There’s a corporate rush like something that hasn’t been seen for a while in the casino industry — to secure and develop poker-related assets. After the Department of Justice’s quiet reinterpretation of the 1961 Wire Act, and subsequent political buzz it created , corporate gaming partners jumped into bed together faster than you can change a relationship status on Facebook.

• Kentucky-based horse racing and casino company Churchill Downs acquires the assets of Bluff Media.

• Caesars Entertainment extends its partnership with 888 Holdings.

• MGM, Boyd Gaming, and BwinParty looking for a wild poker three-way.

• Vegas-based ShuffleMaster dangling diamonds in front of OnGame Network.

• Pinnacle Entertainment in acquisition talks with newly formed Epic Poker League.

• Golden Nugget partners up with ChiliGaming for online poker.

What’s next? Will Pokerati be getting a bid from Palms Casino Resort?

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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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Hmm, you know, it’s what been perplexing me, too … how some of the people who are pushing hardest for “our issue” are the people who stand to lose the most (in the short-term at least) should the Barney Frank or Robert Menendez bill(s) pass. The only explanation I can come up with is religious in nature … like sacrificing a cow.

But a drinky Steve Lipscomb and even drinkier online poker exec were offering up a bit more at G2E this week.

THE INSIDE STRAIGHT:
Officially, they want to be regulated, but …
Unofficially, large online poker sites have the best of both worlds

After his segment, Lipscomb found the executive at the bar — “three or four drinks ahead of me,” he said this week at the Global Gaming Expo at the Las Vegas Convention Center.

The executive had just finished an interview in which he said he wants his business to be regulated and taxed in the United States, instead of operating in a legal gray area. He had a different story for Lipscomb.

“He said, ‘Are you kidding me?’ ” Lipscomb said. “ ‘I don’t want to be regulated and taxed. That’s the most ridiculous thing in the world. I’m making money without being taxed, without being regulated.’ ”

The executive’s conflicting statements illustrate the fractured nature of online poker in the U.S., Lipscomb said.

Word I’m hearing, btw, is that we’re drawing dead to a 1-outer in a 47-card deck for any anti-UIGEA legislation passing in 2009 … though I am (supposedly) eagerly awaiting to hear “good news” on the UIGEA delay — a move being pushed through the executive branch, not the legislative — like today … which I have come to learn in political circles probably means like Tuesdayish or maybe never.

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In a move PartyGaming says is specifically part of their positioning themselves for re-entry into the US market …

9 November 2009

PartyGaming Plc
(“PartyGaming” or “the Company”)

Acquisition of World Poker Tour completed

PartyGaming, the world’s leading listed online gaming company, announces the completion of the acquisition of the business and substantially all of the assets of WPT Enterprises Inc. (“WPTE”) for a cash consideration of $12.3 million plus an additional minimum aggregate payment of $3m over the next three years relating to an ongoing revenue share agreement.

The assets being acquired include, inter alia:

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I went to Bellagio yesterday for free danish a little poker suit ho-down to learn more about the PartyGaming-World Poker Tour merger/acquisition/absorption … and was thinking how this meeting that included outgoing WPT president Steve Lipscomb and incoming new boss Adam Pliska might be kinda like George W. Bush handing the keys to the White House over to Barack Obama — you know, peaceful transition of power, new regime, new direction … change … then I thought, nah, that comparison might not be fair, and might be stretching things a bit.

But then, upon meeting Pliska a few minutes later …

Hmm … White House, WPT House, WPTE House … Party Politics … workshop … but still, there might be something there.

Click below to read the corporate bio of a guy who stands to be rather influential in shaping poker’s future. But first, here’s another pic (taken at the actual White House) of the new WPT president, who was in town to talk about plans for what he believes will be a major poker stimulus:

At least we’ve heard of this company, right? It just came over the wire (errr, internet) that the Gamynia deal has been terminated in favor of an agreement to allow a PartyGaming subsidiary, Peerless Media Ltd., to purchase the WPT assets for a cool $12.3 million. Check ‘er out:

PartyGaming Moves For World Poker Tour Assets with Superior Offer

LOS ANGELES, Aug 24, 2009 (BUSINESS WIRE) — WPT Enterprises, Inc. (Nasdaq: WPTE) (“WPTE” or the “Company”) today announced that a subsidiary of PartyGaming Plc, Peerless Media Ltd. (“Peerless Media”), has agreed to purchase substantially all of WPTE’s operating assets other than cash, investments and certain excluded assets. WPTE’s Board of Directors received the offer after privately held investment group, Gamynia Limited, and WPTE announced an asset acquisition agreement, which was terminated after further consideration of the Peerless Media’s financial proposal.

