How to measure success in business?
If you win money, you are successful.
If you lose money, you are not.
As the old Luxembourg saying goes: 'If it costs nothing, it is nothing.' Well, this poker festival at the Wynn is amazing in that case because the prize tag is huge. I was going to chose 'A Beautiful Failure' as a title for this post but it's not a failure. It's actually a great success. Just like money cannot buy happiness, reached prize pool guarantees are in no relationship at all with the quality of the event. Yes, this memorable party cost a lot. The World Poker Tour (WPT) has to add 2,417,000 USD to the 40,000,000 USD prize money guarantee in the 10,400 USD WPT World Championship at Wynn Las Vegas. A glorious setup in one of the elite resorts on the Strip, excellent feedback from all visitors and partners and only about 6% of the guarantee was missing after the end of registration in the Main Event. The problem with very ambitious plans is that even a close miss quickly gets very expensive. The good old risk/reward ratio is also a thing for promoters. The event is still being celebrated by the players and by the whole community for the quality provided by the WPT and Wynn/Encore teams. A prize of 5,678,000 USD awaits the winner but that's not what people who attended will keep in mind, nor will it be the amount of the overlay.
What the WPT has achieved, is making everybody feeling truly welcome. How about that as an impact? I am not only referring to player services but also to how the whole staff and technical teams are being treated and managed. Many brands among the biggest in the poker business are nowhere near what the WPT has to offer in terms of hospitality and respect.
Four flights, each one a freezeout. One could have opted for unlimited re-entries and probably made up the 246 missing entries. Last year, the $15 million guarantee was almost doubled with a prize pool of more than 29 million USD. This year they even reached 37.6 million USD, but the financial pain of a 2,417,000 USD-overlay remains due to the 40 million USD prize money guarantee. Adam Pliska, CEO of the WPT, is nevertheless positive, as the feedback from players has been outstanding and the gorgeous Wynn as the location for the WPT World Championship is also a perfect partner.
This post is a reference to the recent PokerFirma.com intervention below.