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May 24 , 2021 ALLIED ESPORTS ENTERTAINMENT Allied Esports Entertainment Announces First Quarter 2021 Financial Results IRVINE , Calif .-- ( BUSINESS WIRE ) -- Allied Esports Entertainment , Inc. ( NASDAQ : AESE ) ( the " Company " or " AESE ” ) , a global esports entertainment company , today announced financial results for the first quarter ended March 31 , 2021 , as well as an update on several key business initiatives . This release refers to “ continuing ” and “ discontinued ” operations due to the pending sale of the Company's subsidiaries owning and operating its poker related business , the World Poker Tour® ( " World Poker Tour , ” or “ WPT® ” ) , which is expected to close in the second or third quarter of 2021. Therefore , unless otherwise noted , results presented in this release relate to the continuing operations of the Company and Allied Esports , and excludes the World Poker Tour , which is classified as discontinued operations . Commenting on the first quarter 2021 results , the Company's CEO , Frank Ng , said , " Overall , I am pleased with the first quarter performance of our Esports business despite the headwinds and operational constraints we continue to face within the In - person pillar of our business as we slowly emerge from the COVID - 19 pandemic . While In - person events were the primary growth drivers of our Esports revenue prior to the pandemic , I have been impressed with our team's ability to pivot towards remote content creation and online events and adapt to the challenges posed by the pandemic . In doing so , we have made good progress over the last several quarters building out capabilities for the Multiplatform Content pillar of our Esports business , which has culminated in announcements this month of a new nine - month esports tournament program with Tencent's streaming platform , as well as our first distribution partnership with MuxlP , which will result in the airing of hundreds of hours of our content library on OTT platforms . In addition , we further reduced our debt burden by paying off our convertible debt balance and in turn , significantly enhanced our capital structure while improving our financial flexibility and liquidity position . Looking forward , we believe that the strategic pivot we made accelerates our ability to further monetize aspects of the Esports ecosystem and take advantage of significant growth opportunities as the economy continues to improve and the environment normalizes . " First Quarter 2021 Financial Results Revenues : Total revenues of $ 0.5 million decreased 53 % in the first quarter of 2021 compared to the first quarter of 2020. This was due to decreased In - person revenue as a result of the pandemic . Costs and expenses : Total costs and expenses for the first quarter of 2021 were $ 5.4 million , a decrease of 43 % compared to the first quarter of 2020. Costs and expenses decreased primarily due to lower expenses in the In - person pillar , and lower general and administrative , selling and marketing and stock - based compensation expenses . Loss from continuing operations for the quarter was $ 5.0 million , compared to a loss of $ 9.1