Caesars Entertainment has sold its World Series of Poker brand to NSUS Group, parent company of GGPoker, for $500 million, the companies announced via joint press release Thursday.
GGPoker will pay $250 million in cash and further $250 million due five years after the transaction’s closing date.
Such a deal between the two has been rumored for over two years — whether it be GGPoker acquiring WSOP, or vice versa . It gives GGPoker full reign to take the WSOP brand international and will, long-term, provide an entry point for GGPoker into the US markets.
The deal is contingent on regulatory approvals and other conditions and is expected to close by the end of the year.
“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,” he added.
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