Soooo many things wrong.
It's called an Open, yet there are 4 divisions separated by skill level. Each division is capped at 64 players, and x number of players from each division will qualify for the actual main event.
The dates don't make sense, because it says 12/28 - 12/31. So they are going to have 4 divisional tournaments, and then a main tournament in 3 days?
Entry fee is $1,500, but you can only enter if you have an established Fargo Rating. If you don't, they will have qualifiers that are $250 to enter. So it'll cost anyone without an established FR $1,750 to play (assuming they get through the qualifier).
I don't see anything about added money, so for now I'll assume it's all from entry fees.
4 divisions x 64 players per division = 256 players x $1,500 entry = $384,000 prize pool.
On another post, they said the payouts would be
1st - 100k
2nd - 25k
3rd - 15k
4th - 10k
and paying out a total of 64 players.
I guess that's possible if it fills, and if they are including money from the qualifiers in the prize pool as well.