Caesars Sells World Series of Poker for $500 Million

Today it was revealed that Caesars Entertainment is selling the intellectual property rights for the World Series of Poker to NUS Group, the owner of GGPoker for $500 million.

The deal will see NSUS paying $250 million in cash as well as $250 million in the form of a promissory note that will be due five years after the completion of the deal. Under the agreement, Caesars will remain the host of the World Series of Poker tournament for at least the next 20 years. The event is a major draw to Las Vegas every year.

Additionally, Caesars will also keep the branding in place for poker rooms and can host circuit events, which are often broadcast on television. The company will also obtain a license to continue offering online poker services under the WSOP brand in the states of Michigan, Nevada, New Jersey, and Pennsylvania.

For GGPoker, the purchase puts them in a better position to compete with the likes of PokerStars, which is the dominant player in the online poker space.

Regarding the deal, Caesars Digital President Eric Hession said: "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."

NSUS Group CEO Michael Kim also commented, noting: "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."