WPT Sold for $78.25m to Element Partners in 2020February 6, 2021 Scott Bowen
The transaction, which is relied upon to shut in late January or early February, comprises of a US$68.25 million forthright instalment and a completely ensured five percent income portion of WPT competition section expenses up to a limit of US$10 million, payable more than three years. WPT was last evaluated at US$50 million when it was procured by Allied Esports Entertainment in 2019, which means it’s worth has climbed almost US$20 million in under two years.
Although Allied Esports CEO Frank Ng said that the WPT has had “generous, effective outcomes” for his organization. According to him, considering COVID-19’s has an impact on the Company’s overall pay age and efficiency plan. According to him, the proposition of the WPT business will accumulate enormous capital.
The History of World Poker Tour
World Poker Tour has been sold four times. It was established in 2002 by Steve Lipscomb alongside its parent organization, WPT Enterprises (WPTE). PartyGaming purchased the World Poker Tour in November 2009 for $12.3 million and after two years, converged with bwin to turn out to be bwin.party Digital Entertainment.
In 2014, the WPT joined forces with Ourgame for a permitting bargain in various Asian business sectors. Ourgame at that point pivoted and purchased the World Poker Tour from bwin.party in June 2015 for $35 million. At that point, in late 2018, Ourgame sold both the Allied Esports and WPT to Black Ridge Acquisition Corp., this special purpose acquisition company not unintentionally constrained by WPT fellow benefactor Lyle Berman. Dark Ridge changed its name to Allied Esports Entertainment and here we are today. Previously the CEO of Ourgame was Frank Ng who is now working as a CFO for United Esports.
First Live WPT Event of 2021
Exactly when the erupt of COVID-19 was first found in 2020, many didn’t have a good assessment of it, that it will affect the “ordinary” life in such a way. As we likely know now, in the first-place stages, of 2021, that wasn’t the circumstance. Various things were shut during a time back, including an enormous piece of the opposition poker world. As of now, the Seminole Hard Rock Hotel and Casino in Hollywood, FL, is set up to have the fundamental live World Poker Tour event of 2021.
The WPT hasn’t been on a live felt since the WPT Rolling Thunder, which finished its last table on March 7. Three different occasions from a year ago Season XVIII timetable – the Borgata Winter Poker Open, the L. A. Poker Classic, and the Gardens Poker Championship – presently can’t seem to be finished as they were on the timetable for a “last table celebration” in Las Vegas that is in an in-between state because of the proceeding with issues with COVID-19. Considerably under the current conditions in Florida (the state is one of just four that has overshadowed 1,000,000 archived instances of the infection, with over 1.5 million analyses and more than 23,000 passings), Burns accepts that the Seminole Hard Rock Poker Room is more than prepared for the inundation of players and that it will be a protected setting.