WPT Revenues Continue to Fall, New TV Show AnnouncedThird Quarter Revenue Drops 39 Percent Year-On-Year in Quarter Three 2008 |
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World Poker Tour Enterprises, the NASDAQ-quoted company that owns the WPT television series, saw third-quarter 2008 revenue drop 39 percent to $2.7 million from $4.4 million in the same period of 2007.
The company said the fall was a result of a decrease in domestic television license fees and lower domestic sponsorship 
fees.
Revenues for the first nine months of 2008 fell 22 percent to $12.9 million, from $16.6 million in the same period in 2007. The company’s net loss for the first nine months of 2008 grew 42 percent to $11.1 million, up from a loss of $7.8 million in the first nine months of 2007.
The company recently said it was closing its WPT-branded online gaming website, but would be further expanding into the Chinese market. It will also produce a TV show for the Fox Sports Network.
WPTE President and CEO Steve Lipscomb said that the company is continuing to pursue its major business ventures, which include, but are not limited to, “our emerging sponsor model of distributing the World Poker Tour television series ... and WPT China.”
“On the other hand,” said Lipscomb, “we are ending our online gaming business in November after disappointing returns. Of particular interest is our new collaboration with the Fox Sports Network to broadcast 13 one-hour episodes of a new television series... .”
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