The transaction is valued at US$500m.
US.- Caesars Entertainment has announced a definitive agreement to sell the intellectual property rights for the World Series of Poker (WSOP) brand to NSUS Group (NSUS). The transaction, valued at US$500m, includes US$250m in cash and a $250m promissory note due five years after the closing date secured by the IP assets being sold.
As a part of the deal, Caesars has 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. In addition, brick-and-mortar poker rooms currently operated by Caesars will continue to feature WSOP branding, and Caesars destinations will continue to have rights to host live WSOP Circuit events. Caesars Digital will receive a licence to continue operating its WSOP Online poker business in Nevada, New Jersey, Michigan, and Pennsylvania.
This sale is subject to customary regulatory approvals and other closing conditions and is expected to close before the end of 2024.
Eric Hession, president of Caesars Digital, said: “We’ve enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand. 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, added: “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.”