Monaco to Host Record-Breaking Poker Tournament with $250,000 Buy-In

The International Poker Players Association (IPPA) is organizing a high-stakes poker tournament in Monaco with a buy-in of $250,000. The tournament will be held from November 29 to December 2, 2010, in a shootout format.

The event is limited to 48 participants, with the first place prize being $5,000,000. The IPPA was founded by professional player Yoshio Nakano, who emphasized that the tournament will feature high-stakes, known players, and television broadcasts.

Confirmed participants include Patrick Antonius, Phil Ivey, Tom Dwan, Huck Seed, Gus Hansen, Michael Mizrachi, Johnny Chan, and Allen Cunningham. The tournament will be broadcast on television, and the current record for the highest buy-in tournament is held by the Aussie Millions high roller event, with a buy-in of $100,000 Australian dollars. The IPPA had planned to hold a $250,000 buy-in tournament in 2009, but it was canceled due to lack of interest. This year, the tournament will feature a multi-level satellite structure with 'equity rebuy' options.