Caesars Entertainment Confirms $500M Sale of WSOP Brand to NSUS

The largest casino-entertainment company in the US and globally recognizable company, Caesars Entertainment, announced it signed a definitive agreement to sell its intellectual property rights to the World Series of Poker (WSOP) to the leading investment group within the iGaming vertical known for delivering GGPoker, the innovative online poker room, NSUS Group Inc.

Details regarding the transaction with a value of half a billion were released Thursday. Caesars Entertainment confirmed that the transaction has a price tag of $500 million. This breaks down to a $250 million cash payment as well as another $250 million in “promissory note due five years after the transaction’s closing date secured by the WSOP intellectual property assets being sold.”

Similar to other deals with similar value, the transaction is subject to the relevant regulatory approvals. Ultimately, the closing of the sale of the intellectual property rights for the WSOP is expected at some point before the end of this year.

Caesars used the financial counsel services of Latham & Watkins LLP, while also hiring Kirkland & Ellis LLP for transactional counsel. On the other hand, Greenberg Traurig, LLP provided guidance for NSUS regarding the recently announced transaction.

The Sale Builds upon a Successful Collaboration between the Duo

Michael Kim, NSUS Group’s chief executive, spoke about the excitement the new deal brings for the two companies. He explained that NSUS successfully collaborated with Caesars for years and the latest agreement marks a thrilling moment in the development of the WSOP brand.

Moreover, Kim pointed out: “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.” Finally, the exec said that the agreement seeks to propel the expansion of the WSOP brand across the globe, enabling it to reach its next chapter of growth.

“We’ve enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand.“

Eric Hession, president of Caesars Digital

Eric Hession, Caesars Digital’s president, shared the positive vibe, adding that the company has had a long-term and successful deal with GGPoker that also boosted the growth of WSOP. “This transaction is an exciting step for Caesars as a company and the WSOP brand as it continues to evolve,” he added.

Per the new agreement, Caesars will retain the right to host the WSOP live tournament series at its Las Vegas casinos. The agreement enables Caesars to retain those rights for the next 20 years.

At the same time, the company will retain the WSOP branding on its current poker rooms and will keep its preferential rights to host live WSOP Circuit tournaments.