Bubble Burst in 50k

The $50,000 Players’ Championship reached the bubble earlier today with day 2 chip leader Kirk Morrison the unfortunate bubble boy, leaving 16 players guaranteed almost $100,000. At this time, Robert Mizrachi is the current chip lead with over 2.5m in chips, followed by John Juanda at 2.4m in 2nd. Michael Mizrachi is currently in 5th with nearly 1.7m while Nick Schulman, and Daniel Alaei have around 1m in chips with just 13 players remaining. The Mizrachi brothers are looking to be the first brothers to make the same final table since Ross and Barny Boatman performed the feat in 2002. (Thanks to a poster on 2+2 for that info).

1k Donkament Day 2

The $1,000 NL Holdem event reached the money within the first level this afternoon, and the pace has not slowed down, with under 200 players remaining at the end of level 14. The chip leader at the dinner break is Drew Crawford at 230,000. Play continues to the end of level 20 or the final table, whichever comes first.

Omaha 8 Day 2

Around 120 players remain in the $1,500 Omaha 8 or Better event as they head to their dinner break. Phil Ivey, Allen Kessler, David Bach, Brock Parker, Andrew Black and Team Pokerati’s own Tom Schneider are some of the familiar names looking to make the money bubble at 81 players and the eventual final table.

$1,500 NL Day 1

The $1,500 NL holdem event drew a field of 2,092, with 216 making the money and the winner getting over $500,000. 638 players will return after their 90-minute dinner break. The early leader appears to be online legend Shaun Deeb with 55,000 chips. Lauren Kling is unofficially in second with 45,000, while Antonio Esfandiari, Daniel Negreanu, Mark Seif and Joe Cada off to a fast start as well.

Be sure to check the links on the right to find more content, live updates, and other WSOP-related stuff.

Fugk! I know I shouldn’t bemoan someone else’s success, but I just read about Steve Lipscomb and Lyle Berman’s new venture, an energy company called Voyager Oil & Gas. (Seventh item down.)

Back in November, when I first learned about the WPT’s imminent sale to PartyGaming, I bought up as much WPTE stock as I could, assuming it would blow up, or at least be converted to Party stock in a highly profitable way. Much to my disappointment, when the new shares showed up in my online account, they were for Lipscomb’s new company, Ante4, which had no plans just a bunch of cash. They were trading at less than a dollar a share.

Believing I had seen this repeatedly while chasing penny tech stocks in the late ’90s — almost always these companies available on the cheap gave me hope briefly before descending on an asymptotic curve towards zero — I quickly sold all I had just bought of ANTF and dumped it into PRTY.L. If only someone had told me to hold on to it! Now, just six months later, the new Lipscomb-Berman joint that I got (and got rid of) at 90something cents is trading at $3.44, for a YTD increase of 222 percent.

Why do I think for all the grief I’ve given Steve Lipscomb over the years, he’s sitting in a very happy place right now, laughing … at me?

Seriously, I can’t believe they let people gamble this way on the internet! But it’s just so hard not to with those cute baby ads making it seem like any kid with access to a computer and a credit card can do it!

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Here’s a quick rundown of what’s going on in one of the hungriest industries out there, and, game of skill or not, the parent biz of our beloved little poker world:

ALABAMA — A small little gambling fight is going down in the land Spencer Bachus represents, over a matter of semantics, technology, and the millions of dollars bingo machines represent. Bingo is legal in ‘bama … but should video bingo be? The fight is a dirty — complete with one agency repeatedly trying to raid a well-monied operation that believes it’s on the right side of the law.

CHINA — After a slow start, gambling revenues in Macau are reaching record levels.

IOWA — The Iowa Racing and Gaming Commission’s computer system got hacked, and they’re blaming China:

Chinese foreign ministry officials strongly disputed the report, issuing a statement calling it “full of bias and ulterior motives.”

Personal information in the breach included names, Social Security numbers, home addresses and dates of birth. Most of the people in the licensing database are Iowa residents, but it also includes residents of Illinois, Minnesota, Nebraska, South Dakota, Wisconsin and other states, Ketterer said.

The list includes workers such as card dealers, slot machine technicians, jockeys, trainers and owners of horses and greyhounds.

