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World Poker Tour Enterprises Dividen

Lakes Entertainment, a casino development and management company that is the largest WPT Enterprises shareholder at 61 percent, has announced that it is to distribute all of its World Poker Tour Enterprises (WPTE) stock to shareholders as a special dividend.
 
The distribution involves 12 480 000 shares, Lakes President and CFO, Tim Cope said: "The spin-off of WPTE shares to our shareholders provides an option for them to monetize the value of WPTE shares if they so choose. Lakes will benefit in that we will no longer be required to consolidate WPTE's financial and business information in our SEC filings. This will enable us to provide greater transparency of Lakes' operations and financial results to our shareholders and the public."
 
WPTE shares had already been under pressure, prior to the announcement. Once trading at a high of $29.50 on the news that poker legend Doyle Brunson had made an unsolicited bid for the company , WPTE's shares closed at $0.41 on Tuesday.
 
With 61 percent of WPTE's new shareholders waiting to "monetise" or sell off their special dividend, WPTE's stock could see further downward pressure, a situation that existing investors in the poker company are hardly likely to appreciate.
 
WPTE was already under a delisting notification from the NASDAQ stock exchange due to a rule which says that a stock cannot close below $1.00 for 30 consecutive business days, which WPTE shares had done by the middle of August. At that point WPTE was given 180 days to demonstrate compliance, which would require that the stock trade above $1.00 for ten consecutive business days (see previous InfoPowa report).
 
At the time of the delisting notification, the WPTE said, "The Company will continue to execute its business plan to provide an opportunity to demonstrate value to the investment community and regain NASDAQ compliance." The odds against this "wait and see" strategy got increasingly longer with Lakes' recent announcement.
 
Lyle Berman is Executive Chairman of both Lakes Entertainment and World Poker Tour Enterprises. Steve Lipscomb is CEO of WPTE, but also is listed as the CEO and President of Lakes Poker Tour LLC, a subsidiary of Lakes Entertainment.



Gambling News :

NHL Odds: Lightning go for Season Sweep Over Red Wings - The Tampa Bay Lightning (37-29-9) have been doing everything possible to make a fourth straight appearance in the Stanley Cup Playoffs. Without star centre Steven Stamkos, Nikita Kucherov (38 goals, 40 assists) and Victor Hedman (15 goals, 47 assists) have stepped up and will look to continue their strong play against the Wings. Game time is 7:30 PM ET on FS-D.

MPN Charity Poker Tournament at ICE 2017 - During what was a busy three-days for Microgaming at ICE Totally Gaming 2017, the MPN team enjoyed a charity poker tournament with Microgaming operators on Tuesday 7 February.

US$30M DUBAI WORLD CUP - Racecourse Media Group and Meydan to showcase world’s richest raceday to more than 150 territories The Dubai World Cup is the first horse race to be broadcast live on airlines and cruise lines

NHL Odds: Forsberg Faces Elliott in Nashville - The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.

Sit & Go 2.0 launched online exclusively at Americas Cardroom - Get ready to cheer like a champion before the first flop is even dealt. The much-anticipated Sit & Go 2.0 is now launched online exclusively at Americas Cardroom and Sit & Go players are reaping the benefits of the next evolution of poker.

NBA Odds: Hawks, Wiz in Southeast Showdown - The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.

Mega Moolah progressive jackpot Hit Again - Microgaming’s Mega Moolah progressive jackpot slot has been hit yet again at just over €6.6 million!

NBA Odds: Clippers Try to Slow Down Bucks in LA - Milwaukee Bucks small forward Giannis Antetokounmpo and Los Angeles Clippers power forward Blake Griffin are two of the most talented and versatile forwards in the NBA. The two lead their teams into battle on Wednesday in Los Angeles.

NCAAB Odds: SMU Hosts Tulsa With AAC Title on the Line - There aren’t too many college basketball teams more profitable than the SMU Mustangs (25-4 SU, 18-5-1 ATS). They host the Tulsa Golden Hurricane (14-14 SU, 15-12 ATS) this Thursday night, tipping off at 8 PM ET on CBSSN.

NHL Odds: Canadiens Welcome Islanders Tonight - The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.

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