International edition
September 27, 2020

But overall revenues increased 10% versus the same period last year to us$ 5 million

Losses continue to mount at WPT Enterprises

(US).- WPT Enterprises Inc. has reported a 66% fall in online gaming revenues to us$ 200,000 for the first quarter of 2008, which it attributed to lower player activity on its site following the migration from WagerWorks to the CryptoLogic network.

O

verall revenues increased 10% versus the same period last year to us$ 5 million, primarily as a result of increased hosting and international television sponsorship revenues which did not exist in the prior year period.

U.S. television license revenues fell to us$ 2.1 million from us$ 2.4 million in the first quarter of 2007, due to lower per-episode license fees. International television licensing revenues however increased 69% to $0.8 million due to lower than expected third party distribution costs.

Product licensing revenues decreased 22% to us$ 0.7 million in the first quarter of 2008, while online gaming revenues fell from us$ 0.6 million to us$ 0.2 million, reflecting the lower levels of player activity on the Cryptologic site versus the site operated by WagerWorks in 2007.

The company said that its amended terms with CryptoLogic would provide for the launch of a full suite of online casino games and the development of Spanish and German language online gaming sites, which are expected to go live by June 2008. Despite the 10% like-for-like revenue growth, increased sales costs and general and administrative expenses resulted in a net loss of us$ 2.8 million for first quarter 2008.

Commenting on the results, Steve Lipscomb, President and CEO of WPT Enterprises, said: “The Company is focused on capitalizing on our three primary growth initiatives: real-money online gaming, ClubWPT.com and WPT China. We are excited about our prospects in 2008 and are confident in our ability to continue to expand the World Poker Tour brand, both in the domestic and international markets, and execute our strategic plan.”

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