LOUISIANA — The New Orleans-to-Shreveport casino-biz is in a definite recession, one not planned for when the state planned on becoming the central-coast alternative to Las Vegas and Atlantic City. They blame Texans for not gambling enough Oklahoma and Mississippi for cutting in on their action.

NEW JERSEY — Big fight going on over laws related to the building of Revel — the east coast’s $2.5 billion version of CityCenter. Should be an interesting development to watch go up (or down) as New Jersey fights to stay competitive with the smaller casino operations set to open shop in Delaware and Pennsylvania, but not Maryland.

MARYLAND — Gov. Martin O’Malley is saying Maryland’s not gonna jump into the gambling expansion fray, despite assertions that his state is gonna lose out as neighboring locales up their casino offerings to include table games + poker.

OHIO — As we know, Lyle Berman has effectively bought himself a piece of all the newly legalized action to come in Cincinatti, Cleveland, and Toledo. But he’s run into some blowback over the location of a new casino in Columbus. The constitutional amendment voters approved in November called for a full-blown casino-resort downtown, but now a referendum on a May ballot will decide if the Penn Gaming development should be moved to a blighted part of the city.

Related: “It’s Lyle’s Ohio Now”

UNITED KINGDOM — Once upon a time, Great Britain was leading the world in all things online gambling. But regulations and tax issues are messing that up — and it’s turning into a battle of Labour vs. the Tories for the UK’s gambling future. Good rundown on some British gambling-law history and where the different parties stand on gambling in the UK … as the rest of Europe catches up.

This form 8-K was just issued by WPT Enterprises (WPTE):

Item 8.01 Other Events.

On July 28, 2009, WPT Enterprises, Inc. (the “Company”) entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Gamynia Limited (“Buyer”) to sell substantially all of the Company’s operating assets other than cash, investments and certain excluded assets to Buyer. The Purchase Agreement was disclosed in a Current Report on Form 8-K that was filed with the Securities and Exchange Commission (“SEC”) on August 3, 2009.

Under the Purchase Agreement, the Company is to file a preliminary proxy statement with the SEC within 21 days of signing the Purchase Agreement. The Company’s Board of Directors has received an alternative acquisition proposal and is following the process required by the Purchase Agreement. Until the process required by the Purchase Agreement is completed, the Company will delay the filing of a preliminary proxy statement with the SEC.

This may just be nothing, but it’s intriguing to see someone else considering purchasing most of the World Poker Tour’s assets.

An eventful Day 1d field is off to their dinner break with a record field of 2,808 for a starting day of the Main Event (with several hundred left out) starting around 12 this afternoon. About 2350 returned from dinner break (as about 15% of the field has already been eliminated today). Some notable eliminations: Lyle Berman, Huck Seed, John Salley, Scott Montgomery, Dario Minieri, Eric Baldwin, Roy Winston and Peter Feldman. The early leader is Blair Hinkle with 120,000 in chips. Other notables with an above average stack: Chad Brown (105,000), Dutch Boyd (85,000), Shannon Shorr (65,000), Vanessa Rousso (64,000), Tom “Durrr” Dwan (55,000), Ron Kluber (53,000) and Phil Ivey (52,000). More chip counts and updates can be found at the wsop.com site here. More reactions to the Refusal at the Rio can be expected on Pokerati and various other places to discuss poker on the Internet in the late night hours.

Recapping the early part of Friday’s WSOP action:

Austin Awesome in $5,000 PLO

Richard Austin took down the $5,000 Pot-Limit Omaha event in stunning fashion, eliminating Cliff “JohnnyBax” Josephy and Sorel Mizzi on the final hand when he hit a flush on the river to take down the coveted WSOP bracelet as well as $409,484. Mizzi would take second place, good for $253,048, while Josephy finished in 3rd for $166,771.

Nguyen Winning $10k Stud 8

Day 2 of the $10,000 Stud Hi/Lo 8 or Better World Championship has Scotty Nguyen, still $4,000,000 short of his goal at this year’s WSOP or he retires from poker, is the current chip leader (342,500) with 33 players remaining. Lyle Berman (280,000), John Hennigan (230,000), Greg Raymer (196,000) and Jeff Lisandro (154,000) are some of the notables remaining. Unfortunately for Pokerati readers, Tom Schneider was one of the most recent eliminations.

