WPT Enterprises Inc., the organizer of televised poker tournaments, officially filed for an IPO on Thursday.

WPT is a subsidiary of Lakes Entertainment Inc. in Minnetonka which currently owns about 80 percent of WPT.

In its filing with the Securities and Exchange Commission, WPT said it hopes to raise about $32.2 million by offering 4 million shares at $5 to $7. The money will be used to expand WPT's activities.

In February, Lakes had projected the IPO could raise $20 million.
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The new shares will be offered to the public through Minneapolis brokerage firm Feltl and Co. The broker also has an option to buy another 600,000 shares if the initial offering proves to be popular.

WPT Enterprises will be based in West Hollywood, Calif., the SEC filing stated.

Lakes is headed by Minnesota businessman Lyle Berman and reported 2003 revenue of $4.3 million with a net loss for the year of $4 million.

Shares of Lakes Entertainment (Nasdaq:LACO) closed up 28 cents, or 1.1 percent, at $25.54 Friday.

Source: The Business Journal