WPT Enterprise is one of America’s leading gaming companies. Party Gaming may be reeling over St Minver’s decision to drop their software. Opting to use their own software, for eighty of their online Bingo websites. Even so, during a recent statement to the press, they did confirm that Peerless Media (a subsidiary company of Party Gaming) they would be taking over WPT Enterprises. Previously, a private investors group, Gamynia LTD, made the decision to opt out. When this happened, Party Gaming stepped in, a placed an offer on the table.
The sheer fact that the announcement has been made, indicates that the deal has been concluded. Apparently, the deal includes all of WPT Enterprise’s operational assets, and will only exclude a handful of assets and investment interests. Steve Lipscomb, the current CEO and president of WPT, stated, Party Gaming had been an “important partner” of the company for many years. He also implied that the deal was a good one, describing it as “financially superior”. According to sources, Party Gaming cut a deal for $12.3Million, to take over, virtually lock stock and barrel, WPT Enterprises. As well as that, Party gaming may well be coughing up an extra million a year, for the next 3yrs, depending on the incomes generated. Even so, a far cry from the £94Million they just parted with for Cashcade.
Party Gaming do seem to be determined to bag themselves the Lion’s share of the online Bingo market. WPT Enterprises looks set to be another feather in their hat. Without doubt, Lipscomb is very positive about the venture, stating, they were confident that Party Gaming would “ provide a strong vehicle for the WPT brand to continue its global expansion, and return to online gaming”. As well as being an “excellent manager” for their brands. It is true, Party Gaming have become a giant among the online operators, and with such a powerful company at the helm, it would be hard to imagine anything could go wrong. Cashcade own a good number of the top, leading brand Bingo websites in the UK. Indeed, Lipscomb is more than aware of the potential, describing Party gaming as “pioneers and leaders in the poker and online gaming markets”. Looks like they aren’t going to be limiting their operations to the EU, and it will be interesting to see if they can mirror that success in the US.
