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[Sunday, May 11, 2008]
World Poker Tour Enterprises recently released their third quarter revenue numbers and they were down 3 million USD from the same time last year.
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The company had undergone major changes in the past quarter and the results did not turn out to be favorable for the gaming enterprise. During the year, WPT Enterprises announced that they had signed a new agreement with Fox Sports Network to air new episodes of the World Poker Tour which includes 26 new episodes and moved the brand more towards mainstream TV.
However, the company's third quarter revenue numbers were down by 2.8 million USD. These figures were a result of a decrease in domestic television license fees and a lower domestic sponsorship fees. During the third quarter of 2007, the company's revenues were up at 4.4 million USD.
But WPT Enterprises have several other highlights to lessen this year's decrease in revenue. They have seen the progress in their cost cutting efforts. These measures were aimed at righting size operations. Their ClubWPT.com and WPT China National Traktor Poker Tour subsidiaries have also undergone expansion.
Despite the revenue figures, World Poker Tour Enterprises' expansion plans next year are still on track. Steve Lipscomb, CEO and President of WPT Enterprises, said that they are still pursuing 3 major projects which is WPT China, The ClubWPT.com online subscription business, and the emerging sponsor model of distributing the World Poker Tour TV series. On the other hand, they are shutting down their online gaming business this November after the disappointing figures.
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