DAVIE, Fla., Aug. 26, 2004 (PRIMEZONE) -- Midas Entertainment, Inc. (Pink Sheets:MDAS) announced that CityPoker.com began operations last week and has almost 1,000 player sign-ups since inception. CityPoker.com is powered by Midas Entertainment.
"This is a healthy start and we have only just begun our marketing efforts," stated Midas President George Gutierrez. "There will be several additional brands started within the next few months to drive even greater traffic and players to the Midas powered poker sites and we are genuinely excited about the company's great kick-off."
Poker's tremendous growth and attraction has been evidenced by such shows as Celebrity Poker and the Travel Channel's 13-week WORLD POKER TOUR series, which was a huge ratings success on television, quickly becoming the highest-rated programming on that network in 2003. Last year's World Series of Poker attracted a record 839 players and $2.5 million was won by a player who qualified by winning an online tournament at PokerStars.com. The 2004 winner of the World Series of Poker walked away with a world record prize of over $5 million, out of $49 million in total prizes, more than doubling the prize values awarded in 2003. The 2004 tournament also logged a record number of players from around the world. Movie star Ben Affleck recently won $356,400 at a Commerce Casino poker tournament that earned him a seat in next year's World Poker Tour Championship.
The Industry
A Bear Stearns report for the industry pegged annual revenue at $4.2 billion for 2003, while Christiansen Capital Advisors predicts a slightly rosier picture pointing to an estimated $4.5 billion in revenue for calendar year 2002, saying 2005 revenue could exceed $10 billion. PokerPulse.com estimates that approximately $46,237,221 is wagered at online poker sites during any given 24 hour period.
The Company
Midas' wholly owned subsidiary Creative Millennium Ventures provides gaming software to online poker sites. More details about these sites will be forthcoming in future press releases.
This news release contains forward-looking statements regarding Midas' business strategies and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties. The company's risks and uncertainties include: intense price competition, economic, political and regulatory uncertainties, the need to raise additional capital for growth and expansion and its reliance on the Internet as a means for promoting the software it sublicenses. The forward-looking statements contained in this news release speak only as of the date hereof and Midas disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in Midas' expectations or future events.