1283843--3/8/2006--WPT_ENTERPRISES

related topics

{customer, product, revenue}

{provision, law, control}

{competitive, industry, competition}

{capital, credit, financial}

{product, market, service}

{gas, price, oil}

{regulation, change, law}

{personnel, key, retain}

{stock, price, operating}

{acquisition, growth, future}

{system, service, information}

{operation, international, foreign}

{property, intellectual, protect}

Our success depends on our current brand and any future brands we may develop, and if the value of our brands were to diminish, our business would be adversely affected. There is a risk that we may not be able to protect the format of our episodes, our current and future brands and our other proprietary rights. Early termination of our agreements with member casinos or violation by member casinos of the restrictive covenants contained in these agreements could negatively affect the size of telecast audiences and lead to declines in the performance of all of our other lines of business. Termination or impairment of our relationships with key licensing and strategic partners could adversely affect our revenues and results of operations. The loss of the services of Steven Lipscomb or other key employees or on-air talent or our failure to attract key individuals would materially and adversely affect our business. We will face a variety of risks as we expand into new or complementary businesses in the future. Our further expansion into foreign markets will subject us to additional business risks. Lakes Entertainment, Inc. is our majority shareholder and is able to effectively control our management and operations. Lakes Entertainment, Inc. may make sales of our common stock into the market that could depress the price of our common stock. Our Board of Directors ability to issue undesignated preferred stock and the existence of anti-takeover provisions may depress the value of our common stock. Risks Related to Our Industry Our television programming may be unable to maintain a sufficient audience for a variety of reasons, many of which are beyond our control. Our ability to create and license our television programming profitably may be negatively affected by adverse trends that apply to the television production business generally. A decline in general economic conditions or the popularity of our brand of televised poker tournaments could adversely impact our business. The political or social climate regarding gaming and poker could negatively impact our ability to negotiate future telecast license arrangements, retain certain of our member casinos or pursue Internet gaming ventures as a potential source of future revenue. Government regulation of online gaming in foreign countries may restrict the activities or affect the financial results of our online venture that is under development. Internet gaming is a relatively new industry and, therefore, we do not know if the market will continue to develop and our products and services to be offered through our online gaming website, WPTonline.com, will be in demand. Our quarterly results may fluctuate, causing fluctuation of our stock price that may negatively affect the value of our common stock. The television entertainment market in which we operate is highly competitive and competitors with greater financial resources or marketplace presence may enter our markets to our detriment. The online gaming market in which we operate is highly competitive and competition with greater financial resources or marketplace presence may make it difficult for our online gaming venture to gain any market share.

Full 10-K form ▸

1283843--3/8/2006--WPT_ENTERPRISES_INC