Caesars sells WSOP in $500m deal, retains hosting rights

Caesars Entertainment Inc has confirmed that it is divesting from its World Series of Poker asset, the world’s flagship poker event, and one of the biggest poker gatherings in modern history. WSOP has been going on for more than 50 years and it is expected to only improve under its new leadership while Caesars retains many of its day-to-day responsibilities in WSOP.

Major poker brands consolidate under the same umbrella

The company is selling the asset to NSUS Group Inc, the company behind the massively successful GGPoker online card room, in a $500m deal which will see $250m paid in cash upfront and another $250m promissory note due five years after the deal has officially closed.

With this transaction, Caesars Entertainment is relinquishing its rights over the WSOP’s intellectual property. However, the company will still remain the host of the event over the next 20 years, out of various Las Vegas Strip casinos, as part of a new agreement with NSUS.

Apart from running the physical events, Caesars Digital is also going to receive a license from NSUS to operate the online real-money poker business for the platform across the United States, including Nevada, New Jersey, Michigan, Pennsylvania, and possibly – new jurisdictions when and if they become available.

Commenting on this opportunity, Caesars Digital Eric Hession 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," he added.

In the meantime, NSUS Group CEO Michael Kim was similarly pleased with the outcome, hailing the deal, and also emphasizing that his company already had experience with handling cutting-edge platforms in the poker vertical through GGPoker.

NSUS Group welcomes the opportunity to elevate WSOP’s status

The goal from here on in will be to create an increasingly "improved, safe, and seamless poker experience." GGPoker is similarly pleased to help lead one of the most acclaimed poker brands worldwide in the face of WSOP, Kim added.

The World Series of Poker is one of the longest-standing and most respected events in the industry. Having dealt with social and poker community issues over the years, the event has raised to salience and draws an international crowd from all over the world.

This year’s Main Event winner was an American poker player from Houston, Texas, Jonathan Tamayo, who walked away from the table with $10,000,000 to his name.

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