huge influx of new players inspired by the television show streaming into poker tournaments, the total prize pool for the WPT tournaments is expected to triple in one year from $10 to nearly $30 million for the tour's second season. Clearly those numbers are a further impetus for players to enter WPT tournaments, and many of the long-time pros are seeing some of their largest paychecks ever. Players making a WPT Final Table seldom walk away with under $100,000. Prize pools are determined by the number of players "buying in" to a tournament at the casino's established rate to participate -- usually $5,000 to $10,000 -- for a WPT event.

"The World Poker Tour is an unstoppable juggernaut in the poker world," says Steve Lipscomb, founder and CEO. "America's newly discovered passion for tournament poker is escalating tournament numbers and creating monster prize pools never before seen in poker rooms nationally or in other individual sports. The industry is reaping the benefit of our show's success on Travel Channel. Anyone can enter and compete -- you don't have to be a pro -- so, new enthusiasts are flooding into casinos and going online to play poker."

The growth is apparent in the numbers reported by elated WPT tournament sponsors and casinos. Among them are:

-- A $900,000 increase in one year in the total prize pool at the Bicycle Casino's "Legends of Poker Tournament" in Los Angeles, from $670,000 to $1.5 million. The tournament leaped from 134 players last year to 309 in the most recent tournament to air during the WPT's second season, starting in February 2004. First prize went from $258,000 to $579,375.

-- UltimateBet.com, which stages the "Ultimate Poker Classic" that just concluded in Aruba, reported entries for the tournament increased from 94 last year to 436 in 2003, increasing the prize pool from $500,000 to $1,774,000. As a result, UltimateBet.com is scrambling to find enough hotel rooms for next year's influx. For next year's prize pool, UltimateBet is guaranteeing a total prize pool of $4 million and a first place prize of $1 million for the October 2004 tournament.

-- Foxwoods in Connecticut, the next stop on the tour Nov. 14-17, estimates a prize pool up to $3 million for its "World Poker Finals," up from $890,000 last year. The buy-in is $10,200 and nearly 300 players are lining up to enter. In 2003, the number of players was only 89, with a first prize of $345,000. The incentive for this upcoming tournament is an expected $1 million first prize. Overall, Foxwoods has seen a 372% increase in tournament participation and a 25% increase in revenue from weekday participation at its poker tables. Comparing September 2002 to September 2003, there was an increase of 132% in patrons and 254% in prize pool in the casino's weekly tournaments.

-- Dec. 15-18 the WPT moves on the Bellagio in Las Vegas for the "Five Diamond World Poker Classic." The Bellagio has seen record increases in its poker room. Last year's tournament featured 146 players, a $1.4 million prize pool and a $581,000 first prize. The Bellagio has also seen record increases in its poker room. This season's $10,000-buy-in event is expected to draw 300 players and will feature another huge prize pool estimated in the $3 million range, making a first place pay-out in excess $1 million.

-- Partypoker.com which charters a cruise ship for its tournament, "The PartyPoker Million," last year drew 177 players, had a prize pool of $1 million and a first place payout of $263,000. In March, the online poker company estimates reaching maximum ship capacity of more than 500 players. The prize pool is expected to be $3.5 million, with a $1 million payday for the winner. Partypoker.com's Web site has quadrupled the number of players online since the World Poker Tour started airing. The company expects to have to charter a larger vessel for 2004.

-- The World Poker Tour Championship in April featured the highest buy-in in history for a poker tournament -- $25,000 -- and drew 111 players, competing for $2.6 million in prize money and a $1 million first prize. Those numbers are expected to increase to 200 players, with a $5 million prize pool and a $2 million first prize.

-- Totaling the estimated prize pools for all 14 of the WPT's second season tournaments, the number is close to an astonishing $30 million, three times the prize money in the tour's inaugural year.

Clearly one of the factors spurring the remarkable increase in tournament poker is the World Poker Tour's inclusion of and encouragement of non-professional players to "try their hand" at the game. Unlike other sports, with poker anyone who has the money for a buy-in can potentially end up playing against a poker legend. Furthermore, nearly all of the 14 events on the WPT offer satellite tournaments with very small buy-ins (as low as $10) where players can and have successfully played their way to a televised WPT Final Table. In fact, with four tournaments already filmed for the start of the second season, nearly a half dozen "amateurs" have played their way into WPT final tables.

"For us at the World Poker Tour, it is truly gratifying to see the impact that our innovative show has had on raising the boat for the entire poker world," says Lipscomb. "America's favorite card game has a renewed vigor in poker rooms and living rooms across the nation."

