Caesars Finalizes WSOP Sale To GGPoker Parent CompanyDeal Comes After Companies Partnered For Last Several Years |
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Caesars Entertainment has closed the sale of the company’s intellectual property rights for the World Series of Poker brand to the NSUS Group on Monday. Caesars announced the $500 million deal in August and the transaction is now complete.
The deal includes Caesars receiving $250 million in cash and a $250 million promissory note due five years after the transaction’s closing. NSUS is the parent company of GGPoker and plans on utilizing 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 WSOP, ensuring players have an increasingly improved, safe, and seamless poker experience,” NSUS CEO Michael Kim said at the time of the original announcement. “Under the new leadership, NSUS intends to expand WSOP worldwide, positioning it at the forefront of poker’s growth.”
Details On The Closing
Those accustomed to playing in the live WSOP each summer may not notice huge differences. As part of the agreement, Caesars retains the right from NSUS to host the flagship 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 WSOP-branded online poker business in Nevada, New Jersey, Michigan, and Pennsylvania for the foreseeable future. However, Caesars will be restricted from operating real-money online poker operations for a specified period of time subject to certain exceptions.
Additionally, live Caesars poker rooms will continue to feature WSOP branding. Caesars properties will also continue to enjoy preferential rights to host live WSOP Circuit events.
Monday’s announcement also included the news that several long-time WSOP executives will transition to key leadership roles with NSUS. WSOP Senior Vice President and Executive Director Ty Stewart will now serve as CEO of the newly-formed subsidiary.
Gregory Chochon, who has previously served as COO of the WSOP as well as Vice President, will retain the Chief Operating Officer role with the new entity. Former WSOP content manager and media coordinator Erik Eidissen also joins as communications manager.
“With more than 30 years of combined experience managing the WSOP brand, these employees will lead the next phase of growth and integration under new ownership,” NSUS and Caesars noted in announcing the deal’s finalization.
*_Photo by WSOP_
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