Caesars sells WSOP brand for $500 M, keeps live events

Reno-based Caesars Entertainment announced Thursday that it was selling the WSOP brand to NSUS Group Inc. for $500 million. The deal includes a $250 million cash payment and a $250 million promissory note due five years post-closing.

Caesars will continue hosting the World Series of Poker’s live tournament series at its Las Vegas casinos for the next 20 years, per the agreement. Also, brick-and-mortar poker rooms currently operated by Caesars will continue to feature WSOP branding, and Caesars will keep preferential rights to host live WSOP Circuit events.

NSUS is best known for launching GGPoker, an online poker program available in select states, Ontario — where NSUS is headquartered — and several other international jurisdictions.

Caesars Digital will receive a license from NSUS to continue operating its recently upgraded WSOP Online real-money poker product in Nevada, New Jersey, Michigan and Pennsylvania. But Caesars Digital will be restricted from operating online peer-to-peer real-money poker games for an undisclosed period of time.

Eric Hession, president of Caesars Digital, said the company has “enjoyed a longstanding and successful partnership” with NSUS and 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,” Hession said in the release. “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.”

The sale is subject to regulatory approvals and other closing conditions. It is expected to close before the end of 2024.

“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,” Michael Kim, CEO of NSUS, said in the release.

During its second-quarter earnings call Tuesday, Caesars Entertainment executives touted the success of this year’s WSOP in Las Vegas.

“This was our best World Series ever from a financial perspective,” Tom Reeg, Caesars CEO, said Tuesday, while adding that the increased volume of on-site gamblers led to increases in hotel, food and beverage and other ancillary revenues.

Hession estimated that WSOP generated somewhere between $20 million and $25 million annually for the company while noting that online poker was not a significant portion of that total.

By David Danzis