The final table of the World Poker Tour’s (WPT) Doyle Brunson Five Diamond World Poker Classic takes place today from Las Vegas. The tournament series attracted 497 players to its $15,000 buy-in Main Event, down from last year’s mark of 664. Despite the drop of 25%, WPT Founder, President, and CEO Steve Lipscomb remains optimistic.
The Bellagio is a storied casino in the poker world. In fact, the Las Vegas Strip establishment will host three events during the seventh season of the WPT: the Bellagio Cup IV, Five Diamond World Poker Classic, and the $25,000 buy-in end-of-season WPT Championship. Lipscomb commented on the state of the WPT: “We’re a good reflection of how people are feeling about disposable income. I look at it as the glass is half full. We’ve been in the scariest economic times I have ever lived in for at least four months.” Lipscomb revealed that he was elated that a $15,000 buy-in tournament like the Five Diamond could still attract 500 entrants.
In a recent report published by the Nevada Gaming Control Board, state-wide gambling revenue was down 22% in October of 2008 in comparison to October of 2007. Revenues on the Strip were hit hard, which includes the Bellagio, and plummeted over 25% in October year over year. In terms of poker, revenues most likely have been down as well. Lipscomb reminded us, “This is a consumer market. We have customers who are people with jobs who find a way to win their way in. It’s not cheap to win a satellite at the Bellagio. It shows that people like to play in the established Main Events. They’ll get out to the Bellagio because they know they’ll be up against big names in the poker world.”
The Five Diamond final table features a star-studded cast of characters, including Hoyt Corkins, World Series of Poker November Nine member David “Chino” Rheem, and Steve Sung. WPT camera crews have trudged through the snow in Las Vegas to film the six-handed affair for television, which moves to Fox Sports Net. Seasons I through V aired on The Travel Channel, bringing the network to the forefront of the minds of many viewers. Season VI aired on GSN, although the cable channel declined to pick up its exclusive option for Season VII.
As part of the seventh season of the WPT, FullTiltPoker.net will become the on-felt sponsor of the show and receive a healthy amount of face time in millions of households in the process. Lipscomb explains, “Full Tilt Poker made the best deal imaginable. We got the best partner imaginable. It’s a great beginning for us in U.S. market from a sponsorship standpoint. What it will do is show the value we can create for a sponsor. This year, you’ll see how much over-delivery there is during the show.” FullTiltPoker.net and PokerStars.net, two educational online poker sites, regularly buy advertising time during WSOP broadcasts on ESPN as well as other poker programming.
Besides FullTiltPoker.net, the WPT has Southwest Airlines returning as a sponsor for the seventh season. Lipscomb is looking forward to working with one of the largest U.S. carriers once again: “Southwest has been a great sponsor for some time. Not only are they the airline I fly on, but it’s great to have them support the World Poker Tour. It’s important to have non-poker sponsors as a part of what we do.” Previously, the WPT also incorporated a beer sponsor into its programming, but did not sign one for Season VII. However, talks are ongoing to bring a sponsor for the end-of-show toast back for future seasons. The champion of the Five Diamond tournament, as well as other Season VII winners, will be toasted with champagne.
With many people uttering the word “Depression” daily to describe the economy in the United States and around the world, it’s easy for critics of poker to jump on declining attendance figures as a sign that interest in the game is dwindling. However, the 2008 WSOP broke the record for most total entrants in the 55 event tournament series at 58,720. ESPN ratings for the two hour Main Event broadcast were up 50% in 2008 over last year. PokerStars is in the midst of trying to hold the largest poker tournament in history, a $500,000 Guaranteed event with an $11 buy-in.
Lipscomb summed up his thoughts by saying, “We’re in a luxury business and are very fortunate to have people who can spend $15,000. While we’re thrilled with the event going as well as it is, it’s important for people to stand by side and help each other weather the storm.”