Caesars Entertainment sells WSOP to GGPoker for $500 million??

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, valued at $500 million (€463.2 million), includes $250 million (€231.6 million) in cash and a $250 million (€231.6 million) promissory note due five years post-closing.  

Continuation of WSOP events at Caesars properties  

In its press release, Ceasars said that despite selling the brand, the company will continue to host the flagship WSOP summer series at its Las Vegas casinos for the next 20 years. The brick-and-mortar poker rooms operated by Caesars will still feature WSOP branding, ensuring that the beloved poker series remains a staple in its current locations.  

Eric Hession, President of Caesars Digital, expressed optimism about the transition. “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.”  

NSUS Group’s vision for WSOP  

NSUS Group, known for launching the innovative online poker room GGPoker, is set to leverage its expertise to enhance the WSOP brand. Michael Kim, CEO of NSUS Group Inc., shared his excitement.   

“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,” Kim said. “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,” Kim added.  

Future of WSOP online  

Caesars Digital will retain the licence to operate WSOP Online in Nevada, New Jersey, Michigan, and Pennsylvania. However, the agreement restricts Caesars from expanding into new online poker markets for the foreseeable future, allowing NSUS to explore new opportunities for growth under the WSOP brand.  

The WSOP is the largest and longest-running poker tournament in the world with more than $4 billion (€3.7 billion) in prize money and awarding gold bracelets, globally recognised as the sport’s most coveted prize. According to Ceasars Entertainment, the WSOP portfolio of events includes approximately 40 WSOP Circuit Events annually across five continents.  

Meanwhile, GGPoker is an award-winning online poker room. In 2022, GGPoker was awarded the Online Poker Operator of the Year Award at the SiGMA Americas Awards.  

Regulatory approvals pending  

The sale is subject to customary regulatory approvals and other closing conditions and is expected to finalise by the end of 2024. Legal representation for the transaction included 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 enhanced experiences and expanded opportunities.?

Upcoming SiGMA event: Click?here?to find out all about SiGMA East Europe powered by Soft2Bet happening in Budapest, September 2024.

Corporate News

Boxxer and Betfred join forces to elevate boxing promotions

FDJ expands into payment solutions

Genting faces over €550 million?fraud lawsuit in the US??

Americas

Missouri casino industry sees decline in September

Missouri’s multi-million dollar gambling campaign

Kansas Gaming 9-month revenue surpasses $300 million