Taxes on Charity Tourney Prize Wins

[GrunchCan]

I'm thinking of entering this WSOP satellite in Chicago:

This is a charity event, so there aren't any cash prizes. But the grand prize is a seat at the WSOP ME.

I'm wondering, what are the tax implications of winning this event? If I win the $10,000 seat, is that recorded as $10K of income, on which I have to pay income tax?