Caesars Entertainment has completed the sale of the intellectual property rights to the World Series of Poker (WSOP) brand to NSUS Group, the parent company of GGPoker.
The deal was closed for $500 million, consisting of $250 million in cash and a $250 million promissory note. The promissory note matures five years after the closing of the transaction, secured by the WSOP intellectual property assets being sold.
While Caesars has sold the WSOP to NSUS, the operator will continue its relationship with the poker brand for several more years, both in land-based and online formats.
That said, Caesars’ Las Vegas casinos will retain the rights to host the WSOP’s flagship live event for the next 20 years. The live event has been held at the Horseshoe and Paris casinos since its move from the Rio in 2022.
Caesars Digital will be licensed to continue operating the WSOP online for the foreseeable future in Nevada, New Jersey, Michigan, and Pennsylvania. The operator noted that “otherwise, it will be prohibited from operating real money online poker operations for a specified period of time and subject to certain exceptions.”
Caesars’ in-casino poker rooms will continue to use the WSOP branding, while the operator’s destinations will also have preferential rights to host WSOP Circuit live events.
Several WSOP executives will now also take on leadership roles within the NSUS structure, bringing more than 30 years of combined experience to help lead the brand into the next phase under new leadership.
Ty Stewart has been named CEO of the newly formed WSOP subsidiary, Gregory Chochon has been named COO, and Eric Eydissen has joined as communications manager.
Back in August, NSUS Group CEO, Michael Kim, commented on the deal, noting that the group intends to expand the poker brand worldwide.
“After collaborating with Caesars Entertainment for years, NSUS Group, the operators of GGPoker, is thrilled to announce their new role in leading the WSOP, the world’s most renowned poker brand,” stated Kim.
“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.”
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.”
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