World Poker Tour Getting a New Owner
Until now, poker fans believed that the WPT would be bought by Element Partners. The purchase was theoretically already completed, only the shareholders would still have to agree. Now comes a new message: Possibly this business does not take place nevertheless, since now Bally's Corporationsubmitted likewise a purchase offer.
New Events Around the Sale of WPT
Bally's Corporation has submitted a purchase offer of $100 million to the owner of WPT.
Element Partners was previously willing to pay a total of $78.5 million.
The not-insignificant difference of $21.5 million could result in Bally's Corporation becoming the new owner after all.
However, the current owner of WPT is interestingly not satisfied with Bally's offer.
Nevertheless, the company has asked for a deadline until the end of the month to consider both options.
Bally's would be interested in taking over WPT not only because of the poker tournament.
This is being sold along with the WPT. Experts suspect that Bally's is basically only interested in sports betting, as the corporation has been focusing on this line of business lately.
But why does Allied want to sell WPT in the first place? According to official reports, this corporation wants to focus on online gambling.
This is not good news for experts and poker fans. Since Allied owns WPT, its value has increased by $20 million.
Interesting Facts about Bally's
There might be a reason why Allied is not very excited about Bally's takeover bid.
This corporation is said to be known for liking to acquire other companies at a cheap price.
This accusation would not apply in this situation – after all, Bally's offers more than Element Partners.
Moreover, Bally's has enough experience in the gambling industry such as online casinos.
After all, this corporation owns 11 casinos spread across seven states.
In addition, there are 13 licenses for the state of Colorado.
In total, Bally employs almost 6,000 people, who are responsible for 13,000 slot machines, almost 500 casino tables, and over 2,900 hotel rooms.
The WPT would fit very well into this portfolio.
In the meantime, there is another official announcement, according to which Allied is only selling WPT, but retaining the existing core business.
Furthermore, reports are circulating that Bally's has reduced its offer.
So, it can be followed with suspense in the next days, how it will go on with the WPT.
Information about Element Partners
Element Partners is located in Wayne, Pennsylvania.
This is a private investment firm that likes to invest in various industries.
This does not only include sustainable energy industries such as wind and hydroelectric power.
The group is interested in every industry, including software, agriculture, logistics, and industrial.
Although this company has been successful since its inception and enjoys steady growth, the question is who will run WPT after the purchase.
An owner from outside the industry will most likely not be recognized by the professional community.
For this reason, the latest reports could be true: Bally's seems to be the favorite at the moment.