World Poker Tour claims $10M loss
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A year ago, the World Poker Tour was quickly growing and making money.
A year later, the company, traded on NASDAQ, is reporting a loss.
Revenues for the WPT were down almost 25 percent to $21.7 million in 2007 as compared to 2006. Revenues were reported at $29.3 million for 2006. WPT has a net loss of $9.6 million in 2007, after it earned $7.8 million in 2006, although those earnings were helped by the WPT’s aale of PokerTek, Inc. stock.
According to cardplayer.com:
The company had no debt at the end of 2007 and total cash, cash equivalents, and investments of around $31 million.
Chief Executive Officer Steve Lipscomb said, “2007 was a transitional year for WPT Enterprises. We have been focused on shifting our business from a traditional media and entertainment company to a multimedia entertainment and gaming company. We plan to derive future revenues from sponsorship, television, and online and mobile subscription opportunities.”
