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Lakes Entertainment Swings to Profit on World Poker Tour Gains

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During the first quarter of 2006, WPT Enterprises and the Travel Channel entered an agreement to air the new Professional Poker Tour series. The series, which features invitation-only tournaments with top-ranked poker players, is scheduled to begin airing regularly in the third quarter.

Minnetonka-based Lakes (Nasdaq: LACO) also benefited from $900,000 in new online gaming revenue from Los Angeles-based WPT Enterprises, which did not generate any such revenue a year earlier. The company also gained $5.7 million in the first quarter from the sale of 630,000 shares of PokerTek Inc. (Nasdaq: PTEK) common stock held by WPT Enterprises.

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