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Lakes Antes Up $3.3 Million for Televised World Poker Tour8 July 2002MINNESOTA – As reported by the Minneapolis Business Journal: "Lakes Entertainment Inc. had to put up $3.3 million to obtain its 78 percent stake in the launch of a televised World Poker Tour, SEC filings show. "Lyle Berman, chairman and CEO of Minnetonka-based Lakes, admits the venture is something of a risk because it hasn't been done before, but said it is `a defined risk' and has the potential for `a big reward.' Lakes' main business is running casinos for Indian tribes; it is currently between casino contracts and without revenue. "`There are 50 million people in the country who play poker on a semi-regular basis. More people play poker than play golf or watch football,' Berman said. "…Poker players not only will appreciate the sport, they also will be able to use the shows to learn how to play better poker because the audience will see the players' hands during the game…" |