I'm pretty sure it's open to men & women. There's nothing in the tournament rules that specifically says it's ladies only and on the tournament page I believe it says "Win a Coach Bag for you or that special someone". So I suppose us fellas can try to win it for our wives... if they deserve it that is. :D
*edit* Yeah, I just received the WGT Newsletter and it states:
WGT Newsletter: WGT Ladies Closest-to-the-Pin Tournament
Both men & women can compete, and a $5 entry fee gets you unlimited
chances to get to the top of the leaderboard and win Coach merchandise for
yourself or that special someone.