Caesars Entertainment has finalised the sale of its intellectual property rights for the World Series of Poker (WSOP) brand to NSUS Group, the parent company of GGPoker.
The transaction has been closed for the previously reported $500m price tag, which equates to $250m in cash and a $250m promissory note due five years after the transaction’s closing secured by the WSOP intellectual property assets being sold.
While Caesars has sold WSOP to NSUS, the operator will continue its relationship with the poker brand for several more years, both in a land-based and online manner.
Through the deal, Caesars’ Las Vegas casinos will retain the right to host the flagship WSOP live tournament series for the next 20 years. The live event has been hosted in the Horseshoe and Paris casinos since it moved from the Rio in 2022.
In addition, Caesars Digital will receive a licence to continue operating WSOP online for the foreseeable future in Nevada, New Jersey, Michigan and Pennsylvania.
However, the operator did note that it “will otherwise be restricted from operating online peer-to-peer real-money poker operations for a specified period of time and subject to certain exceptions”.
Caesars’ brick-and-mortar poker rooms will continue to feature WSOP branding, while the operator’s destinations will also have preferential rights to host live WSOP Circuit events.
Several WSOP executives will also now take on leadership roles within the NSUS structure, bringing more than 30 years of combined experience to help lead the brand through its next phase under the new ownership.
Ty Stewart has been named the CEO of the newly formed WSOP subsidiary, Gregory Chochon has been appointed as Chief Operating Officer and Erik Eidissen has joined as Communications Manager.
Back in August, NSUS Group CEO, Michael Kim, commented on the deal, noting that the group intends to expand the poker brand worldwide.
“After collaborating with Caesars Entertainment for years, NSUS Group, the operators of GGPoker, is thrilled to announce their new role in leading the WSOP, the world’s most renowned poker brand,” stated Kim.
“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.”
Eric Hession, President of Caesars Digital, said: “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.”