- Caesars Entertainment has announced the sale of the World Series of Poker to the NSUS Group.
- The NSUS Group is likely best known as the owner GGPoker online poker platform.
- As part of the deal, Caesars Entertainment will retain rights to use the brand and host the WSOP for the next twenty years.
Caesars Entertainment, Inc. has announced a landmark deal to sell the intellectual property rights for its iconic World Series of Poker (WSOP) brand to NSUS Group Inc., a leading iGaming investment group known for the successful launch of the GGPoker platform. The transaction is valued at $500 million, with $250 million paid in cash and the remaining $250 million as a promissory note due five years after the closing date, secured by the WSOP intellectual property assets being sold.
This strategic move by Caesars represents a significant shift in the ownership and management of the world’s most prestigious poker brand. However, as part of the agreement, Caesars has ensured that it will retain a strong connection to the WSOP brand and its operations. The company has secured the rights from NSUS to continue hosting the WSOP’s flagship live tournament series at its Las Vegas casinos for the next 20 years. Additionally, Caesars’ brick-and-mortar poker rooms will continue to feature WSOP branding, and its properties will maintain preferential rights to host live WSOP Circuit (WSOP-C) events.
Eric Hession, President of Caesars Digital, expressed enthusiasm about the transaction, highlighting the long-standing partnership between Caesars and GGPoker. “We’ve enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand,” said Hession. “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.”
In addition to the physical presence of WSOP at Caesars’ properties, Caesars Digital will receive a license from NSUS to continue operating its WSOP Online real-money poker business in several key states, including Nevada, New Jersey, Michigan, and Pennsylvania. However, Caesars will be restricted from operating other online peer-to-peer real-money poker operations for a specified period, subject to certain exceptions.
For NSUS Group, acquiring the WSOP intellectual property marks a significant milestone in its efforts to expand its influence in the poker world. Michael Kim, Chief Executive Officer of NSUS Group Inc., expressed excitement about taking on the leadership role for the WSOP brand. “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 stated. “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.”
The transaction, which is subject to customary regulatory approvals and other closing conditions, is expected to close before the end of 2024. The legal aspects of the deal were managed by Kirkland & Ellis LLP, providing transactional counsel to Caesars, and Latham & Watkins LLP, which acted as finance counsel. NSUS was represented by Greenberg Traurig, LLP.
This deal signals a new era for the WSOP brand, with the potential for significant global expansion under NSUS’s stewardship. At the same time, Caesars will continue to play a vital role in the live poker scene, maintaining its historic connection to the WSOP while exploring new opportunities in the rapidly evolving gaming industry.
