Allied Esports plans to sell World Poker Tour for $105M

May 31, 2021

The monthlong bidding war for a multimedia poker business may be drawing toward a close.

Allied Esports Entertainment, Inc. announced Wednesday an amended agreement to sell its World Poker Tour to Element Partners, LLC for $105 million, an increase over their previously agreed-upon price of $90.5 million. Allied Esports, based in Irvine, California, operates the HyperX Esports Arena inside the Luxor on the Strip.

“The company’s board of directors will evaluate any additional proposal in due course, in compliance with the terms of their stock purchase agreement with Element Partners,” Allied Esports CEO Frank Ng told investors on an earnings call Wednesday.

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