How many businesses would mortgage themselves to the hilt to own a part of mega-poker company WPTE, the parent company of the World Poker Tour? Quite a few considering the fever pitch that still rages across the globe for all things poker. Then why is the majority stakeholder of WPT Enterprises, Inc, considering selling off their stake? It seems they need the cash.
Casino developer Lakes Entertainment Inc. of Minnetonka needs to raise some capital, and just might sell all or part of its percentage of WPTE to do it, according to reports Wednesday. Lakes said, in a prepared statement, that it needs to raise $10 million in financing by Dec. 31 and another $10 million by March 1 to keep operating. But then, when the owner of both Lakes and WPT happens to be the same person, such a move might make sense. Both outfits are controlled by Lyle Berman, CEO of Lakes, Chairman of both companies, and Lakes largest shareholder.
Both WPT and Lakes are controlled by Minnetonka businessman Lyle Berman, who is CEO of Lakes and chairman of both companies. Berman is also Lakes' largest shareholder.
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