Caesars Entertainment has officially completed the sale of the World Series of Poker brand to NSUS Group Inc., the parent company of GGPoker.
In a landmark deal valued at $500 million, GGPoker took over the reins on October 29 paying out $250 million in cash and a $250 million debt that is due after five years.
The sale of the WSOP marks a significant shift in the poker industry, given the longstanding history and prestige associated with the brand which is now coupled with the biggest online poker platform around today.
Today, we announced the closing of the previously announced sale of our intellectual property rights for the World Series of Poker brand to NSUS Group Inc. As previously disclosed, the transaction includes US$250 million in cash and a $250 million promissory note due five years… pic.twitter.com/jrOCiCLphq
— Caesars Entertainment (@CaesarsEnt) October 29, 2024
GGPoker Gets its Hands on the WSOP Brand
The initial announcement of this sale came as a surprise to many in the poker community. The deal was first revealed in August 2024, just after the WSOP experienced its largest Main Event ever, which saw a record number of participants pony up the $10,000 buy-in.
This surge in interest and participation highlighted the brand’s continued relevance and popularity within the poker world.
Despite this change in ownership, Caesars will maintain a significant role in the operation of WSOP events.
They have secured the rights to host the flagship WSOP at their Las Vegas venues for the next two decades. Additionally, Caesars will continue to operate the WSOP Online real-money poker business across several states, including Nevada, New Jersey, Michigan, and Pennsylvania, under a licensing agreement with NSUS.
Caesars Entertainment’s involvement does not end with hosting rights. They will also retain WSOP branding in their brick-and-mortar poker rooms.
Furthermore, they will have preferential rights to host WSOP Circuit events. This arrangement ensures that while ownership has shifted to NSUS Group, Caesars remains deeply integrated into the operational framework of WSOP events.
WSOP Predicted to Go from Strength to Strength
Eric Hession, President of Caesars Digital, expressed enthusiasm about the sale, emphasising that it represents an exciting opportunity for both Caesars and the WSOP brand as it evolves.
He noted that their longstanding partnership with GGPoker had already contributed significantly to the growth of the WSOP brand over recent years.
As part of this transition, several key executives from WSOP will be stepping into leadership roles within NSUS Group.
Ty Stewart, who has been instrumental in managing the WSOP brand for years, will serve as CEO of the newly formed WSOP subsidiary.
Gregory Chochon will take on the role of COO, while Erik Eidissen will become Communications Manager.
Collectively, these individuals bring over 30 years of experience managing various aspects of the WSOP brand and are expected to guide its future growth and integration under NSUS’s ownership.
Into the Future
Looking ahead, NSUS Group aims to broaden the scope of the WSOP beyond its traditional boundaries.
The brand has a history of international expansion with events like WSOP Europe and WSOP Asia-Pacific introduced over recent years.
The upcoming WSOP Paradise event in December 2024 will serve as a showcase for this new direction under GGPoker’s leadership.
Scheduled to take place in The Bahamas from December 6-19, this event promises an exciting lineup featuring 15 bracelets and a $25,000 Super Main Event boasting a $50 million guarantee.
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