Caesars Entertainment, Inc. has entered into a definitive agreement to sell the intellectual property rights for the World Series of Poker® (WSOP) brand to NSUS Group Inc. The transaction, valued at $500 million, includes $250 million in cash and a $250 million promissory note due five years post-closing, secured by the WSOP intellectual property assets.
Under the agreement, Caesars retains the rights to host the WSOP’s flagship live tournament series at its Las Vegas properties for the next 20 years. Additionally, Caesars’ brick-and-mortar poker rooms will continue to feature WSOP branding, and the company will have preferential rights to host live WSOP Circuit (WSOP-C) events.
Caesars Digital will obtain a license from NSUS to operate the WSOP Online real-money poker business in Nevada, New Jersey, Michigan, and Pennsylvania. However, Caesars will be restricted from operating online peer-to-peer real-money poker operations for a specified period, with certain exceptions.
The transaction is pending customary regulatory approvals and other closing conditions and is expected to close by the end of 2024. Kirkland & Ellis LLP served as transactional counsel and Latham & Watkins LLP acted as finance counsel for Caesars. NSUS was represented by Greenberg Traurig, LLP.
“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.”
“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,” said Michael Kim, Chief Executive Officer of NSUS Group Inc. “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.”