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In House Gambling Platform Caused Quarter Loss

Though the second quarter for the World Poker Tour reported a fairly significant loss, the WPT brand is still running strong in the land-based and online casino poker industry. The WPT just announced that it has closed a deal with the Chinese authorities that could mean that WPT would have a foothold in the poker industry when/if the country legalizes and enables the online casinos gambling activity. This deal is sure to raise the company out of the financial slump of early 2007.

The main reason that the company has reported less than ideal results for the second quarter center on the earlier efforts to create a WPT branded online casino gambling platform from scratch without going through the major software development companies. Because of this the company wrote-off $2.3 million associated with the previous plan for an online casino poker site.

And though this write-off accounted for large portion of the $3.3 million second quarter, a drop in share value accounted for the rest. Most industry analysts though are predicting that even without the WPT in-house online casino gambling platform in the works, the other projects and business deals will bring the company into a profitable rest of the year.

And even with the predictions for a more profitable third and fourth quarter, 2007 is still shaping up to be all around less profitable than 2006 across the board. But even with a slightly less than stellar year in the online casinos industry, Steve Lipscomp, the President and CEO at WPT comments, "We set out several initiatives for 2007 and are pleased to report that we've made significant progress on each. At the beginning of the second quarter, we announced a multi-year deal with GSN (Game Show Network) setting the stage for the broadcast and promotion of Season VI of the World Poker Tour television series.