Caesars Entertainment, Inc., a stalwart in the casino industry, announced today its definitive agreement to divest the intellectual property rights of the World Series of Poker (WSOP) to NSUS Group Inc., a preeminent figure in the iGaming investment sector. This landmark deal, amounting to $500 million, comprises $250 million in cash and an equal promissory note, payable in five years, secured against the WSOP assets.
Strategic partnership and licensing details:
Under the terms of this significant transaction, Caesars has ensured the continuation of the WSOP’s main live tournament events in its Las Vegas venues for the next two decades. Furthermore, Caesars-branded poker venues will maintain the WSOP insignia, guaranteeing ongoing branding consistency. Additionally, Caesars will retain preferred rights to host the WSOP Circuit (WSOP-C) events, ensuring a continued presence in the competitive poker circuit landscape.
Caesars Digital, the online arm of Caesars Entertainment, will also benefit from a licensing agreement allowing it to operate the upgraded WSOP Online platform in key states like Nevada, New Jersey, Michigan, and Pennsylvania. However, this agreement limits Caesars’ ability to engage in other online real-money peer-to-peer poker ventures for an agreed-upon duration, with specific exceptions outlined.
“We’ve enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand,” commented Eric Hession, President of Caesars Digital. He expressed enthusiasm about the future, stating in the official press release, “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.”
According to Poker News, Michael Kim, Chief Executive Officer of NSUS Group Inc., shared his excitement about taking the helm of the world-renowned poker brand. “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 road ahead and regulatory approvals:
The transition of ownership is set to redefine the landscape of professional poker, with Caesars continuing to play a pivotal role in the branding and operation of WSOP events. The deal, poised to close by the end of 2024, awaits the green light from regulatory bodies and the fulfillment of customary closing conditions. Legal advisory roles were filled by Kirkland & Ellis LLP for Caesars, while NSUS was represented by Greenberg Traurig, LLP.
As Caesars and NSUS prepare for the transaction’s finalization, the poker community watches with anticipation, ready to witness the next chapter of the WSOP legacy unfold under its new stewardship.
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