Caesars Entertainment will sell the intellectual property rights for the World Series of Poker (WSOP) brand to NSUS Group Inc. (owner of GGPoker) for $500 million. The WSOP will still remain in Las Vegas for the next 20 years and Caesars will still be able to use the WSOP branding for their brick-and-mortar rooms and WSOP Online.
It's official. In a moment we all knew was coming, the suits at Caesars Entertainment will ink a deal with NSUS and sell off the IP rights of their WSOP brand. NSUS is an iGaming heavyweight based in Toronto, Canada that is most known as the owner of GGPoker. The sale will fetch $500 million in a deal that's $250 million in cash and a $250 million promissory note that's due five years after the closing date of the transaction.
Caesars is stuck over $12.4 billion in debt, but had a goal to selling off non-casino assets in 2024 to reduce that number. They're chipping away at that large sum thanks to the sale of the WSOP.
Back in 2022, Caesars was rumored to sell the Flamingo but the deal fell apart. If they can find a buyer for that legendary property on the Strip, they could put a big dent in their debt.
The WSOP is not a land-based casino, but it's become an international brand. Caesars acquired the IP from Binion's Horseshoe in 2004 for just $44 million. In 2005, the WSOP was moved from downtown Las Vegas to just off the Strip at the Rio where it had a home for 17 years. In 2022, the WSOP migrated to Bally's and Paris on the Strip. Last year, Bally's rebranded as the Horseshoe.
Over the last two summers, the WSOP Main Event passed the 10,000-entrant mark. It set an attendance record in 2023 and broke that record this summer in 2024 with 10,112 runners.
The WSOP will still remain in Las Vegas for another 20 years, which was a key part of the sale. Its unknown if/when it will change venues but for now and the immediate future, the WSOP will still call the Horseshoe/Paris its home.
NSUS will also hook up Caesars Digital a license to continue operating the WSOP Online -- which exists n Nevada, New Jersey, Pennsylvania and Michigan.
"We've enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand," said Eric Hession, President of Caesars Digital. "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."
"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," said NSUS CEO Michael Kim. "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."
The sale of the WSOP was announced just two weeks after Jonathan Tamayo shipped the 2024 WSOP Main Event for a $10 million score.