Woodall Waxing Competition in $2,000 NL

Warren Woodall, who had a deep run in an earlier $2,000 NL holdem event, is the current chip leader (580,000) with 68 players remaining in another $2,000 NL Holdem event. Corwin Cole (465,000), Christian Harder (375,000) and Ken Lennaard (251,000) make up a few of the notables remaining as they play down to the final table or the 3am deadline, whichever comes first.

Sands Rises in the Desert

David Sands leads the remaining 239 players from a starting field of 446 in the $2,000 Limit Holdem event with two levels left in the day. Sands currently has about 36,000 in chips, followed by John Monette (30,000), Daniel Negreanu (23,500), Alex Kravchenko (20,000) and Mickey Seagle (19,000) as notables on the unofficial leaderboard.

Follow the updates over at www.wsop.com and more pictures of ass crack here at Pokerati.

Tough times for Lyle Berman … the World Poker Tour and PokerTek honcho apparently lost a bunch of money to the Russ Hamilton of Wall Street.

The 4-card hold’em action took place last night, as seen here:

One of the cool things about poker at Excalibur is that it’s the one place where you can find 50-cent/1-dollar action in Las Vegas … and being played on electronic tables, there’s no dealer tipping. Another cool thing … you can change the game being dealt with relative ease. And that’s what they did last night when Lyle Berman showed up (with David Sklansky and a few others) to play $1/$2 Pot Limit Omaha.

($100 min buy-in, $500 max)

Berman (left), if you recall, wrote the chapter in Super/System about PLO. He also happens to be Chairman of the Board of PokerTek — makers of the PokerPro electronic tables at Excalibur.

photo: Michele Lewis

WSOP Commissioner Jeffrey Pollack and WPT CEO Steve Lipscomb taking in the spectacle of the main event and whatever it may suggest about what’s ahead on the poker horizon.

All WSOP-long I’ve been seeing Lyle Berman and feeling torn between my journalistic ethos and respect for poker etiquette. Here, the guy who has answers to everything everyone wants to know about the future of the World Poker Tour has been anywhere from 10-feet to 100 yards away from me, but I can’t bring myself to approach him mid-tourney or just after a painful bustout to pepper him with questions about whether or not the business he helped build is crumbling. Call me a wussy journo or poker fanboy, but could I really take a chance of putting Mr. Berman on tilt, especially when WPTE stock is trading for less than a dollar a share and he might really need the prize money?

But lo and behold, WPT CEO Steve Lipscomb showed up at the Rio yesterday, and he wasn’t playing! He was just taking his annual tour of the WSOP main event with buddy Jeffrey Pollack … which seemed like a great time to trip him by the shoelaces, pin him down on the ground and shove a recorder in his face while threatening to pop him with a loogie. Alas, no one had a concealed watergun in the pressbox and he was wearing loafers, but still … Lipscomb did sit down with Pokerati for almost a half hour during the main event and give some frank(ish) answers to whatever softballs I could hurl at him.

(NOTE: I didn’t know at the time that the WPT had laid off about 10 people last week and was about to give a few more their walking papers today — but now his comments about hating that part of the job make a little more sense.)

Steve Lipscomb (at the WSOP) on the future of poker and the WPT
June 6, 2008 — Las Vegas

[audio:lipscomb2.mp3]

What you don’t hear below …
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Play started about 12:20 this afternoon for day 1a of the $10,000 NL Holdem Main Event, with the UNLV Marching Band and Wayne Newton kicking things off. I’m sure those who’ve chosen days 1b-1d are thankful that they didn’t have to experience that for their start as it will probably be a bit more low-key for them when play starts. It appears that the day 1a numbers will be around 1,297, which is very slightly above the day 1a figure from last year. The mysterious figure so far appears to be in the 4500-4900 range for now, as there are 468 spots currently showing for the prize pool (of course no $ figures as of yet) if you take a look at the picture on Pauly’s site.

