Future of the World Poker Tour???
 

Lakes Entertainment might sell all or part of its stake in WPT Enterprises Inc. to raise funds to keep operating.
Casey Common , Star Tribune
Last update: November 23, 2005 at 10:45 PM

Casino developer Lakes Entertainment Inc. of Minnetonka said Wednesday that it is considering selling all or part of its majority stake in World Poker Tour operator WPT Enterprises Inc. to raise cash.

In a prepared statement released late Wednesday, Lakes said it needs $10 million in financing by Dec. 31 and another $10 million by March 1 to keep operating.

WPT, based in Los Angeles, created the World Poker Tour, a televised tournament on cable's Travel Channel that's credited with sparking the current Texas Hold 'Em poker boom. Both WPT and Lakes are controlled by Minnetonka businessman Lyle Berman, who is CEO of Lakes and chairman of both companies. Berman is also Lakes' largest shareholder.

Lakes owns a 61.9 percent stake in WPT, or about 12.5 million shares. At WPT's closing price of $7.60 a share Wednesday, Lakes' stake in WPT would be worth $95 million.

WPT was a Lakes subsidiary until going public at $8 a share in a 2004 initial public offering. The stock has slid steadily since July, when it reached a high of $29.50 amid speculation over a possible buyout by poker star Doyle Brunson. On Wednesday it set a 52-week low of $5.90 before rising to close with a 28 percent gain.

Lakes also said Wednesday that it believes it has resolved a dispute with the Securities and Exchange Commission over its accounting for casino-related loans to Indian tribes. Lakes said it will restate its financial results for 2002 and 2003, and it now expects to file its long-delayed annual report for 2004 next week.

Lakes did not say what impact the restatement would have on its financial results.

The Nasdaq Stock Market delisted Lakes' stock in August because of the company's late filings. The stock, now traded over the counter, closed Wednesday at $8.10 a share, up 5 cents.

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Big Steve [img]/images/graemlins/cool.gif[/img]

Re: Future of the World Poker Tour???
 

How could they need $20 million by March 1? The show costs nothing to produce. The prize pool is paid by the entrants. I can't imagine they're paying casinos to provide them with massive TV advertising. A few technicians, some cheap TV gear, and a few airline tickets. That's it. How much could Mike and Vince possibly be paid? If it's too much they could be replaced as easily as Shana. This thing should be a license to print money.

Re: Future of the World Poker Tour???
 

It's Lakes Entertainment that needs the $20m, not the WPT. You can take a look at WPTE's financials at http://shareholder.com/wpt/edgar.cfm for yourself

Re: Future of the World Poker Tour???
 

This does not look good. Berman's cashing out, and the CEO has been selling like crazy over the past year. I'm sure the show will continue on, since WPT still has cash from its IPO and has contracts with its member casinos, but they clearly don't have their act together.

Show me some profits and maybe I'll think otherwise.

It's funny that article hasn't shown up on Yahoo yet -
Cheers

Re: Future of the World Poker Tour???
 

I heard somewhere that Doyle Brunson was trying to buy them anyway.

Re: Future of the World Poker Tour???
 

NBC should take over the WPT. They have jack squat in the way of sports coverage these days and they have carried plenty of poker before and done a good job with it.

Re: Future of the World Poker Tour???
 

[ QUOTE ]
I heard somewhere that Doyle Brunson was trying to buy them anyway.

[/ QUOTE ]

Brunson ahould be thrown in jail. His alleged "offer" was nothing more than stock manipulation. I'm sure he and his partners made a pretty penny when WPTE soared and then dove due to his phony offer.

Re: Future of the World Poker Tour???
 

He never made an offer and he doesn't need to try to manipulate the market.

Re: Future of the World Poker Tour???
 

[ QUOTE ]
He never made an offer and he doesn't need to try to manipulate the market.

[/ QUOTE ]

Care to try again noob?


http://pokernews.com/news/2005/07/do...poker-tour.htm

http://www.casinocitytimes.com/news/...ntentID=152007

http://www.boston.com/business/artic...y_post?mode=PF

http://www.thestreet.com/_tscrss/mar...0231702_2.html

Re: Future of the World Poker Tour???
 

[ QUOTE ]
NBC should take over the WPT. They have jack squat in the way of sports coverage these days and they have carried plenty of poker before and done a good job with it.

[/ QUOTE ]

When did poker become a "sport"?

Re: Future of the World Poker Tour???
 

[ QUOTE ]
[ QUOTE ]
NBC should take over the WPT. They have jack squat in the way of sports coverage these days and they have carried plenty of poker before and done a good job with it.

[/ QUOTE ]

When did poker become a "sport"?

[/ QUOTE ]

When Lindgren, Forrest and Williamson were playing air Hockey.

