{"id":11473,"date":"2021-03-18T12:40:13","date_gmt":"2021-03-18T12:40:13","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=11473"},"modified":"2021-03-18T14:33:46","modified_gmt":"2021-03-18T14:33:46","slug":"ballys-corporation-could-become-world-poker-tours-new-owner","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/ballys-corporation-could-become-world-poker-tours-new-owner\/","title":{"rendered":"Bally\u2019s Corp Could Become WPT&#8217;s New Owner As Part of $90M Deal"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2021\/03\/ballys-corporation-and-world-poker-tour.jpg\" alt=\"Bally&#039;s Corporation and World Poker Tour\" title=\"Bally\u2019s Corporation Could Become World Poker Tour's New Owner As Part of $90M Deal\" width=\"300\" class=\"alignleft size-full wp-image-11474\" \/>Back in January 2021, it was announced that <strong>Element Partners<\/strong>, LLC was in the process of acquiring the World Poker Tour (WPT) for $78 million. That deal has now been dropped after <a href=\"https:\/\/www.ballys.com\">Bally&#8217;s Corporation<\/a> made a last-minute, more lucrative bid.<\/p>\n<p>Bally&#8217;s made the offer <strong>on March 5, proposing to buy the WPT for $90 million<\/strong>. The brand&#8217;s current owner Allied Entertainment just couldn&#8217;t say no to the &#8220;<em>superior proposal<\/em>&#8220;, resulting in the termination of its previous deal with Element. Allied announced the new development on March 16. <\/p>\n<p>The ball is now in Element&#8217;s court to come up with a better offer if it wants to push through with its acquisition plans. The company has until 17:00 PT on March 19 to make a decision. <\/p>\n<p>As far as money is concerned, Element can very much launch a higher bid, considering that it has managed more than $1.2 billion in capital commitments across six investment partnerships. But Bally&#8217;s is more experienced in the gaming industry than Element. <\/p>\n<p><strong>Top 10 Poker Sites<\/strong><\/p>\n<div style=\"position:relative;height:0;padding-bottom:56.25%\">\n<iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/dJkA-KsT0cY?rel=0&amp;showinfo=0?ecver=2\" width=\"640\" height=\"360\" frameborder=\"0\" style=\"position:absolute;width:100%;height:100%;left:0\" allowfullscreen><\/iframe>\n<\/div>\n<p>&nbsp;<\/p>\n<h2>Bally&#8217;s Has The Edge<\/h2>\n<p>Bally&#8217;s Corporation, formerly Twin River Worldwide Holdings, owns and operates 12 casino racetrack properties in <em><a href=\"https:\/\/www.legitgambling.com\/us\/states\/new-jersey\">New Jersey<\/a>, <a href=\"https:\/\/www.legitgambling.com\/us\/states\/delaware\">Delaware<\/a>, <a href=\"https:\/\/www.legitgambling.com\/us\/states\/colorado\">Colorado, <a href=\"https:\/\/www.legitgambling.com\/us\/states\/louisiana\">Louisiana<\/a>, <a href=\"https:\/\/www.legitgambling.com\/us\/states\/missouri\">Missouri<\/a>, <a href=\"https:\/\/www.legitgambling.com\/us\/states\/mississippi\">Mississippi<\/a> and <a href=\"https:\/\/www.legitgambling.com\/us\/states\/rhode-island\">Rhode Island<\/a><\/em>. It acquired the rights to the Bally&#8217;s casino trademark in 2020. <\/p>\n<p>On the contrary, Element is more focused on investing in major industrial markets, such as manufacturing, food, energy, and transportation. <\/p>\n<p>With Bally&#8217;s background in gaming, there is no doubt that the company has the upper hand to allow the WPT to gain more growth in the <a href=\"https:\/\/www.legitgambling.com\/poker\">poker market<\/a>. <\/p>\n<p>Bally&#8217;s presence in multiple states provides a great opportunity for the tour to <a href=\"https:\/\/www.legitgambling.com\/us\/states\">expand in the US<\/a>. The WPT will also be able to obtain online gaming licenses through Bally&#8217;s land-based properties. The $20 million difference in the amounts of the bid is also a major factor. <\/p>\n<p>Bally\u2019s offer included Allied Esports in its initial offer worth a total of $100 million, but the company eventually decided to just acquire the WPT. <\/p>\n<p>While Allied Entertainment accepted Bally&#8217;s offer, both companies have yet to enter into a definitive agreement, as indicated in Allied&#8217;s recent presser. Element can still make a counter offer, but given Bally&#8217;s obvious edge, Allied could eventually hand over WPT ownership to the gaming company. <\/p>\n<h2>WPT&#8217;s Past Owners<\/h2>\n<p>Over the years, <a href=\"https:\/\/www.legitgambling.com\/news\/world-poker-tour-joins-forces-with-streaming-platform-bitmovio\/\">the WPT has entered into multiple partnership<\/a> and acquisition deals. It was sold to PartyGaming in 2009 for $12.3 million, and was later acquired by Ourgame International Holdings Ltd in 2015 for $35 million.<\/p>\n<p>In 2019, Black Ridge Acquisition Corporation, owned by WPT co-founder <strong>Lyle Berman<\/strong>, purchased both the WPT and Allied Esports Entertainment for $150 million. Black Ridge later changed its name to Allied Esports Entertainment, Inc.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Back in January 2021, it was announced that Element Partners, LLC was in the process of acquiring the World Poker Tour (WPT) for $78 million. That deal has now been dropped after Bally&#8217;s Corporation made a last-minute, more lucrative bid. Bally&#8217;s made the offer on March 5, proposing to buy the WPT for $90 million. [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,1],"tags":[],"class_list":["post-11473","post","type-post","status-publish","format-standard","hentry","category-poker","category-usa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bally\u2019s Corp Could Become WPT&#039;s New Owner As Part of $90M Deal<\/title>\n<meta name=\"description\" content=\"Bally\u2019s made an offer on March 5, proposing to buy the WPT for $90 million which also had Element Partners looking to buy as well\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legitgambling.com\/news\/ballys-corporation-could-become-world-poker-tours-new-owner\/\" \/>\n<meta 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