Friendly advice from a former PPS player: if you're new, you probably can't even 'no life' it and get to 1M EP. I have 622K SED and I can get there, but if you go in right away you're going to be spending full Focus on lvl 2 EGs (and hardly anybody will help you with EGs that low except for people trying to max their number of EGs, which is only a subset of players). What can possibly help you is using some of the free stamina under lvl 10 to level yourself up on one of the non-event quest lines (and pick up some more/better girls along the way to increase your SED) before you focus on the event.
As for 'what is the gameplay,' it's all the slot machine thing to move a progress bar toward 100%. The lips 'are' a wildcard, but only in certain combinations which will make the reels spin multiple times to give you an 'ALMOST.' Blue ALMOSTs can fail, red ones always come through with a CHANCE from which you will draw girl cards. It isn't a chance to get a card, it's a chance to get which of the six cards they present. The more times the reels auto-spin, the better cards you can get. Save any card reveals for times when you get 5 picture flashes...any less and it isn't guaranteed to be a SR.