I certainly wouldn't go long with this stock. There are 2 potential pitfalls for shorting it, though:

1. It has $30 million cash on hand and no debt. Thus there's a floor on how low it can go. It'll be a while before it gets into deep debt and starts its death spiral.

2. Takeover possibilities. Other than the WSOP, which is owned by Harrah's and thus not likely to be sold, WPT is the most recognizable televised tournament. I could see this getting bought out by one of the online poker sites in order to leverage the brand name and get exclusive sponsorship. As the online world consolidates more, the advantage of branding will go up.