Caesars Entertainment has owned the WSOP brand for many years and so this event has always been held at their resorts. Harrah's Entertainment (now Caesars) purchased the WSOP brand for approximately $50 million back in 2004. Last night, however, Caesars announced that it has decided to sell the WSOP brand.
GGPoker the new owner of the WSOP
GGPoker is currently the largest online poker room in the world and has only managed to achieve this status in a short period of time. In addition, GGPoker has also been a WSOP partner in recent years and it is on their platform that various WSOP qualifiers have been run.
NSUS Group Inc. is the company behind the GGPoker platform and it is this company that is the new owner of the WSOP brand. Caesars Entertainment Inc. announced in a press release yesterday that they have signed a definitive agreement with NSUS Group Inc. to sell the intellectual property rights for the World Series of Poker brand. The amount for which the brand has been sold is $500 million, of which $250 million is in cash and the other $250 million is in the form of a promissory note payable five years after the closing date of the transaction.
Exhilarating journeys await 🤝! https://t.co/cb7mgpUEU7
- GGPoker (@GGPoker) August 1, 2024
WSOP to stay in Las Vegas for 20 years
As part of the deal, Caesars has secured the right from NSUS to continue hosting the WSOP's main live tournament series at its Las Vegas casinos for the next 20 years. In addition, the brick-and-mortar poker rooms currently operated by Caesars will continue to feature WSOP branding, and Caesars destinations will continue to enjoy preferential rights to host live WSOP Circuit Events.
Caesars Digital will also receive a license from the NSUS to continue to operate WSOP Online in Nevada, New Jersey, Michigan and Pennsylvania for some time, but will otherwise be restricted from operating online peer-to-peer cash poker operations for a certain period of time and with certain exceptions.
"We have enjoyed a long and successful partnership with GGPoker that has helped drive the growth of the WSOP brand," said Eric Hession, president of Caesars Digital. "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 to expand the WSOP's legacy in poker, and we look forward to continuing to provide poker players with an unparalleled and familiar experience."
"After many years of working with Caesars Entertainment, NSUS Group, operators of GGPoker, are excited to announce their new role at the helm of the World Series of Poker, the world's most renowned poker brand," said Michael Kim, CEO of NSUS Group Inc. "We will leverage GGPoker's cutting-edge technology and expertise to create an exciting future for the WSOP and provide players with an increasingly better, safer and more seamless poker experience. Under the new leadership, NSUS intends to expand the WSOP worldwide and position it at the forefront of poker's growth."
What can we expect?
As we've seen in the past, the WSOP has grown steadily with the WSOP Circuit, WSOP Europe, WSOP Asia-Pacific in 2013 and 2014, and the addition of WSOP Paradise, which will have a sequel this year. As indicated by the CEO of NSUS Group Inc. Michael Kim, they want to expand the WSOP worldwide, so we can expect to see new destinations hosting the WSOP in the coming years. In addition, we can also expect to see new venues hosting WSOP Circuit ring events. GGPoker does not currently operate in the U.S., so perhaps this move will bring them closer to the U.S. market as well. We definitely have a lot to look forward to.
As a final note, this sale is subject to customary regulatory approvals and other closing conditions and is expected to close before the end of 2024.
Source - Caesars press release, Pokernews, GGpoker, NSUS Group, WSOP, investopedia, the nevada independent, booking.com
