An exciting hour's play has seen the event reduced to a final two participants, going at it mano a mano for the bracelet.

Here's the news from the felt as the tournament enters its final few gripping moments.

Nguyen Peters Out (OUT - 4th)

Peter Nguyen found himself pretty short and moved all-in from the button for $225,000. Rasmus Nielsen realised he would be doing this with a pretty wide range and called with K J.

His intuition proved correct as Nguyen flipped the behind, but live, hole cards of 9 7.

The flop looked to have Nguyen home and dry though as it popped out 7 7 4. Wowzer, trips for Nguyen and a double up all but assured.

The dealer went through the formality of sliding out the turn the K.

Well two pair for Nielsen, but still way behind Nguyen's trips. All over bar the singing, the dealer dealt the river, which was the K!!!!!

Wow, the famous suck, re-suck had taken another victim, Nguyen looks shell shocked but appreciates the applause from the crowd as he is eliminated in 4th spot, winning $233,734.

Conroy Counted Out (OUT - 3rd)

John Conroy popped it up to $175,000 on the button and the rampaging Nielsen, buoyed by knocking our Nguyen in such dramatic fashion re-raises all-in.

Conroy calls for his stack, showing A Q and it proves a good one as he has Nielsen dominated, his holding a weaker A 8.

Once the flop fell out 8 5 5 though, the tables had been turned and Nielsen found himself well in front, Conroy praying for a lady to dig him out of his hole.

It wasn't to be however as the turn and river came baby cards to leave Conroy the latest open mouthed victim of Nielsen who is doing a demolition job on the tournament at present.

John Conroy is OUT, eliminated in 3rd spot, winning $278,255.

The latest dramatic elimination leaves JC Tran heads up versus Nielsen. After a series of great results but near misses for Tran, can he close the deal here and pick up a bracelet, or can Nielsen keep his red hot streak going to blaze to the title?

It should be a fascinating heads up!

Nielsen currently has a 5:2 chip advantage over Tran.

We remain five-handed in Event 49, the second-last $1,500 No Limit Hold'em tournament of the season. Rasmus Nielsen is currently the man, dominating the proceedings and taking a massive chip lead over the rest of the field.

Here's how the last hour played out on the final table soundstage:

Nielsen Takes Lead!

Rasmus Nielsen raises to $110,000 from late position and J.C. Tran makes the call in the big blind. The flop comes J 9 6 and Tran check-calls Nielsen's $165,000 wager. The turn is the K and Tran again check-calls, this time to the tune of $400,000. The river is the 6 and Tran checks once more.

Nielsen thinks before betting $1 million and Tran deliberates some before making the call. Nielsen turns up a pocket pair of nines and Tran can't beat the boat. He mucks and Nielsen rakes a giant pot.

Conroy Shoves!

From the button, John Conroy raises and is called by Peter Nguyen in the big blind. The flop comes 9 6 2 and Nguyen bets out $175,000. Conroy moves all-in for $400,000 and after some thought Nguyen lays it down, giving Conroy the pot.

Conroy Shoves Again!

On the next hand, Conroy raises from the cut-off and Nguyen makes the call in the small blind. The flop comes A A 7 and Nguyen checks to Conroy, who moves all-in, putting Nguyen to a decision for his last $510,000. Eventually, Nguyen lays it down and Conroy takes another pot.

UPDATE: Pelton Plastered!

Joe Pelton open-shoves on the button for his last $320,000 and J.C. Tran makes the call in the big blind, showing K J to Pelton's Q 6. The flop comes 7 6 2 and Pelton takes the lead, but after the turn is the 8 the river is the K and Tran rivers a better pair. Pelton is eliminated in fifth place and takes home $191,068.

Chip Counts!

Here are the current chip counts, courtesy www.worldseriesofpoker.com: