I played in a Blackjack tournement on the Glory in March (didn't win, didn't even make the finals) and here is how it worked: You had to pay for your registration at the Casino Cage, in my case it was $20.00, and they gave you a voucher that you took to the tournement table and exchanged for tournement chips (I think you received $2000 worth, but I can't remember the exact amount). They then play a fixed number of hands (I think it was 10 hands, but again, I can't remember exactly) and after that they count your chips, if you haven't already gone broke :-). The first names of top 7 quailifers are kept on a blackboard (along with their totals so that you can wager accordingly) and any players in the current round that make the list are inserted and the bottom qualifer drops off. You can enter as many times as you wish, as long as you pay the entrance fee each time. At a designated time (I think the qualifying was on for about 3 hours), they announce the names of the finalists on the Casino PA system, and they must assemble by a specified time or forfeit their position (but if there is a forfeit, they don't replace him/her). They are then each given the same amount of tournement chips and they play a fixed number of hands. The person with the most chips at the end wins first prize, which consisted of some cash, a trophy and some ship-related merchandise. I beleive there was also a prize for the top qualifier. I can't remember if there was a second prize, but I don't think so.
Hope this helps, and sorry I don't remember the exact numbers