March 9, 2005

WEST HOLLYWOOD, Calif.--(BUSINESS WIRE)--WPT Enterprises, Inc. (Nasdaq:WPTE) announced results today for the fourth quarter ended January 2, 2005. Highlights for the quarter included strong holiday sales of WORLD POKER TOUR (TM) (WPT) branded consumer products, the announcement of a sponsor for Season 3 of the WPT in Anheuser-Busch Michelob AmberBock, the closing of agreements to expand distribution of the WPT television show to additional international territories including the Caribbean and Latin America and the finalization of the Company's agreement with WagerWorks to develop a WPT-branded real-money gaming website.

Revenues for the fourth quarter of 2004 (ended January 2, 2005) were $5.7 million compared with $379,000 in the fourth quarter of 2003. Total revenues for the twelve-month period ended January 2, 2005 were $17.6 million compared with $4.3 million for the corresponding period in 2003. Net loss for the quarter was $459,000 or a loss per fully diluted share of $0.02. Earnings for the twelve-month period were $752,000 or earnings per fully diluted share of $0.04.

"We are extremely pleased with our fourth quarter 2004 results -- representing our first full quarter as a public company -- highlighted by the expansion of the distribution of the WORLD POKER TOUR (R) show to over 60 countries," said Steve Lipscomb, President of WPTE. "The success of the show -- the highest rated series in Travel Channel history -- continues to generate new business opportunities for the company through branded merchandise, sponsorships and online gaming."

Domestic television license revenues grew to $3.2 million in the fourth quarter of 2004 from $300,000 in the fourth quarter of 2003. The company delivered eight Season 3 episodes to the Travel Channel LLC (Travel Channel) during the fourth quarter of 2004 compared to one Season 2 episode delivered during the fourth quarter of 2003. The remaining Season 3 episodes are expected to be delivered in the first and second quarters of 2005. Additional revenues of $2.5 million in the fourth quarter of 2004 were derived from a combination of international television licensing, product licensing, merchandise sales and sponsorship fees.

Cost of revenues of $3.2 million in the fourth quarter of 2004 was related primarily to the production of Season 3 episodes of the WORLD POKER TOUR (R) show and the production of the premiere season of the PROFESSIONAL POKER TOUR (TM), WPTE's newest television show concept. Also included in cost of revenues in the fourth quarter of 2004 was approximately $656,000 in non-cash compensation expenses related to consultant stock options that were granted at the inception of the company. Cost of revenues of $317,000 in the fourth quarter of 2003 was related primarily to the production of Season 2 episodes of the WORLD POKER TOUR (R) show. Cost of revenues in the fourth quarter of 2003 also included $113,000 in non-cash compensation expenses related to consultant stock options.

Overall gross margins were 44.4% in the fourth quarter of 2004 compared to 16.4% for the fourth quarter of 2003. The higher gross margins in the fourth quarter of 2004 reflect higher revenues from international television licensing and product licensing during the quarter.

Selling and administrative expenses were $3.0 million in the fourth quarter of 2004 reflecting increased headcount costs, professional service fees, and product licensing commissions. Selling and administrative expenses in the fourth quarter of 2003 were $624,000 primarily consisting of headcount costs.

As of January 2, 2005, the Company had no debt. Total cash and short-term investments available was approximately $32.3 million.

WPTE's continued attention to expanding the reach of the television show has translated into leverageable opportunities in merchandising, consumer products, events and international distribution. The addition of an international gaming site -- to be deployed in conjunction with WagerWorks in the second quarter of 2005 -- will enable WPTE to build on its positive momentum during the upcoming year. Due to fewer episodes scheduled to be delivered during the period, revenue in the first quarter of 2005 is forecast to range from $2.9 - $3.5 million.

"We believe that the WPTE has established an excellent foundation for future growth as evidenced by our healthy financial position and expanding relationships," said Mr. Lipscomb. "Our early mover advantage in the U.S. -- the world's largest poker market -- has provided us with an opportunity to leverage our experience in new markets internationally and online. Consequently, we expect the strength of the WPTE brand and the quality of our customer experience will help to expand our base of customers and partners in 2005."

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 more than 50 markets 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. (Nasdaq:LACO). Photos and media information can be found online at: www.worldpokertour.com.

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