Bally’s swoop in to buy the World Poker Tour
It looked like a done deal but now the WPT has accepted a last minute better offer from a US casino chain.
Back in January we brought you the news that the World Poker Tour had been sold to Element Partners LLC for $78 million.
That looked like the end of the story and it was just the paperwork that needed completing. However, earlier this month casino and racetrack chain Bally’s swooped in with a last minute offer worth $90 million which has now been accepted.
Allied Entertainment, the parent company of the World Poker Tour, confirmed the ‘superior proposal’ had been accepted yesterday. This offer is just for the World Poker Tour, not for Allied Esports which was part of the original Element deal.
Element Partners LLC now have until 17:00 PT on March 19 to make a better offer for poker’s longest running tour. Aside from the much more lucrative financial offer, Bally’s has vast experience in the US casino industry as well as offering more opportunities for potential online gaming licenses.
The tour has had several owners since it was founded in 2002 but was most recently purchased from partypoker by Black Ride Acquisition Corp in 2018 who paid $213.8 million for it. The new parent company became Allied Esports Entertainment.