WPT Evaluates Bid

LOS ANGELES -- (PRESS RELEASE) -- 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.