WPT Enterprises, Inc. Updates Guidance and Will Present at the 8th Annual ICR XChange Conference

WPT Enterprises, Inc. Updates Guidance and Will Present at the 8th Annual ICR XChange Conference

LOS ANGELES, Jan. 11 /PRNewswire-FirstCall/ -- WPT Enterprises, Inc. (NASDAQ:WPTE) today announced that Todd Steele, the Company's Chief Financial Officer, will be presenting at the 8th Annual ICR XChange Conference to be held on January 12-13, 2006, at The Ritz-Carlton in Naples, Florida.

WPT Enterprises, Inc.'s presentation is scheduled for Thursday, January 12, 2006 at 12:45 p.m. EST. The presentation will be webcast live and archived online on the Investor Relations section of the Company's website at www.worldpokertour.com and at www.icr-online.com/conference/X8/webcast.html.

Consistent with previous guidance, the Company expects revenues for the fourth quarter 2005 to be in the range of $4.5 - $5.0 million. However, the Company now expects a pre-tax loss of approximately $1.5 - $2.0 million for the quarter. This change is attributable to higher SG&A expenses in the quarter, primarily marketing expenses related to its online business, WPTonline.com. For fiscal year 2005, the Company now expects a pre-tax loss of $5.0 - $5.5 million, which includes costs of approximately $3.6 million attributable to the premiere season of the Professional Poker Tour which were expensed during the year in accordance with WPTE's policy to expense production costs if a firm commitment or an executed distribution agreement is not in place. Further, the Company expects that marketing expenses for WPTonline.com will be approximately $2.5 million during 2005.

About WPT Enterprises, Inc.

WPT Enterprises, Inc. is a company engaged in the creation of internationally branded entertainment and consumer products driven by the development, production, and marketing of televised programming based on gaming themes. WPTE is the creator of the WORLD POKER TOUR(R), a television show based on a series of high-stakes poker tournaments that airs on the Travel Channel in the United States and more than 120 countries and territories globally. WPT Enterprises currently licenses its brand to companies in the business of poker equipment and instruction, apparel, publishing, electronic and wireless entertainment, DVD/home entertainment, casino games, and giftware. For show information, tools for improving poker play, and other WPT news, fans may log on to www.worldpokertour.com. The company is also engaged in the sale of corporate sponsorships. WPT Enterprises, Inc. is a majority owned subsidiary of Lakes Entertainment, Inc. Photos and media information can be found online at: www.worldpokertour.com/media.

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 WPT Enterprises, Inc.) contains statements that are forward-looking, such as statements relating to the expansion of WPTE's brand licensing, the development of new television and film projects, the development of WPTE corporate sponsors and other business development activities, as well as statements regarding other capital spending, financing sources and the effects of 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 WPTE. These risks and uncertainties include, but are not limited to, WPTE's significant dependence on the Travel Channel as a source of revenue; the potential that our television programming will fail to maintain a sufficient audience; difficulty of predicting the growth of our online casino business, which is a relatively new industry with an increasing number of market entrants; the risk that competitors with greater financial resources or marketplace presence might develop television programming that would directly compete with WPTE's television programming; the risk that WPTE may not be able to protect its entertainment concepts, current and future brands and other intellectual property rights; risks associated with future expansion into new or complementary businesses; the termination or impairment of WPTE's relationships with key licensing and strategic partners; and WPTE's dependence on its senior management team. For more information, review WPTE's filings with the Securities and Exchange Commission.

Company Contact: Todd Steele, Chief Financial Officer
323-330-9900
tsteele@worldpokertour.com

Investor Relations Contact: Andrew Greenebaum / Allyson Pooley
Integrated Corporate Relations, Inc.
310-395-2215
agreenebaum@icrinc.com / apooley@icrinc.com

(Logo: http://www.newscom.com/cgi-bin/prnh/20050809/LATU100LOGO )

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20050809/LATU100LOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: WPT Enterprises, Inc.

CONTACT: Todd Steele, Chief Financial Officer of WPT Enterprises, Inc.,
+1-323-330-9900, tsteele@worldpokertour.com; or Andrew Greenebaum,
agreenebaum@icrinc.com, or Allyson Pooley, apooley@icrinc.com, both of
Integrated Corporate Relations, Inc., +1-310-395-2215, for WPT Enterprises,
Inc.

Web site: http://www.icr-online.com/conference/X8/webcast.html

Web site: http://www.wptonline.com/

Web site: http://www.worldpokertour.com/media

Web site: http://www.worldpokertour.com/

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