Caesars Entertainment has today announced that they will be selling the iconic World Series of Poker Brand to NSUS Group Inc, a leading investment group and operator of leading online poker room GGPoker.
According to a press release, the deal is set to be worth $500 million—$250 million in cash and a $250 million promissory note "due five years after the transaction's closing date".
https://twitter.com/GGPoker/status/1819104194349224028
The sale comes off the back of the largest WSOP Main Event in history and less than four months before the return of WSOP Paradise to the Bahamas.
The sale represents a huge step into the US market from NSUS Group Inc., but GGPoker's connection to the WSOP has been clear for all to see since they held the WSOP Online in 2020.
Four years ago, Ty Stewart, executive director of the WSOP, said he "couldn't be more excited" about deepening the relationship the WSOP had with GGPoker.
The relationship has now become a marriage, with NSUS Group Inc. purchasing the intellectual property rights for a nine-figure sum — dwarfing the approximately $50 million Harrah's paid back in 2004.
While the release focuses on intellectual property rights, there were also signs that Caesars Entertainment will continue to be involved in running both the WSOP and the WSOP Circuit.
Not only will the WSOP's flagship live tournament series continue to be held at Caesars' Las Vegas casinos for the next twenty years, but Caesars properties can continue to feature WSOP branding.
With the WSOP Circuit having gotten underway in Choctaw, US circuit regulars will be pleased to know that Caesars destinations will still receive "preferential rights" to host live WSOP Circuit events.
"We can’t wait to see what NSUS has in store for growing the WSOP’s legacy in poker"
Eric Hession, President of Caesars Digital, said that the transaction is an exciting step for Caesars as a company and the WSOP brand as it continues to evolve.
"We’ve enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand," said Hession.
"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."
As part of the announcement, Michael Kim, CEO of NSUS Group Inc., said that after collaborating with Caesars Entertainment for years, NSUS Group Inc. was thrilled to announce its new role.
"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 World Series of Poker already has a long history of international expansion, starting first with the introduction of WSOP Europe in 2007 and the WSOP APAC in 2013 and 2014.
Most recently, the Bahamas hosted WSOP Paradise for the first time in 2023. Less than a month ago, the WSOP announced that the festival will return to the Caribbean in December this year.
The World Series of Poker operates real-money online poker in Nevada, New Jersey, Michigan and Pennsylvania. According to the release, Caesars Digital will receive a license from NSUS to continue operating in these states.
However, it also states that they will be restricted from poker operations "for the foreseeable future", presumably due to the sale.
This sale is subject to customary regulatory approvals and other closing conditions and is expected to close prior to the end of 2024.
