Caesars Entertainment is selling the World Series of Poker (WSOP) to NSUS Inc., the operator of GGPoker, in a deal worth $500 million. While Caesars is selling off its WSOP assets, it’s not giving up on poker’s biggest event entirely and will continue hosting tournaments for the foreseeable future.
GGPoker and Caesars have a long-standing relationship and that relationship will continue even after the sale has been completed. Caesars will continue to host the WSOP Summer Series and will use WSOP branding in its promotions. “We’ve enjoyed a longstanding and successful partnership with 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. 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,” Eric Hession, President of Caesars Digital said in a press release announcing the sale.
Under the terms of the sale, NSUS Inc. will pay $250 million in cash up front to take control of the WSOP assets. The company also signed a promissory note agreeing to pay out another $250 million within five years to complete the deal.
“After collaborating with Caesars Entertainment for years, NSUS Group, the operators of GGPoker, is thrilled to announce their new role in leading the World Series of Poker, the world’s most renowned poker brand. 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,” said Michael Kim, Chief Executive Officer of NSUS Group Inc.