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Editorial: A Tale of Three Poker Companies: Part II – World Poker Tour En...
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In the second part of our poker company series, we will take a look at the ups and downs of the World Poker Tour. Unlike Planet Poker, the WPT wasn't the first in its field (that distinction belongs to our third subject, the WSOP), but it did endeavor to offer something new. For a while—but not forever—that was enough.
Founded in 2002, the World Poker Tour had its first televised championship in Las Vegas in 2003. Their timing was perfect; online poker had just exploded, Las Vegas was at the height of its popularity, and new fans of the game enthusiastically embraced the series which included live coverage and the use of one of the first hole card cameras. The WPT smartly integrated the growing online poker market through the use of some of the first major online satellites. Furthermore, their star-heavy marketing plan and the inclusive feel of the brand and its events made it an instant hit among millions of aspiring amateur poker players.
Thanks to their innovative and timely business plan, the World Poker Tour's initial growth was impressive. Their stocks went public in 2004, and by July of 2005 they hit an all-time high of $29.50 per share. During the heyday of the company, rumor has it that poker legend Doyle Brunson offered $700 million for the brand. WPTE turned down the offer. Unfortunately, the competition was quick to catch on. Soon online satellites were a given for any major event, and all of the poker tours were using hole cameras. Several other poker-related TV programs popped up. The WPT had lost its unique assets, and with nothing else up its sleeve, interest in the brand declined rapidly. By the end of 2005, WPTE stocks were down to $5-$7 a share.
World Poker Tour Enterprises treaded water for the next two years, getting by on their good reputation and general hype for the game, but when the world economy bottomed out in 2008, so too did the WPT. Several series events were canceled while others posted record lows for participation. A loss of interest in the brand translated to a loss of interest in its stocks. The company was bleeding money with no rescue plan in sight. From July of 2008 through June of 2009, WPTE stocks were selling for less than one dollar a share.
In September of 2009, Peerless Media—a division of PartyGaming—bought out the WPT brand for $12.3 million. WPTE's stocks saw a small hike thanks to the new revenue, but the company's days as a poker tournament operator are over. Fans of the World Poker Tour now look to its new owner to lift the series out of stagnation. The move makes good sense for PartyGaming, which now has a recognizable live venue through which it can extend its unparalleled success in the online poker industry.
29-Oct-2009, 00:32
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