World Series of Poker to Become Casino Owned?
March 23, 2009
With the recession in full force, many companies are feeling the effects losing both assets and employees all over the world.
Harrah’s Entertainment are no acception to the latest downturn, trying to figure out ways to avoid bankruptcy and liquidation.
The company which currently owns the rights to World Series of Poker (WSOP) is exploring avenues to reduce the need to sell off its prize assets to aviod becoming yet another large company that falls in the latest time of need.
Harrah’s Entertainment have owned the rights to the WSOP since buying it from its originators Binions, but with the need to raise funds to prevent the company going into the red, are having to look into the possiblity of selling the rights to one of the most sort after live poker events in the poker community.
Harrah’s Entertainment are exploring the option of releasing the online rights to the tournament to raise much needed funds in their ploit to solidify its foundations .
This news has alerted both online poker rooms and casinos, who will be looking to aquire the rights to the online licence to enhance not only their income but also their company name.
Should the company decide to sell the rights, many online poker rooms will make a move to aquire them, giving the poker room to block any other online poker room from offering seats or WSOP prizes within their rooms. This could pass a massive amount of power to one poker site or casino, owning one of the biggest names in poker tournaments.
Harrah’s Entertainment are currently holding meetings with company officals to explore this option with the company spiralling into more debt, currently estimated at around $4 billion.
What are your thoughts on the possible power shift that this could offer?
Do you think that its more likely to be aquired by a casino or online poker room?
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