WPT Enterprises, Inc. Completes Review of Strategic Alternatives and Will Remain Independent

WPT Enterprises, Inc. Completes Review of Strategic Alternatives and Will Remain Independent

LOS ANGELES, Sept. 5 /PRNewswire-FirstCall/ -- WPT Enterprises, Inc. (NASDAQ:WPTE) today announced that following a comprehensive review of its strategic alternatives with the assistance of its financial advisor, it will remain independent and continue to pursue a stand-alone business strategy at this time. The Board of Directors and management believe that the successful execution of this strategy provides the opportunity to enhance shareholder value. WPTE announced on February 7, 2006 that it engaged Thomas Weisel Partners LLC as its financial advisor to assist with its evaluation.

The Board of Directors believes that the Company possesses a number of significant near and long-term value drivers, including opportunities for continued improvements in its current revenue and earnings generators, including new sponsorships for Season V of the World Poker Tour television series and a re-launch of its online gaming business in 2007.

Steve Lipscomb, Founder and Chief Executive Officer of WPT Enterprises, said, "We are pleased with the progress we continue to make in growing our business and the WPT brand. During the second quarter we delivered a combined nineteen World Poker Tour and Professional Poker Tour episodes and added several new sponsors. Additionally, we recently announced our plans to re-build our online gaming business using technology from CyberArts. We believe that the global poker industry continues to provide opportunities for our growth, and we are very optimistic about our future as an independent company."

About WPT Enterprises, Inc.

WPT Enterprises, Inc. (NASDAQ:WPTE) 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 in more than 150 markets globally. With the WPT in its fifth season, WPTE has launched a second series on the Travel Channel, the Professional Poker Tour(TM), which focuses on the play of poker's leading stars. WPT also operates a real-money online gaming website, www.wptonline.com, which prohibits wagers from players in the U.S. and other restricted jurisdictions. 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. The company is also engaged in the sale of corporate sponsorships. For show information, tools for improving poker play, and other WPT news, fans may log on to www.worldpokertour.com. WPT Enterprises, Inc. is a majority owned subsidiary of Lakes Entertainment, Inc. (NASDAQ:LACO). 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's online gaming business, the development of WPTE corporate sponsors and other business development activities, as well as statements regarding industry growth and WPTE's business strategy. 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; difficulty of predicting the growth of our online casino business, which is a relatively new industry with an increasing number of market entrants; the increased time, cost and expense of developing and maintaining WPTE's own online gaming software; the potential that our television programming will fail to maintain a sufficient audience; 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 WPT 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.
310-954-1100
agreenebaum@icrinc.com / apooley@icrinc.com

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

Photo: 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 Investor Relations, Andrew
Greenebaum, agreenebaum@icrinc.com, or Allyson Pooley, apooley@icrinc.com,
both of Integrated Corporate Relations, Inc., +1-310-954-1100, for WPT
Enterprises, Inc.

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

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