Casinos.co.uk: Casino News Archive
Thursday 8th July 2004
World Poker Tour Company To Float on Stock Exchange
Lakes Entertainment Inc, the company that owns roughly 80% of the World Poker Tour, has announced that it’s to be listed Chicago Board Options Exchange and that trading equity options on Lakes Entertainment common stock began on July 1, 2004. The company, whose shares are already traded on the Nasdaq National Market, is looking to raise money as it currently has development and management agreements with four separate Tribes for four new casino operations.
In May, Lakes reported a first-quarter net loss of $884,000 on revenue of $3.9 million. Most of that business came in the form of license fees related to the World Poker Tour. Projections for The World Poker Tour, however, indicate a rosy short-term future for the company, with revenue from the tour more than tripling to $14.2 million this year; and prospects for more business by leveraging the success of the tour through related ventures.
Source:OnlineCasinoNews
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