Caesars Entertainment has announced a definitive agreement to sell intellectual property rights to the World Series of Poker (WSOP) brand to NSUS Group.
The transaction is valued at $500 million, consisting of $250 million in cash and a $250 million promissory note due five years after the closing date.
NSUS Group, best known for its online poker room GGPoker, will acquire the intellectual property assets of the WSOP.
Under the agreement, Caesars Entertainment retains the rights to host the flagship WSOP Summer Series event on the Las Vegas Strip for the next 20 years. Caesars Entertainment will also continue to showcase the WSOP brand in its physical poker rooms and host WSOP Circuit live events.
In addition, Caesars Digital will obtain a license from NSUS to operate WSOP online real money poker operations in Nevada, New Jersey, Michigan and Pennsylvania.
Eric Hession, president of Caesars Digital, said: “This deal is an exciting step for Caesars Entertainment and the WSOP brand as the brand continues to grow. We can’t wait to see what NSUS will do next. How to continue the WSOP’s legacy in the poker community and look forward to continuing to provide poker players with an unrivaled and familiar experience.”
NSUS Group CEO Michael Kim added: “We will leverage GGPoker’s cutting-edge technology and industry expertise to create an exciting future for the WSOP, ensuring players have an increasingly improved, safe and seamless poker experience. Under new leadership, NSUS intends to expand the WSOP globally and make it the forefront of poker's growth."
The sale is subject to regulatory approvals and other conditions and is expected to close by the end of 2024. Kirkland & Ellis provided legal counsel to Caesars Entertainment, while NSUS was represented by Greenberg Traurig, LLP.
The deal comes amid broader financial challenges at Caesars Entertainment, which has reported a net loss of $122 million in the second quarter of 2024. The company's total net income fell slightly to $2.83 billion. Despite the losses, Caesars Entertainment reported $1 billion in adjusted EBITDA, with results from both its Las Vegas and digital divisions growing.
The company is expanding its digital and regional presence, including the acquisition of WynnBet's iGaming business in Michigan and the launch of mobile sports betting in North Carolina earlier this year.
