Caesars Entertainment, Inc. has announced a landmark agreement to sell the intellectual property rights of the World Series of Poker (WSOP) brand to NSUS Group Inc., the parent company of GGPoker. The deal is valued at $500 million (€463.2 million), including $250 million (€231.6 million) in cash and a promissory note worth $250 million (€231.6 million) due five years after the transaction is completed.
WSOP events will continue at Caesars' properties
In the press release, Caesars stated that despite the sale of the brand, the company will continue to host the flagship WSOP summer series at its Las Vegas casinos for 20 years. Caesars-operated physical poker rooms will continue to use the WSOP brand, ensuring that this beloved poker series remains unchanged at its existing locations.
Eric Hession, President of Caesars Digital, expressed optimism about this transition. He said: "Our long-term successful partnership with GGPoker has facilitated the growth of the WSOP brand. This transaction is an exciting step for both Caesars and the WSOP brand as it continues to evolve. We are eager to see what plans NSUS has in expanding the WSOP poker legacy, while we look forward to continuing to provide an unparalleled and familiar experience for poker players."
NSUS Group's vision for WSOP
Known for its innovative online poker room GGPoker, NSUS Group will leverage its expertise to enhance the WSOP brand. Michael Kim, CEO of NSUS Group Inc., shared his excitement.
Kim said: "After many years of collaboration with Caesars Entertainment, NSUS Group, the operator of GGPoker, is thrilled to announce their new role in leading the world's most renowned poker brand, World Series of Poker. We will utilize GGPoker's cutting-edge technology and industry expertise to create an exciting future for WSOP, ensuring a continuously improving, safe, and seamless poker experience for players."
Kim added: "Under new leadership, NSUS plans to expand WSOP globally, positioning it at the forefront of poker development."
The future of WSOP online
Caesars Digital will retain the licenses to operate WSOP Online in Nevada, New Jersey, Michigan, and Pennsylvania. However, the agreement restricts Caesars from expanding into new online poker markets in the foreseeable future, allowing NSUS to explore new growth opportunities under the WSOP brand.
WSOP is the world's largest and longest-running poker tournament, with over $4 billion (€3.7 billion) in prize money and awards the most prestigious gold bracelets globally recognized. According to Caesars Entertainment, the WSOP event portfolio includes about 40 WSOP circuit events annually, spanning five continents.
Meanwhile, GGPoker is an award-winning online poker room. In 2022, GGPoker was named the Best Online Poker Operator of the Year at the SiGMA Americas Awards.
Regulatory approval pending
The sale is subject to customary regulatory approvals and other closing conditions and is expected to be completed by the end of 2024. The legal representatives for this transaction include Kirkland & Ellis LLP for Caesars and Greenberg Traurig, LLP for NSUS.
This development marks a new chapter in the history of the World Series of Poker. As the WSOP brand continues to evolve, poker enthusiasts worldwide can look forward to better experiences and more opportunities.
