Caesars Entertainment has closed the sale of the company’s intellectual property rights to the World Series of Poker (WSOP) brand to NSUS Group. Caesars announced the $500 million deal in August and the transaction was completed.
Details about the World Series of Poker
The agreement includes the receipt of US$250 million in cash and a US$250 million promissory note due five years after the closing of the transaction. NSUS is the parent company of GGPoker and plans to use the WSOP brand in more live and online events around the world.
“We will leverage GGPoker’s cutting-edge technology and industry expertise to create an exciting future for the World Series of Poker, ensuring players have an increasingly enhanced, safe and seamless poker experience,” said Michael Kim, CEO of NSUS, at the time of the original announcement.
“Under new leadership, NSUS aims to expand the WSOP across the world, positioning it at the forefront of poker’s growth.”
Those who are used to playing the WSOP live may not notice any major differences. As part of the agreement, Caesars retains the right for NSUS to host the premier live tournament series at its Las Vegas casinos for the next 20 years.
The company also receives a license from NSUS to continue operating the online poker business under the WSOP brand. This authorization will be given to Nevada, New Jersey, Michigan and Pennsylvania in the near future.
However, Caesars will not be able to operate real money online poker for a specific period of time, but some exceptions apply.
Strategic executives must also migrate
Additionally, Caesars live poker rooms will continue to feature the WSOP brand. Therefore, Caesars properties will also continue to enjoy preferential rights to host live WSOP Circuit events.
But the announcement also included news that several longtime WSOP executives will transition into key leadership roles at NSUS. In other words, WSOP Senior Vice President and Executive Director Ty Stewart will now serve as CEO of the newly formed subsidiary.
Gregory Chochon, who previously served as COO of the WSOP and also as vice president, will maintain the role of director of operations at the new entity. Former WSOP content manager and media coordinator Erik Eidissen will also join as communications manager.
“With more than 30 years of combined experience managing the WSOP brand, these employees will lead the next phase of growth. They will integrate the new property,” NSUS and Caesars noted in announcing the finalization of the deal.
