Firm Hires Las Vegas Auditor

17 August 2005

LAS VEGAS, Nevada -- WPT Enterprises Inc., which owns the traveling poker tournament called the World Poker Tour, has hired Piercy Bowler Taylor and Kern to serve as its independent auditor.

The Las Vegas firm replaces Deloitte and Touche, which resigned because of WPT's involvement in an online gambling site.

Separately, WPT majority owner Lakes Entertainment Inc. said today its quarterly financial report ended July 3 -- as required by the Securities and Exchange Commission -- will be further delayed beyond a previous extension to Aug. 19.

The company, which owns about 62 percent of WPT Enterprises, also hasn't filed its annual report for 2004 nor its report for the quarter ended April 3 with the SEC. Last month Deloitte declined to stand for reappointment as the company's auditor and will resign once it has completed an audit of Lakes' 2004 annual report and financial statements for the fiscal year ended Jan. 2. Lakes was delisted from the Nasdaq stock market this month.

Lakes said it plans to engage a new auditor for its 2005 fiscal year.

The SEC had questioned Lakes' accounting for development costs and advances related to Indian casinos. Those comments have not yet been resolved, Lakes said.


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