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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.

The United States World Poker Tour announced their Season 8 schedule of US tour stops this morning, all airing on Fox Sports Net. This does not include the Barcelona (starting today), Slovakia, Cyprus and Marrakech stops already announced.

Press Release on the next page:

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It appears that the WPT Europe that was announced in February 2008 may finally get off the ground this year in its attempt to compete with the mighty European Poker Tour. A criticism of the WPT as its tournament schedule has decreased has been its focus on staying in North America. However, at least 4 tournaments are scheduled to take place in Europe and Africa in the coming months.

Besides the already announced WPT Venice in May and WPT Marrakech in October, two more WPT tournaments have been announced this week. The WPT Spanish Championship returns to Barcelona in late June, while in September the WPT-Merit Cyprus Classic Poker Tournament makes its debut. None of these tournaments are scheduled to air in the US, but the action can be followed online or broadcast on European television.

Also noteworthy are the various online poker sites that don’t allow US customers that are getting on the WPT bandwagon to hold satellites for these WPT tournaments like bwin in Venice and Chili Poker in Marrakech. The season VIII schedule for the rest of the tour has yet to be announced, and will be interesting to see what other changes will appear.

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)

[audio:tao/TOP-2-1-WPTBailout.mp3]

Uh-oh.

The stock price for WPT Enterprises has been consistently falling, with the exception of a minor fluctuation in early July, since it dropped below $1 per share in late June 2008. And despite CEO Steve Lipscomb’s “don’t worry, be happy” attitude about it, NASDAQ isn’t cool with that mantra. In the next 180-day time period, if WPTE’s price doesn’t stay above $1.00 for 10 consecutive days, the company will be delisted.

Here is the statement released today:

WPT Enterprises, Inc. Receives Nasdaq Staff Determination Letter Regarding Minimum Bid Price

LOS ANGELES, Aug 19, 2008 (BUSINESS WIRE) — WPT Enterprises, Inc. (NASDAQ:WPTE) today announced that the Company received a Nasdaq Staff Determination Letter on August 14, 2008, notifying the Company that it was not in compliance with the minimum stock listing price requirements of Nasdaq Marketplace Rule 4450(a)(5) as a result of the closing bid price for the Company’s common stock being below $1.00 for 30 consecutive business days. This notification has no effect on the listing of the Company’s common stock at this time. The Nasdaq Marketplace Rules provide the Company with 180 calendar days to regain compliance, which will require the bid price of the Company’s common stock to remain above $1.00 for a minimum of 10 consecutive business days. The Company will continue to execute its business plan to provide an opportunity to demonstrate value to the investment community and regain Nasdaq compliance.

You read it here second … as semi-suspected, the WPT is going to Fox Sports, following what appears to be the Full Tilt Infomercial/time-buy method … though that’s not made clear from the press release that PokerNews rewrote shortly before it was supposed to be released:

(And since we’re bound to be picking on taking a fair and thorough look at PokerNews these days, is it really protecting an inside source when you say the info comes from an unnamed source, yet you end with a quote from the CEO about the information that isn’t supposed to be public yet? Just curious how that works in poker “journalism” powered by “the independent online poker authority” … but all good, I’m all about gonzo fact-dissemination in the spirit of breaking-news-is-breaking-news, and will keep your laudable disregard for time restrictions in mind at next year’s WSOP.)