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

The World Poker Tour, a global series of tournaments united under one banner, much like professional golf, has vastly widened the television audience for poker by injecting high concept, cutting-edge television production values into the dramatic world of high-stakes, upscale, tournament poker. By projecting poker's true image -- a stylish and exhilarating sport combining cunning, skill and nerve played by unique personalities of all ages, gender and background -- TV fans have become addicted to the televised action. Revolutionary technology revealing players' hidden cards and expert commentary from poker icons Mike Sexton and Vince Van Patten enables viewers to feel like they are in the seat -- making million-dollar decisions on every hand. Host Shana Hiatt explains the game and explores the 14 luxurious locales that make up the World Poker Tour. Scoring some of the highest ratings in the history of the Travel Channel, the show continues to capture new fans, as well as to captivate many of the nation's 50 million poker enthusiasts. The World Poker Tour airs on the Travel Channel at 9 p.m. ET/PT every Wednesday night. The Travel Channel is the only television network devoted exclusively to travel entertainment. Capturing the fascination, freedom and fun of travel, the Travel Channel delivers insightful stories from the world's most popular destinations and inspiring diversions. It is available in more than 73 million homes and is a service of Discovery Networks, U.S. For more information, go to www.worldpokertour.com. For media photos, go to www.press.discovery.com.

The World Poker Tour is a joint venture between Steven Lipscomb and Lakes Entertainment Inc., which owns 78% 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.

Lakes Entertainment 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 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.

Contacts

World Poker Tour
Jackie Lapin, 818-707-1473
or
Jan Sheehan, 310-475-8231

Cobramoon · 10-29-2003, 09:31 PM

Props to Vince Van Patten for making a marvelous comeback as an announcer for the Travel Channel's Poker shows after his long hiatus since playing "Salami" on "The White Shadow"

Vince is facing some hefty divorce payments since he got caught cheating on his first wife after humping his mistress in an Encino elevator. Van Patten Patriarch Dick Van P. gave Salami the boot from the Encino Family compound, where his ex now lives with the children....

love these Poker shows though, and they do give you the itch to get out there and play a little poker.........

Louis Cypher · 10-29-2003, 09:47 PM

Cobra,

Don't forget about all his other great TV work that he's done, like Baywatch, Gidget's Summer Reunion and the ever popular When Billie Beat Bobby...outstanding performances...LOL.

At least Vince can say he has an Uncle who directed episodes of the Sopranos back in 1999...I'm sorry to say Vince did not play "Salami", that was his uncle Tim who portrayed Mario "Salami" Pettrino.

LC

Cobramoon · 10-29-2003, 10:09 PM

Louie C--

I stand corrected, and absolutely humbled. Timothy Van Patten was indeed Salami, not Vince. The extra marital affairs of Vinnie are spot on though-- some of my Hollywood pals know him. Dick Van Patten had enough problems with his "Eight is Enough" Family, not to mention his real life son going for a "quick nooner' in the elevator at the office.

Which Van Patten boy was the tennis stud, then? Maybe that was the Travel Channel's very own Vinny, but I digress. The White Shadow was a show for the ages, I especially liked the Afro on Haywood in that show when he was bringing the rock up against a full court press. Ken Howard went on to lecture at Harvard, and had a bit of a drinking problem after his stint as the Coach on that show...

Props for knowing your White Shadow/Van Patten particulars. [img]i/expressions/face-icon-small-wink.gif[/img]

Louis Cypher · 10-29-2003, 11:01 PM

Cobra,

No need for humbling sir!!

Vince was the tennis pro, ranked in the top 40 or at the very least in the top 50 at one time in his brief illustrious career.

Daddy Patten is a gambler like his son, plays big time cards with Hefner at the Mansion.

Thomas Carter who directed episodes of The White Shadow also played James Hayward (you were close though-LOL) in the series. Carter now is a big time Director for the show Hack, also directed episodes of Miami Vice, among other shows.

White Shadow was great, it's unfortunate Nathan Cook (Milton Reese) lost his life at the early age of 37 or 38...died from an allergic reaction to penicillen.

Ken Howard starred on Dynasty for a while and then moved on to the Colby's for a bit, has been in a lot of TV shows throughout his days. Here's a tid-bit of info for you...his dog is named Shadow.

