RE: Sinking WPTE Stock Prices

WSOP and/or Full Tilt to buy the World Poker Tour?

by , Oct 11, 2008 | 3:49 pm

Pure conspiracy theory … inspired by the winner’s pic of “Harold and” Vivek Rajkumar proudly displaying his WSOP WPT bracelet at the Borgata. Without even a rumor to base this on (just circumstantial observations and wild speculation) I called Pauly hoping we could start one. Pauly was in London after covering the entirety of the last WPT event in Atlantic City, and had a brief stop-over in Amsterdam, which I figured put him in the exact right frame of mind to feel the rhymes I was droppin’ … and sure enough, by the time our jam was done we’d have Full Tilt moving in on PokerStars’ brick-and-mortar territory by bailing out Steve Lipscomb & Friends in an effort to challenge the EPT.

So you heard it here first … be sure to spread the word:

Tao of Pokerati: Episode 2.1
WPT Bailout Rumors (7:28)


2 Comments to “RE: Sinking WPTE Stock Prices ”

  1. Kevin Mathers

    If Stars or FTP buy the WPT, won’t they have to move most of the tournaments outside the US (unless they try to run it under the .net moniker). If the UIGEA gets repealed, then I think it would make the WPT that much more valuable of a property. The first Harrah’s WSOP Circuit event drew smaller entries year over year (the Caesars Indiana Me drew 84, down from 144 last year); so Harrah’s may not be interested in adding another poker tour to their roster.

  2. bluffdiver

    I strongly believe that within the next six months, WPT will either be taken private by Lipscomb and Berman or bought out by Harrahs, MGM or Party Poker. Most likely the deal will occur before WPTE’s stock in delisted from the Naz.

    People are looking forward to the potential repeal of the UIGEA and WPT looks to be a valuable asset in that environment. Also, keep in mind these numbers when considering the value of WPTE. The company currently has zero debt and reported cash and “marketable” securities of $24 million on its balance sheet at the end of last qtr. In addition the company has a $3 mill investment in Cecure, a British mobile game company. When you consider that the company currently has a market cap of just $10 million, you can see attractiveness of acquiring this company.

    It definitely needs mentioned, however, that $12.5 million of their “marketable” securities are currently frozen in ARS. Although, significant steps have been made recently regarding banks repurchasing these bonds, so it looks much better now than a few months ago.