In a notable announcement last week, Caesars Entertainment revealed the sale of the WSOP brand. World Series of Poker The deal, valued at $500 million, not only transfers ownership but also ensures the continuation of the annual live series in Las Vegas will carry on in the coming years.
As per the terms of the sale, NSUS Group, a Canadian online gaming firm and owner of GGPoker, will obtain the rights to the WSOP's intellectual property.
Eric Hession, the President of Caesars Digital, remarked, \"Our long-standing partnership with GGPoker has fostered the growth of the WSOP brand. This sale represents an exciting development for both Caesars and the WSOP brand as it moves forward in its journey.\"
Details on the Sale
In this arrangement, NSUS will initially pay Caesars $250 million in cash and will also commit to a promissory note for an additional $250 million, which is due five years after the deal's completion. Furthermore, Caesars retains the right to continue hosting the WSOP live tournaments at its casinos in Las Vegas for the next two decades.
This agreement allows Caesars’ poker rooms to carry WSOP branding and maintain special privileges to host live WSOP Circuit events.
Additionally, Caesars will receive a license from NSUS to continue operating its online platforms in Nevada, New Jersey, Michigan, and Pennsylvania, although it will encounter some limitations on expanding this branch of its business. online poker This agreement seems to have been a lucrative opportunity for Caesars; the firm secures a substantial $500 million while still retaining the ability to conduct WSOP-branded events and online poker games in several locations.
Deal Too Good to Pass Up
Prior to the sale completion, Caesars' CEO Tom Reeg highlighted in an earnings conference that the company wasn't contemplating the sale of any core assets, indicating that only 'non-core, non-operational' assets could be considered, which appears to apply to the WSOP.
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