PT stated that the drop was primarily a result of a decrease in domestic television license fees, which was due to lower per episode charges under a previous agreement with the Game Show Network that has been in effect for the period. The firm charged higher per episode fees under its previous agreement with the Travel Channel, which was in effect last year.
WPT is a Los Angeles-based media and entertainment company engaged in the development, production and marketing of television programming and live events and stated that business highlights for the quarter included the delivery of eight episodes of Season VI. This was in addition to the continued progress in the development of its ClubWPT.com and the WPT China National Traktor Poker Tour alongside the implementation of cost-cutting measures designed to right size operations.
The firm stated that revenues from online gaming declined slightly compared to the first six months of 2007 due to lower levels of player activity on the company's website operated on the CryptoLogic network versus the site run by WagerWorks the year before. However, it revealed that 2007 revenues were reduced as the company transitioned from WagerWorks network to CryptoLogic in June of 2007.
“We continue to be disappointed in our online gaming results and have begun directing resources in our growing sponsorship business,” said Steve Lipscomb, President and Chief Executive Officer for WPT.
“On the other hand, we continue to be encouraged by the strength of our brand in the domestic and international marketplace.”