Bally’s Corporation has made a formal bid with Allied Esports Entertainment to buy the rights to The World Poker Tour.
Bally’s proposal would require the company to terminate its previously announced agreement with Element Partners to sell all of the equity interests of Club Services, Inc., an indirect wholly-owned subsidiary of the company that directly or indirectly owns the Company’s poker-related business and assets, including the entities comprising the World Poker Tou for consideration totaling $78,250,000.
Allied Esports Entertainment said: “The company’s Board of Directors, consistent with its duties and the company’s obligations under its existing agreement with Element, will evaluate Bally’s proposal in due course. The company and Element continue to discuss potential updates to the current terms of their agreement. There can be no assurance that the Company will enter into a definitive agreement with Bally’s or consummate any transaction with Bally’s. At this time, the Company’s Board of Directors continues to recommend to the company’s stockholders the approval of the transaction with Element.”
Formerly Twin River Worldwide Holding, Bally’s Corp. has been busy buying up various betting companies including Bet.Works, Monkey Knife Fight and SportCaller to go with its Bally’s Atlantic City and Eldorado Resort Shreveport land-based casinos.
World Poker Tour (WPT) is the premier name in internationally televised gaming and entertainment with brand presence in land-based tournaments, television, online, and mobile. Leading innovation in the sport of poker since 2002, WPT ignited the global poker boom with the creation of a unique television show based on a series of high-stakes poker tournaments. WPT has broadcast globally in more than 150 countries and territories, and is currently producing its 18th season, which airs on FOX Sports Regional Networks in the United States. Season XVIII of WPT is sponsored by ClubWPT.com. ClubWPT.com is a unique online membership site that offers inside access to the WPT, as well as a sweepstakes-based poker club available in 43 states and territories across the United States, Australia, Canada, France and the United Kingdom.