Among those that won’t have to worry about making the November Nine: Raymond Rahme, Tuan Lam, Roy Winston, Tom “Durrr” Dwan, Vanessa Selbst, Eli Elezra, Katja Thater, Phil Galfond, Bob and Maureen Feduniak, Chad Brown, Lyle Berman, Dan Harrington, Jason Alexander, and plenty of other names (known and unknown). The current chip leader going into the dinner break is David “Chino” Rheem, who is currently at 103,000 in chips. Other recognizable names: Blair Hinkle, Svetlana Gromenkova, Kido Pham, Noah Boeken, Anna Wroblewski, Mekhi Phifer, Maya Antonius and plenty of others. Follow the updates during the evening at the WSOP.com site here. Play starts again shortly, as they play two more 2-hour levels, then the survivors get to return on July 8 for day 2a.

More updates during the rest of the evening…

Not saying it’s not exciting to watch and follow along… Okay, maybe I am saying that. We’ve hit a rut. It has been three-handed for nearly 75 hands. While there is some form of action on many of the hands, it is getting monotonous. Am I the only one thinking about a chop here?

Seriously, since we last chatted, two players have left the field:

5th place – Lyle Berman – $444,000
The WPT will not win the WSOP. It would’ve been an amazing and interesting story for the WPT Enterprises bigwig to win the $50K HORSE championship event at the WSOP. Berman came close to winning a bracelet by going deep in the heads-up event several weeks ago… The $2 million first prize tonight might have been enough to perform a semi-bailout of the WPT, but now we’ll never know what he would’ve done with the money…

4th place – Matt Glantz – $568,320
I’m not familiar. He’s probably a great human being. Now, he’s a much richer human being.

Three-handed is taking what seems like days, but Erick Lindgren isn’t going out that easily. Up until now, the shortest stack is typically the next to go, and it hasn’t taken terribly long to make that happen. But E-Dog is staging a comeback. Whether it is his enormous fan/friend support in the audience, the $2 mil, the Chip Reese trophy, the title of champion in this prestigious event, or all of the above, Lindgren is doing his best to get back on the horse. (Get it? Horse? HORSE? Work with me here; I’m tired…)

UPDATE: 2:30am PST – Still three handed. Nearing hand #235. DeMichele with 5.73 million, Nguyen with 4.605 million, and Lindgren with 4.465 mil. And you thought I was exaggerating when I indicated this may never end…

UPDATE: 4am PST – There are some signs that this might end before the presidential election. Updated chip counts, courtesy of PokerNews: Nguyen 10,085,000; DeMichele 3,040,000; Lindgren 1,675,000.

It has taken over three hours to see three players hit the door in the $50K HORSE. It has seemed slow at times, but the intensity at the table dictates that this could be a long night.

8th place – Patrick Bueno – $230,880
He was the short stack with less than 700K upon sitting down today, so it was only a matter of time before he would make a move. He did it against Lyle Berman and lost. The French businessman bid adieu to the table.

7th place – Huck Seed – $284,160
Huck never has much to say, and neither do I.

6th place – Barry Greenstein – $355,200
Though he’s not the kind of guy most people would want at a fun dinner party, Barry’s story at the WSOP, especially in this event, would have been a great one. He is the only player to have cashed in each of the three years that the $50K HORSE has been played, and this was his second year in a row for a final table in it. He already won a WSOP bracelet a few weeks ago in seven-card razz, but he couldn’t pull of the big one with his short stack. (That just sounded wrong, I know.) He did earn his sixth cash of the WSOP, though. Not a bad showing for the Bear this year so far.

After 75 hands, Michael DeMichele has taken the chip lead. Lookie here for the PokerNews chip counts:

Michael DeMichele – 3,700,000
Erick Lindgren – 3,400,000
Scotty Nguyen – 3,300,000
Lyle Berman – 2,200,000
Matt Glantz – 2,150,000

Finishing the action from last night, with the Sunday preview that’s not really a preview:

The HORSE final table is now set for 3pm to be under the really hot lights of the ESPN cameras. Here’s how this stacked lineup will be seated at that table:

Seat 1: Matt Glantz (Philadelphia, Pennsylvania) — 1,445,000
Seat 2: Huck Seed (Las Vegas, Nevada) — 1,200,000
Seat 3: Patrick Bueno (Paris, France) — 695,000
Seat 4: Lyle Berman (Minneapolis, Minnesota) — 1,430,000
Seat 5: Scotty Nguyen (Las Vegas, Nevada) — 3,535,000
Seat 6: Barry Greenstein (Rancho Palos Verdes, California) — 1,955,000
Seat 7: Michael DeMichele (Las Vegas, Nevada) — 905,000
Seat 8: Erick Lindgren (Las Vegas, Nevada) — 3,680,000

