World Poker Tour Enterprises, the Nasdaq-listed company behind the poker tour of the same name, has announced revenue dropped to $5.1 million in the second quarter of 2008, a fall of 33 percent from $7.7 million in the same period of 2007.
The fall was attributed to lower license fees as a result of lower per-episode fees under the agreement with GSN, which broadcasts episodes of the WPT. The agreement with GSN ended earlier this year, throwing the tour into some uncertainty before WPT Enterprises signed a new deal with Fox Sports Network earlier in the summer.
The company reported a net loss of $3.9 million in the second quarter of 2008 compared to a net loss of $3.3 million in the same period of 2007.
Steve Lipscomb, CEO of WPT Enterprises said, “We continue to be disappointed in our online gaming results and have begun directing resources in our growing sponsorship business. On the other hand, we continue to be encouraged by the strength of our brand in the domestic and international marketplace.”
