WSOP brand sold by Caesars for $500m. Listen To Article 00:00
02:47
Caesars Entertainment has announced a definitive agreement to sell its intellectual property rights for the World Series of Poker (WSOP) brand to NSUS Group.
The transaction is valued at $500m, consisting of $250m in cash and a $250m promissory note due five years after the closing date.
NSUS Group, known for its online poker room GGPoker, will acquire the WSOP intellectual property assets.
As part of the agreement, Caesars retains the right to host the flagship WSOP summer series on the Las Vegas Strip for the next 20 years. Caesars will also continue to feature WSOP branding in its brick-and-mortar poker rooms and host live WSOP Circuit events.
Additionally, Caesars Digital will receive a licence from NSUS to operate the WSOP Online real-money poker business in Nevada, New Jersey, Michigan and Pennsylvania.
Eric Hession, Caesars Digital President, said: “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, NSUS Group CEO, added: “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.”Meanwhile, WPT Global President Alex Scott told Gambling Insider : “Competition was sorely lacking in online poker for a long time, and it’s great to see that changing. We’re excited to battle it out with GG and PokerStars for the number one spot over the coming years.”The sale requires regulatory approvals and other conditions, with an expected closing by the end of 2024. Kirkland & Ellis provided legal counsel to Caesars, while NSUS was represented by Greenberg Traurig, LLP.This transaction occurs as Caesars navigates broader financial challenges, having reported a net loss of $122m for the second quarter of 2024. The company’s […]
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