Majestic Star is good and bad
Majestic Star has this tournament every other month. I started playing it in Nov.,2004 (won 1st place).

Competition is 90% "dumb lucky" players. The other 10% is fair to decent quality. No advantage players that I've seen.
Great equity - $60 buy-in, 120 players (approx.), $10,000
GUARANTEED prize pool, $5,000 first place with a chance to win an additional $1,000 on one hand if you are the 1st place winner.
Elimination format: 1st round - 3 advance, 2dn round - 1 advance, 3rd round (semi-final) - 2 advance. Start to finish takes about 7 hours.
Downside - very disorganized, becomes frustrating trying to find out when you play next (assuming you advance) or when wild cards are drawn. But you do get free sub sandwiches. I eat all my meals there when I play, hay, its free.
Downside - They usually fill up. If not pre-registered, start registering at 10:00AM (play starts at 12:00 - but they are usually late). Usually filled up by 11:00AM, sometimes earlier.
Downside - Very bad neighborhood. You are OK if you use the right roads, if not you may find yourself dead or if they feel kind - they'll tie you up, beat the crap out of you, and steel all your stuff.

If you decide to try, let me know, I'll give you directions to keep safe.
I play in every tournament they have. In spit of the downside, equity is great, players poor, and all those free subs.

How can a man resist.