US casino operator Caesars Entertainment announced overnight it has agreed to sell the World Series of Poker (WSOP) brand to investment group NSUS Group in a US$500 million deal. NSUS Group, a leading name in the global iGaming space, is best known as the operator of online poker site GGPoker.
The deal will see Caesars receive US$250 million in cash plus a $250 million promissory note due five years after the transaction’s closing date, secured by the WSOP intellectual property assets being sold.
However, Caesars said it has retained the rights to continue hosting the annual WSOP live tournament series at its Las Vegas casinos for the next 20 years, while brick-and-mortar poker rooms currently operated by Caesars will continue to feature WSOP branding and Caesars destinations will continue to enjoy preferential rights to host live WSOP Circuit events going forward.
Caesars Digital will also receive a license from NSUS to continue operating its WSOP Online real-money poker business in Nevada, New Jersey, Michigan, and Pennsylvania for the foreseeable future but will otherwise be restricted from operating online peer-to-peer real-money poker operations for a specified period of time and subject to certain exceptions.
“We’ve enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand,” said Eric Hession, President of Caesars Digital. “This transaction is an exciting step for Caesars as a company and the WSOP brand as it continues to evolve. We can’t wait to see what NSUS has in store for growing the WSOP’s legacy in poker, and we look forward to continuing to deliver an unmatched and familiar experience to poker players going forward.”
Michael Kim, Chief Executive Officer of NSUS Group Inc, said, “After collaborating with Caesars Entertainment for years, NSUS Group, the operators of GGPoker, is thrilled to announce their new role in leading the World Series of Poker, the world’s most renowned poker brand.
“We will leverage GGPoker’s cutting-edge technology and industry expertise to create an exciting future for WSOP, ensuring players have an increasingly improved, safe, and seamless poker experience. Under the new leadership, NSUS intends to expand WSOP worldwide, positioning it at the forefront of poker’s growth.”