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Online Casino News - August, 2009

WPT Enterprises Opts for Party Gaming Instead

 

  Seed Newsvine

by Mira Patel, News Staff Writer

August 25, 2009

Following up on news earlier this month that World Poker Tour Enterprises was being bought out by private investment firm, Gamynia Limited, the poker empire (not to be confused with Empire Poker) announced it will instead be accepting a buyout offer from online poker empire, Party Gaming, to the tune of $12.3 million and a minimum revenue share payment of $3 million over the next three years.

Slightly over $3 million more than Gamynia was offering for all of WPT Enterprises, the Party Gaming offer was said to be "financially superior", according to WPT Chief, Steve Lipscomb.

All this even without online marketing firm and online casino operator, Hardway Investments (manager of Casino Tropez), who was originally brought into the Gamynia deal by investors to ensure WPT's success over the internet. In an effort to give WPT a "return to online gambling", Lipscomb said Party Gaming will be able to successfully expand the WPT brand globally.

Whether or not this expansion planning is to include the United States remains to be seen. Since Party Gaming no longer does business in the U.S. (settling a $105 million fine to keep from being prosecuted back in April), the U.S. market is likely to only sit on the back-burner until online poker regulation is passed in the U.S.

While WPT investors were pleased with the deal, Party Gaming's stock actually went down following the news of the buyout. All things considered, Party Gaming's next earnings report should improve confidence and stock prices should rise once again.


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