The other final table for today the $2,000 NL Holdem event, will be held in some corner of the Amazon room at 3pm, but here’s what that final table will look like:

Seat 1: Dan Rome 650,000
Seat 2: Ryan D’Angelo 520,000
Seat 3: Marco Johnson 2,135,000
Seat 4: Kirill Gerasimov 1,145,000
Seat 5: Robert Brewer 1,050,000
Seat 6: Gabe Costner 1,475,000
Seat 7: Alan Cutter 535,000
Seat 8: Alexandre Gomes 1,075,000
Seat 9: Sverre Sundbo 685,000

The $5,000 NL Holdem 6-handed final table finally ended after 6 hours of heads up play when Joe Commisso finally eliminated Richard Lyndaker to take down the bracelet and just over $911,000. Commisso had to be wondering if he’d ever win after having Lyndaker dominated 7-1 on 3 separate occasions, only for Lyndaker to claw back into contention and take the chip lead. Between the two of them there was almost a dozen all in confrontations where the smaller stack would win, which turned out to be a one in 600-something possibility.

Other tournament action on the next page:
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Wrapping up yesterday’s action, with a preview of today’s tournament (with a moment of silence for John Bonetti):

The $5,000 NL Holdem 6-handed event finally reached their final table at around 5:30am, now they have to attempt to get some rest before returning in front of the watchful eye of the ESPN360 cameras at 2pm with this sextet:

Seat 4: Richard Lyndaker 2,345,000
Seat 3: Joe Commisso 1,961,000
Seat 5: Tom Lutz 1,493,000
Seat 1: Samuel Trickett 1,045,000
Seat 6: Edward Ochana 928,000
Seat 2: Davidi Kitai 298,000

The $1,500 Stud Eight or Better stopped play with 13 players remaining as they play down to a winner starting at 3pm. Here’s the approximate chip counts of the baker’s dozen (chip counts and seats to be rearranged later):

(Table 14)
Seat 1: Ryan Hughes 73,000
Seat 4: Margaret Macre 173,000
Seat 5: James Richburg 274,000
Seat 6: Ron Long 33,000
Seat 7: David Brooker 45,000
Seat 8: Daniel Nicewander 41,000

(Table 15)
Seat 1: Mike Hefer 71,000
Seat 2: Tim D’Alessandro 82,000
Seat 3: David Sklansky 110,000
Seat 4: Thomas Hunt III 101,000
Seat 6: Alessio Isaia 172,000
Seat 7: Joshua Feldman 121,000
Seat 8: Jonas Klausen 346,000

Other tournament action (plus the final 24 in the $50k HORSE) on page 2:
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By the end of Day 2 of the 5-day event, there were only 67 players left standing in the tournament. The 81 players who have been eliminated left $4,050,000 behind for the others.

Among those gone from the field is reigning champion Freddy Deeb, courtesy of Steve Zolotow in an Omaha-8 hand. Last year’s second-place finisher Bruno Fitoussi was taken out of this year’s event by Hasan Habib in a razz hand. David Singer’s run for a third final table in three years was thwarted by Rob Hollink in a stud-8 hand early on Day 2.

Taking a look at what is possible, there are several players who could make for some interesting stories here:

1. Barry Greenstein cashed in 2006 (12th place) and 2007 (7th place).

2. 2007 final table players who are still in the running to make it happen a second year in a row include John Hanson, Kenny Tran, Thor Hansen, Gabe Kaplan, and Greenstein. It won’t be possible for Amnon Filippi because though I swore I saw him on Day 1, it seems that he didn’t play this event as his name is not on the bust-outs or chip count list.

3. Of course, Doyle Brunson could make a run at that 11th bracelet, and he would win the first-ever Chip Reese commemorative trophy. Could there be anything better?

There are more stories to develop as the field thins further. The chip leader going into Day 3, which starts in just moments, is Lyle Berman. Could a WPT guy win the biggest tournament at the WSOP? Let’s see how it goes! Updates throughout the evening…