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World Poker Tour Has Been Sold
August 4, 2009
The World Poker Tour has recently announced that they have come to an agreement with Gamynia Ltd. which will see the business being sold. The parent company of the WPT has decided that they would like to sell the poker side of their business and use the capital to invest in other industries. The World Poker Tour has been posting profits the past couple quarters, so it isn’t like the company was losing money, they just decided that it didn’t fit into their business plan anymore.
The entire sale should be completed by the end of this year although it will need to be approved by the stockholders first. In an initial survey most of the shareholders have approved the sale so there should be no issue with the completion of the sale. Gamynia Ltd. will be paying $9.075 million for the company which includes a lot of property. Many poker players have reported that the move should help the WPT become more of a giant in the industry because it’s currently lacking.
There is currently a new season being filmed for the WPT which is going to be the 8th season overall. It should be interesting to see if the WPT begins to expand over the next three years or if they just keep it how it is. I have a feeling that the new owners will be investing some money in the company and taking it to the next level. There is plenty of room for growth in the US Market for live tournaments and we’ll see what action is taken by the new owners of the World Poker Tour.
As apart of the deal none of the stockholders will be given any of the money from the sale. The stock has dropped off a bit with the sale of the company, but it’s expected to rebound. The WPT has been seeing dips in revenue, but they have been able to cut costs significantly over the past year which has helped them post consecutive profitable quarters before the sale.
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