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Caesars retains the right to host the flagship WSOP summer series on the Las Vegas Strip for 20 years and its licenses to use the WSOP brand for its brick-and-mortar and online poker operations
TORONTO & LAS VEGAS — Caesars Entertainment, Inc. (NASDAQ: CZR) (“Caesars”) today announced the signing of a definitive agreement to sell its intellectual property rights for the World Series of Poker ® (“WSOP”) brand to NSUS Group Inc. (“NSUS”), a leading investment group in the iGaming space known for successfully launching several groundbreaking ventures, including the innovative online poker room, GGPoker. The transaction, valued at a total of US$500 million, includes US$250 million in cash and a $250 million promissory note due five years after the transaction’s closing date (the “Closing”) secured by the WSOP intellectual property assets being sold.
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As a part of this transaction, 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 enjoy preferential rights to host live WSOP Circuit (WSOP-C) events going forward.
Caesars Digital will also receive a license from NSUS to continue operating its recently upgraded 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.”
“After collaborating with Caesars Entertainment for years, NSUS Group, the operators of GGPoker, is thrilled to […]
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