News, Reviews And Interviews From Around The Poker World

World Poker Tour Headed to Florida
Hollywood and Tampa Will Host $10,000 WPT Tournaments Over the Next Five Years
By Julio Rodriguez

The state of Florida has seen a mini poker boom since cash-game caps were lifted recently. The limits are up, and so is attendance.

Not surprisingly, the new laws have made the state the target of several poker tours on the circuit. The World Poker Tour recently announced that it has struck a deal with Seminole Gaming to bring a $10,000 WPT main event to Florida for the next five years.

The first televised tournament will take place April 27-May 3, 2011, at the Seminole Hard Rock Casino in Hollywood. Future events will rotate to the Seminole Hard Rock Casino in Tampa, as well.

“A WPT tournament at a Seminole Casino in Florida is a perfect addition to our television season,” said Adam Pliska, WPT president. “With the recent changes in its poker laws, this is a momentous time for the evolution of poker in Florida, and we are proud to join forces with the Seminole Tribe to finally bring high-stakes poker to Florida.”

Florida has long been one of the most anticipated destination tournament locations due to its proximity to beaches, nightlife, and now, 24-hour poker rooms.

Recently, the Seminole Hard Rock Casino hosted its Summer Open Series, with a main-event buy-in of $2,200. Notables such as Michael Mizrachi, Robert Mizrachi, Kevin Schaffel, John Dolan, Chino Rheem, and Jason Mercier were among the 165-player field. Noah Schwartz, a Miami resident who has one WPT final-table appearance to his credit, won the event, along with the $100,650 first-place prize.

Harrah’s Registers Up to $710 Million in Common Stock
World Series of Poker Parent Company Registers With Securities and Exchange Commission
By Stephen A. Murphy

Harrah’s recently announced that it had filed to register up to $710 million in common stock, with the plan that the company would be on a major national securities exchange with a yet-to-be-determined trading symbol.

The $710 million is just a small part of Harrah’s net worth, and sale of the shares is not expected to benefit the company directly.

“Was this the long-awaited IPO (initial public offering)? No, it was a registration statement for Paulson & Company, who acquired shares in an exchange for bonds previously purchased,” Barbara Cappaert of KDP Advisor told investors, according to MarketWatch. “It certainly tests the market as to what Harrah’s is worth, but it is curious that the company does not think an all-out IPO for company-raised shares can be done.”

Paulson & Company is a hedge fund firm that holds a 4.9 percent equity stake in Harrah’s, and could potentially hold a 9.9 percent stake if gaming regulators allow the firm to exchange further debt, according to The New York Times.

Harrah’s announced in June that it would be giving new equity to investors because of the amount of debt they held. In the casino operator’s most recent filing, it reported $20 billion worth of debt.

Harrah’s was acquired by Apollo Global Management and TPG Capital in 2008 in a $27.8 billion deal.

Although Harrah’s reported a $274 million loss in its second quarter, CEO Gary Loveman expressed optimism: “During the past two years, we’ve reduced expenses and debt substantially, increased our liquidity to about $3 billion, and acquired the Planet Hollywood Resort and Casino in Las Vegas and Thistledown Racetrack in Cleveland. I believe we’re well-positioned for an eventual legalization of online gaming in the United States, and more capable of capitalizing on additional growth opportunities than at any time in the past two years.”

Harrah’s owns and operates the World Series of Poker out of its Rio All-Suite Hotel and Casino in Las Vegas. The company recently launched a free-play online site for Americans to accompany its real-money site in the UK.

Bodog Poker Open V Schedule Set

The Bodog Poker Open V (BPO V) is set to run from Sept. 26 to Oct. 3, 2010, with satellites running from now through the entire tournament. The Open will consist of two series — the low-stakes Contender Series and the high-stakes Championship Series. Both will feature seven events and a main event. The Contender Series events will award seats to the Championship Series main event for first-place finishers, and will offer guaranteed prize pools in all events. The Championship Series will feature added money and guaranteed prize pools in all events, including a $200,000-guaranteed prize pool for the main event, as well as an added prize for the main-event winner valued at approximately $5,000 (the actual prize is yet to be determined).

Championship Series buy-ins will range from $30 + $3 to $470 + $30 for the main event.

Contender Series buy-ins will range from $5 + $1 to $46 + $4 for the main event.

Championship Series Schedule

Contender Series Schedule