World Poker Tour Dropping Online Gambling Website, Revenue Down

World Poker Tour Enterprises, Inc. had some major changes happen in the past quarter. One of those changes did not turn out to be favorable for the company. They released their third quarter revenue numbers and they were down nearly $3 million from the same time last year.

During the year, the WPT announced that they had signed a new agreement with Fox Sports Network to air new episodes of the World Poker Tour. The agreement included twenty six new episodes, and moved the brand more towards mainstream television.

The revenue numbers, however, dropped $2.8 million in the third quarter. Those figures were a result of lower domestic sponsorship fees and a decrease in domestic television license fees. The company had a revenue of $4.4 million in the third quarter of 2007.

The company had several other highlights to over shadow the revenue decrease so far this year. They have progressed in their efforts to execute cost cutting measures that were aimed at righting size operations. They also have expanded their WPT China National Traktor Poker Tour and ClubWPT.com.

The company has many expansion plans over the next year, and they are prepared to move forward with those plans despite the revenue figures. "We continue to pursue three major businesses. Our emerging sponsor model of distributing the World Poker Tour television series. The ClubWPT.com online subscription business and WPT China. On the other hand, we are ending our online gaming business in November after disappointing returns," said President and CEO of WPT Enterprises, Steve Lipscomb.

November 5, 2008
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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