LC

hockeystl · 10-29-2003, 11:12 PM

It's like fishing in a stocked lake these days in the online rooms. I love it [img]i/expressions/face-icon-small-smile.gif[/img]

Cobramoon · 10-29-2003, 11:29 PM

LC--

Thomas Carter was on an Eddie Murphy show up here in SF a few years back, directed it I believe, and some of my homies from the music video world were trying to dial in on some production work. Can't remember the name of it for the life of me, mostly LA people worked it

I can almost conjure an image of Dick Van Comb-o, Hef, Jimmy Caan and Ryan O'Neal in a game of 7 card stud at the Mansion, followed by an apres-poker dip in the grotto with some young nubiles

Vinnie took a "dip in the grotto" so to speak, and now he and his dad Tom Bradford are on the outs-- Vince never will live up to the ideal son Grant Goodeve provided Dicky VP on 8isE

Nathan Cook- was he the center? If so, he played varsity basketball in the Marin County Athletic League for San Rafael High...

What about Goldberg off the bench-- Kenny Howard had it in for that kid. I rode a train through Malaysia with a kid who'd taken Ken Howard's class at Harvard and knwe a disturbing amount of personal facts about him.... but I don't think he would have come up with the dog's name [img]i/expressions/face-icon-small-wink.gif[/img]

Louis Cypher · 10-30-2003, 01:01 AM

Cobra,

The center was none other than Warren 'Cool' Coolidge...Cook played forward...I don't think Howard had it out for Goldberg I just think good 'ol Abner Goldstein sucked...he was lucky to be a part of that team...the glory days of Thorpe, Nicky Vitaglia, Ricky 'Go Go' Gomez and Curtis Jackson just to name a few more oldies bit goodies.

Grant Goodeve? How about Adam "I'm always stoned" Rich and Willie "The Pastor" Aames? Willie now works as a child's pastor and if I'm not mistaken he toured with the Rev. Billy Graham's Crusade a few years back.

LC

Cobramoon · 10-30-2003, 01:47 AM

props to your attention toward the finer details oh great one

Unfortunately, "White Shadow"was on during my "formative years" and I was too busy out birdogging chicks and banging beaver to truly soak in the subtleties

Coolidge-- yes you are correct, sir, and he had quite the fro going too

Dick Van Combo should have smelled trouble with little Nicholas when he insisted on wearing that bowl haircut well into the show's syndication years-- last I heard Adam Rich was a regular making origami up at the B Ford Clinic on the weekends

envied Willie Aimes for doing time on "Charles in Charge" with the lovely Nicole Eggert, last I heard "Zapped 2" had been put in turnaround for the seventh time as Scott Baio is pushing 40 now...[img]i/expressions/face-icon-small-wink.gif[/img]

Louis Cypher · 10-30-2003, 02:01 AM

Cobra,

Nicole Eggert is a dish, it's to bad she took her implants out...she graced the pages of Stuff Magazine earlier this year...you got to give to Baio though, he not only got some poon from Pamela Anderson but he hit the motherlode banging Heather Locklear as well, this accomplishment was way before Tommy Lee dropped his pogo stick in both of these fine ladies and pretty much ripped thier insides apart!

FWIW...Just because I was watching the White Shadow at the early age of 14 doesn't mean I didn't have the time in getting some stink on my fingers!

LC

Cobramoon · 10-30-2003, 02:28 AM

Scott Baio deserves pie like that after having to suffer thru a season of "Chachie loves Joanie" with that skank Erin Moran

Nicole Eggert dropped off my radar screen after C in C-- one of those girls you have a major crush on in grade school, and from there it's uncharted waters-- can't bring myself to conjure up an image of my little Jamie with fake titties

Heather Locklear and I have the same birthday-- let's just say she's aged better than I and leave it at that [img]i/expressions/face-icon-small-wink.gif[/img]

Bobby C · 10-30-2003, 10:19 PM

I met Dick van Patten once. He walked into the IP racebook with Bob Lewis (or as horseplayers know him, one half of "Bob and Beverly Lewis").

Lewis had heard we had one of his horses at 100-1 in a Breeders Cup futures book. He wanted to bet ten dimes, and when he heard that we'd only take a nickel, he said, "Forget it."

This was days after Dick had made a cameo appearance on the short-lived, "The George Carlin Show" on Fox. That featured this memorable exchange:

CARLIN: Mr van Patten, can I ask you something?
DICK: (smiling) You want my autograph?
CARLIN: Nah, nobody here wants your autograph.
DICK: (smile disappears)

I chatted with Dick for about a minute (explaining why we thought it was laughable that anyone would think that we'd risk a million dollars on a bet), and try as I might, I was unable to work, "Nobody here wants your autograph" into the conversation. [img]i/expressions/face-icon-small-smile.gif[/img]

Dick was a play-by-play announcer one year for the WSOP. This was before the days of "cameras that could see the hole cards". Dick was shocked any time that any player called a bet--if there was a bet, Dick presumed that player held the nuts, and could not believe that anyone would call!

So to all of you who don't like Vince as a poker announcer, cheer up! It could've been a lot worse! Dad could've got the gig.