Rumors regarding the future of the World Poker Tour Enterprises (WPTE) have been swirling about as long as they have been producing the popular World Poker Tour (WPT) and accompanying television show. The latest round of gossip suggested one of the online poker rooms that do not cater to US-based customers such as bwin or 888 Holdings would acquire WPTE. On Monday those rumors were put to rest when it was announced that Gamynia Ltd would be purchasing the bulk of WPTE’s assets for $9,075,000 up front and a percentage of future revenue.
Little is known about Gamynia so far. The official press release from WPTE described the company as part of an investment firm, “with substantial holdings in a range of diversified assets.” The details of the sale of WPTE stipulate that Gamynia will gain control of the WPT and Professional Poker Tour (PPT) brands as well as WPTE’s television library and all intellectual property rights associated with the company. WPTE will retain their cash and cash equivalents as well as some of their sponsorship revenues. Those sponsorship revenues include a deal with PartyGaming for Seasons 4-6 of the WPT and a deal with PokerStars for Season 7.
The press release went on to state that WPTE will continue regular day to day operations. The company will also work towards entering the online gaming market. It has been reported that Gamynia has hired the marketing company Hardway Investments Ltd, which specializes in online gaming. There was no word on how WPTE’s current subscription-based online poker site, will fit in Gamynia’s plans for developing WPTE’s presence in the online gaming market.
WPTE’s Chief Executive Officer and co-founder Steve Lipscomb was optimistic about the acquisition. “We believe this transaction will enable the World Poker Tour to realize its full potential across both its existing businesses and the lucrative online gaming market”, Lipscomb noted in the official announcement. “Gamynia and its partners possess highly complimentary resources which will help it invest in and effectively integrate with the World Poker Tour efficiently and profitably.”

The deal with Gamynia comes right on the heels of WPTE’s announcement that they experienced their second consecutive profitable quarter. The company’s stock, listed on NASDAQ as WPTE, has practically doubled in the past three months and was trading at $1.49 as of Monday. WPTE’s stock spent a number of months trading for less than $1 and the company ran the risk of getting de-listed if they did not boost their price over $1 per share. They have done just that and also turned a $370,000 profit this most recent quarter. While the company’s overall earnings are down from $5.1 million in 2008 to $4.6 million this year, because of reduced costs in areas such as television production, the company turned a profit whereas last year they took a loss in the second quarter.

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