LAS VEGAS, Nev. (FOX5) – Caesars Entertainment sold the World Series of Poker brand for $500 million to an investment group.
According to a press release, Caesars sold the brand to NSUS Group Inc. Officials say they are an investment group in the iGaming space including an online poker room, GGPoker.
The transaction was valued at $500 million. This includes $250 million in cash and $250 million in a promissory note due five years after the transaction’s date.
As part of the transaction, Caesars says they secured the right from NSUS to continue hosting the WSOP’s flagship live tournament series at its Las Vegas casinos for the next 20 years. Brick-and-mortar poker rooms operated by Caesars will still have WSOP branding as well.
“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.”
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