Caesars Entertainment Sells WSOP Intellectual Property for $500 Million
The transaction is valued at $500 million, comprising $250 million in cash and a $250 million promissory note due five years after the closing date.
Caesars Entertainment has announced a definitive agreement to sell its intellectual property rights for the World Series of Poker (WSOP) brand to NSUS Group.
The transaction is valued at $500 million, comprising $250 million in cash and a $250 million promissory note due five years after the closing date.
NSUS Group, known for its online poker room GGPoker, will acquire the WSOP intellectual property assets.
As part of the agreement, Caesars retains the right to host the flagship WSOP summer series on the Las Vegas Strip for the next 20 years. Caesars will also continue to feature WSOP branding in its brick-and-mortar poker rooms and host live WSOP Circuit events.
Additionally, Caesars Digital will receive a license from NSUS to operate the WSOP Online real-money poker business in Nevada, New Jersey, Michigan, and Pennsylvania.
Eric Hession, Caesars Digital President, 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.”
Michael Kim, NSUS Group CEO, added:
“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 requires regulatory approvals and other conditions, with an expected closing by the end of 2024. Kirkland & Ellis provided legal counsel to Caesars, while NSUS was represented by Greenberg Traurig, LLP.
This transaction occurs as Caesars navigates broader financial challenges, having reported a net loss of $122 million for the second quarter of 2024. The company’s total net revenue slightly decreased to $2.83 billion. Despite the loss, Caesars reported $1 billion in adjusted EBITDA, with growth in its Las Vegas and digital segments.
The company is expanding its digital and regional presence, including the acquisition of WynnBet's Michigan iGaming operations and the launch of mobile sports betting in North Carolina earlier this year.