UNDER EMBARGO UNTIL JULY 17 @ 4:00PM PT

FOX SPORTS NET AND WORLD POKER TOUR® INK BROADCAST LICENSE FOR SEASON VII

FSN Will Air 26 All-New WPT Season VII Episodes Across Its National Sports Network

(LOS ANGELES) July 17, 2008 – WPT Enterprises, Inc. (NASDAQ: WPTE) and Fox Sports Network (FSN) announced today a partnership and broadcast license for Season VII of the World Poker Tour® (WPT) television series. FSN, the nation’s leading provider of local sports, received exclusive rights to air 26 all-new one hour WPT episodes in the United States across its national sports cable network.

“The World Poker Tour has a track record as the ultimate brand name in televised poker,” said George Greenberg, FSN Executive Vice President of Programming and Production. “FSN is very happy to televise such quality content and we look forward to future programming opportunities with the WPT.”

WPT, which films its tournaments in premiere properties around North America, will create 26 one-hour episodes from upcoming regular-season events. WPT will shoot the first two episodes today at the Bellagio Cup final table in Las Vegas. FSN and WPT will announce the timeslot and schedule for the complete season broadcast at a later date.

“FSN and News Corporation are two incredible powerhouses in the television industry that have played key roles in the growth and popularity of televised poker,” said Steve Lipscomb, WPT Founder, President and CEO. “It couldn’t be a better fit for WPT and our fans. We’re thrilled.”

WPT joins the ranks of MLB, NHL and NBA on the FSN network, which serves as the TV home to nearly two-thirds of all teams based in the United States. FSN’s 16 owned-and-operated regional networks and its affiliated networks reach more than 80 million homes across the U.S. FSN is owned and operated by News Corporation.

###

As Dan mentioned in his Steve Lipscomb interview post, there were some layoffs at WPT Enterprises last week. My sources tell me that there were approximately 10 people let go, primarily from the online and interactive departments that handle the WPT store and website content. This is starting to hit home with me now because two of those people were friends from my days as an accountant at the WPT offices, and while the majority of the employees are said to have been on edge about the possibility of layoffs, it always hurts to be let go from a company to which you’ve been loyal for four or five years.

WPTE wouldn’t confirm the number of people let go, if there would be more, or what departments were trimmed, but Lipscomb did provide an official statement:

“WPT Enterprises is undergoing a reorganization to meet the future demands of our business and changes in the marketplace we inhabit. All decisions affecting members of the WPTE family are extremely difficult decisions, but this reorganization is vital to creating and sustaining a growing business. WPTE has taken great care to ensure smooth and successful transitions for all former and existing WPT staff.”

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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Argh, it’s getting frustrating … so much stuff going on that it’s hard to keep up, let alone post about it. So here’s a bit of everything:

6,844 entrants in the 2008 WSOP main event.

I jut had a wonderful discussion with WPT honcho Steve Lipscomb. He didn’t laugh when I asked him if he was looking for a job with the WSOP.

Team Pokerati updates:

Tom Schneider is hurting. Like 7k in chips last we checked.

Donkey texts in (we’re still getting his CSR set up) — “Back down to 20k after 2nd level.. Thought Micon was playing AK. he had 77. I had 66. Cost 4k to see river”

Damn, that sucks. And oh yeah, Donkey is playing with Micon from Neverwin two or three seats to his left, and Beth Shak on the other end of the table. (Donkey doesn’t know who she is — but he is aware that she is all patched up.

Jerry Randack was doing fine last I checked. Saw him skillfully (albeit a bit cautiously) play Ace-rag with an ace on the flop, and build a nice pot to the point that he got a really nice call by the time he rivered the nut flush.

No report on Robert Goldfarb. Serves him right for not wearing his patch. But he is texting in his status on breaks.

The Big Randy looks to be playing very comfortably … with about 26k in chips.

More TK, of course. The big buzz of the day wasn’t about Phil Hellmuth‘s pro wrestling-esque army-tank entrance … it was about the presence of Ultimate Fighters, including Chuck Liddell and Forest Griffin, who won a big fight just last night.

Um, go poker!

UPDATE: There was a rumor about some smaller agents being shaken down by a bigger one. It didn’t check out, however, on first call … but there’s gotta be something to it — the agent battles are getting harsh as all compete for a piece of nine heretofore unknown needles in a a haystack of 6,844.