Re: Future of the World Poker Tour???
 

[ QUOTE ]
[ QUOTE ]
NBC should take over the WPT. They have jack squat in the way of sports coverage these days and they have carried plenty of poker before and done a good job with it.

[/ QUOTE ]

When did poker become a "sport"?

[/ QUOTE ]

At about the time when Golf became a sport and everyone kept saying how John Daily was an athlete. Every activity became a sport at that precise moment.

Re: Future of the World Poker Tour???
 

If you read your own links you would see that the offer was not deemed credible. It was much to do about nothing.

Re: Future of the World Poker Tour???
 

[ QUOTE ]
If you read your own links you would see that the offer was not deemed credible. It was much to do about nothing.

[/ QUOTE ]

Umm, of course it wasn't credible. That's exactly the problem. But Doyle and his reps did put out the "offer". (Was actually more like a press release because it didn't contain nearly enough details). What don't you understand about this situation?

Re: Future of the World Poker Tour???
 

[ QUOTE ]
How could they need $20 million by March 1? The show costs nothing to produce. The prize pool is paid by the entrants. I can't imagine they're paying casinos to provide them with massive TV advertising. A few technicians, some cheap TV gear, and a few airline tickets. That's it. How much could Mike and Vince possibly be paid? If it's too much they could be replaced as easily as Shana. This thing should be a license to print money.

[/ QUOTE ]

Exactly!

Re: Future of the World Poker Tour???
 

[ QUOTE ]
[ QUOTE ]
How could they need $20 million by March 1? The show costs nothing to produce. The prize pool is paid by the entrants. I can't imagine they're paying casinos to provide them with massive TV advertising. A few technicians, some cheap TV gear, and a few airline tickets. That's it. How much could Mike and Vince possibly be paid? If it's too much they could be replaced as easily as Shana. This thing should be a license to print money.

[/ QUOTE ]

Exactly!

[/ QUOTE ]

You guys are confused. Lakes Gaming, who is pulling out their stake, does not produce the WPT show. They are a majority shareholder in WPT Enterprises, who produces the show.

WPT does not need $20mm by March 1.

Re: Future of the World Poker Tour???
 

[ QUOTE ]
[ QUOTE ]
NBC should take over the WPT. They have jack squat in the way of sports coverage these days and they have carried plenty of poker before and done a good job with it.

[/ QUOTE ]

When did poker become a "sport"?

[/ QUOTE ]
I guess that didn't come out right. I do not think that poker is anywhere close to being a sport...but it is a program that could be popular on saturday/sunday afternoons if scheduled in between golf, bowling, basketball, hockey, football, whatever.

Re: Future of the World Poker Tour???
 

Damn, I don't know how the owner's financial issues are in concern but I'll definately miss Tuan Le's utter domination on the WPT this past year and putting bad beats on people.

Re: Future of the World Poker Tour???
 

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It was much to do about nothing.

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nooooooooooooooooooooooooob!

Re: Future of the World Poker Tour???
 

[ QUOTE ]
[ QUOTE ]
When did poker become a "sport"?

[/ QUOTE ]

I guess that didn't come out right. I do not think that poker is anywhere close to being a sport...but it is a program that could be popular on saturday/sunday afternoons if scheduled in between golf, bowling, basketball, hockey, football, whatever.

[/ QUOTE ]

When did bowling become a sport? [img]/images/graemlins/confused.gif[/img]

[img]/images/graemlins/grin.gif[/img]

Re: Future of the World Poker Tour???
 

[ QUOTE ]
[ QUOTE ]
NBC should take over the WPT. They have jack squat in the way of sports coverage these days and they have carried plenty of poker before and done a good job with it.

[/ QUOTE ]

When did poker become a "sport"?

[/ QUOTE ]

When it first aired on ESPN.

Also chess became a sport when Sports Illustrated covered it.

Dog shows became a sport when...oh never mind.

--Zetack

Re: Future of the World Poker Tour???
 

[ QUOTE ]
[ QUOTE ]
NBC should take over the WPT. They have jack squat in the way of sports coverage these days and they have carried plenty of poker before and done a good job with it.

[/ QUOTE ]

When did poker become a "sport"?

[/ QUOTE ]

I think it was 5 years after the Scripps-Howard National Spelling Bee attained "sport" status.

Re: Future of the World Poker Tour???
 

The show will be completely unaffected by this. Even if they sell 100% of their holding, there will always be someone willing to buy into a show that pulls ratings. If I had shares in the parent I wouldn't be typing this right now---I'd be on line selling my shares.

Re: Future of the World Poker Tour???
 

When did posting on Beats, brags, variance become a sport...see any post by Sponger to get joke.
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