LACOE Lakes Entertainment (MM)

As previously reported, on July 7, 2005, WPT Enterprises, Inc. (WPTE) received an offer for the acquisition of WPTE. The offer failed to provide sufficient information for WPTE to determine its credibility. Consequently, and as described below, WPTE still does not have enough information to evaluate the credibility of the offer. WPTE received the offer for the purchase of the company on July 7, 2005 from the Las Vegas-based law firm of Goodman and Chesnoff, purporting to represent a group of investors headed by Doyle Brunson. The term sheet proposed a purchase price of $700,000,000 but otherwise failed to provide sufficient information for WPTE's management and Board to determine its credibility. The term sheet indicated that the offer would expire on Tuesday, July 12, 2005 at 5:30 p.m. (with a provision for WPTE to request a one week extension). The offer was publicized by issuance of a press release that was released without consulting with WPTE. WPTE contacted the Goodman and Chesnoff firm in an effort to substantiate the credibility of the offer but was not provided with any additional information. After market close on July 8, WPTE was ultimately informed that the Goodman and Chesnoff firm was no longer involved in the matter. WPTE made further attempts through the weekend to obtain more information but was unsuccessful. Therefore, WPTE currently is unable to substantiate the credibility of the offer it received last week. If the offer cannot be substantiated and accepted by Tuesday at 5:30 p.m., the offer will lapse by its own terms. "While WPTE is not actively pursuing offers, it will seriously consider the merits of this or any other offer once it receives the requisite foundation information," stated Steven Lipscomb, WPTE's President and CEO. All questions and requests for information regarding this matter should solely be directed to the investor contact provided below. About WPT Enterprises, Inc. WPT Enterprises, Inc. (Nasdaq: WPTE) is a company engaged in the creation of branded entertainment and consumer products driven by the development, production, and marketing of televised programming based on gaming themes. We developed and own 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 100 territories globally through various cable and network channels. We license our 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: LACOE). Photos and media information can be found online at: www.worldpokertour.com. (WPTEG)