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PartyGaming Buys World Poker Tour

GIBRALTAR – Online gaming giant, PartyGaming, sent shockwaves through the poker industry this week when it was revealed that it had purchased the World Poker Tour brand and operations earlier this week.

The sale, made through PartyGaming’s Peerless Media Limited subsidiary, was valued at $12.3 million, higher than the $9.07 million bid World Poker Tour Enterprises (WPTE) received from Antigua-based Gamynia Limited earlier this month. WPTE earlier announced the prospected sale to Gamynia but backed down after receiving a heftier offer from PartyGaming. However, Gamynia will be receiving $1 million as compensation for the botched deal.

The sale, still subject to WPT shareholders approval, will include all of WPTE’s operational assets but will not include “cash, investments and certain excluded assets”.

PartyGaming will be acquiring WPTE’s brand and trade names, television library, including all related intellectual property rights,  and “certain assumed contracts and tangible personal property”. It has agreed to pay WPTE 5% from all revenues generated by assets sold for the next three years.

In addition, the next two years of payment on revenues generated by the sold asset will 20% of the payments go into an escrow account “to settle the (WPTE’s) indemnification obligations, if any, arising under the purchase agreement and the related ancillary agreements.”

According to a statement released by WPTE, President and CEO Steve Lipscomb said:

“PartyGaming has been an important partner for a number of years and we are confident that they will be an excellent manager of our brands in the future. The Board of Directors has determined that PartyGaming’s acquisition proposal is financially superior and we look forward to working with one of the pioneers and leaders in the poker and online gaming markets to provide a strong vehicle for the WPT brand to continue its global expansion and return to online gaming.”

WPTE added in its statement that net cash proceeds arising from the sale will be used “to develop or acquire a non-poker related business”.

PartyGaming, which operates wildly-popular PartyPoker.com and other gaming sites, recently acquired British bingo operator Cashcade Limited for $158.82 million, allowing Gibraltar-based PartyGaming control over bingo sites FoxyBingo.com, MirrorBingo.com, ThinkBingo.com and CheekyBingo.com.

It has signed a non-prosecution agreement with the United States of America last year, paying $105 in the process. The deal with the American government is believed to help PartyGaming’s return to the US as soon as the murky online gambling scene is cleared.

Probability, Dragonfish in Strategic Partnership

Mobile gaming specialist, Probability, and Dragonfish, the B2B online operator of gaming giant 888.com, has forged an alliance that will see the two companies offer mobile gaming and lottery services to potential markets.

Both Probability and Dragonfish are looking at China and the Latin American countries as potential markets for the envisioned services.

Under the multi-year strategic agreement, the partnership will see each company contributing their respective core competencies — Probability will offer its mobile technologies and expertise while Dragonfish will highlight its business development, marketing and management.

Revenues generated by the partnership will be shared by the two companies.

According to Probability CEO Charles Cohen:

“The signing of this agreement underpins Probability’s status as the leading end-to-end supplier of mobile gaming and mobile lottery technology and services. It also represents a leap forward for our nascent business-to-business offering giving us fast track access to global markets with a highly reputable and capable partner. Dragonfish has already identified a number of opportunities for us to explore together and we look forward to keeping investors apprised of key developments as they arise.”

Dragonfish Managing Director Gabi Campos also voiced his company’s enthusiasm with the deal:

“Dragonfish has an excellent track record in developing partnerships in new growth markets and our agreement with Probability creates another platform for us to work with new partners under government licensing.”

Former Microsoft Tech Exec Joins IGT

RENO, NEVADA – For its newly-created Chief Technology Officer job vacancy, slot machine developer International Game Technology (IGT) has turned to an expert with almost two decades of experience with world-leading Microsoft Corporation.

Chris Satchell will bring his 17 years experience with Microsoft to IGT. He was formerly CTO for Microsoft’s Interactive Entertainment Business responsible for Xbox, games for Windows, Xbox Live and Microsoft Games Studios.

Satchell will be responsible for IGT’s information systems team, research and development, and advanced software architecture group.

According to IGT CEO Patti Hart:

“(Chris) will play an instrumental role in shaping our strategic and tactical technological vision and refocusing our internal technology support on many levels within the organization.”

Shareholders Agree to De-List AsianLogic

HONG KONG – Come July 3rd, AsianLogic Limited stocks will no longer trade on London’s AIM.

In last Friday’s Annual General Meeting and Extraordinary General Meeting, shareholders of the Asian-focused gaming company, recently hit hard with an $11.9 million loss in its 2008 figures, have agreed to de-list from the London Stock Exchange market.

The last day of trading for AsianLogic will be on July 2.

In an earlier statement, AsianLogic Executive Vice Chairman Thomas Hall had voiced the proposal to de-list:

“The Board has unanimously decided to recommend delisting to the shareholders as we feel that the current economic environment means there is little benefit to AsianLogic and its shareholders in remaining listed. The delisting will reduce costs and management time associated with a listing on AIM and will enable AsianLogic to focus its operations to better service our shareholders, business partners and customers alike.”

On July 3, AsianLogic becomes a private company again and will try to rebuild.

In 2007, bullish about the prospect of online gaming in Asia where it has been active since 2007, AsianLogic listed on AIM with 111.62 pence per share, the first gaming company to do so in recent memory. Posting a promising return of $7.9 million in profits for 2007, its shares however careened in 2008 dropping more than 80% hurt by several factors including the worldwide recession. As of yesterday, shares for AsianLogic ended at 24.5 pence apiece.

Moving forward, AsianLogic hopes to move out of the wholesale betting business into the more profitable deposit-based one and projects to be in the black towards 2011.

In a previous announcement, Hall has previously stated that the Company is “repositioning the business by looking to dispose of its wholesale business and invest further into higher margin deposit and retail based products, as well as services and again we expect revenues to continue to grow.”

He had added in that previous statement:

“However, the capital expenditure, marketing and advertising spend required to grow this business means that profitability will be impacted throughout 2009 and into 2010. The global economic crisis has not helped our trading but we see continuing long term opportunity in our core Asian gaming marketplace.