Caesars Entertainment Sells WSOP to NSUS Group for $500 Million

Ongoing Partnership and Rights

The transaction is structured with an immediate payment of $250 million in cash and an additional $250 million promissory note, due five years after the deal closes.

Although the WSOP brand is being sold, Caesars will retain the rights to host the iconic WSOP live tournament in Las Vegas for the next two decades.

Furthermore, NSUS Group will grant Caesars Digital a license to continue running the WSOP Online real-money poker operations in several states, including Nevada, New Jersey, Michigan, and Pennsylvania.

Outside these states, Caesars will face restrictions on operating online poker for a certain period, except under specific conditions.

Caesars will also keep the WSOP branding in its physical poker rooms and will have preferential rights to host WSOP Circuit events, maintaining a strong connection to the WSOP legacy in its brick-and-mortar locations.

Strategic Intent and Future Outlook

Eric Hession, President of Caesars Digital, expressed excitement about the transaction “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.”

Michael Kim, CEO of NSUS Group, also expressed enthusiasm for taking over the leadership of the WSOP. “After collaborating with Caesars Entertainment for years, NSUS Group, the operators of GGPoker, is thrilled to announce their new role in leading the World Series of Poker, the world’s most 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 sale aligns with Caesars CEO Tom Reeg’s recent comments about selling non-core assets to reduce the company’s substantial long-term debt of $12.4 billion. The transaction is expected to be completed before the end of 2024.