LAS VEGAS (KSNV) — Caesars Entertainment says it’s reached a deal to sell the intellectual property rights to the World Series of Poker for $500 million.
The WSOP brand will be sold to the private investment company NSUS Group, which owns the online poker room GGPoker, according to a news release.
Under the deal, the poker tournament will stay at Caesars’ Las Vegas casinos for at least the next 20 years. The company’s poker rooms will also keep WSOP branding and casinos will have preferential rights to host live WSOP circuit events.
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Caesars Digital will receive a license to operate its WSOP Online real-money poker business in Nevada and three other states, but it will be restricted from operating peer-to-peer poker operations otherwise.
“We’ve enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand,” Eric Hession, president of Caesars Digital, said in a statement. “This transaction is an exciting step for Caesars as a company and the WSOP brand as it continues to evolve.”
The sale agreement will be subject to regulatory approval. It’s expected to close by the end of the year.
Caesars will receive $250 million in cash and a promissory note for the other half due five years after the sale closes.