WPT Enterprises Evaluates Unsolicited Bid

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)