Caesars Entertainment sells World Series of Poker brand for $500M
The championship bracelet is displayed during the 2023 World Series of Poker Main Event at the Horseshoe Monday, July 17, 2023. More than 10,000 players entered the annual $10,000 buy-in no-limit Texas Hold em poker tournament this year.
Thursday, Aug. 1, 2024 | 2:45 p.m.
Caesars Entertainment is selling the World Series of Poker brand to an online gaming group based in Canada but will continue to host live events in Las Vegas for at least the next 20 years, officials said today.
NSUS, the group behind the online poker giant GGPoker, is paying $500 million in the transaction — $250 million initially and $250 million in five years, according to a statement from Caesars.
Caesars Digital is receiving a license from NSUS to operate its online cash poker businesses in Nevada, New Jersey, Michigan and Pennsylvania, officials said.
“We’ve enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand,” Eric Hession, the president of Caesars Digital, said in a statement.
“This transaction is an exciting step for Caesars as a company and the WSOP brand as it continues to evolve,” Hession said. “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.”
The Toronto-based NSUS 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,” Michael Kim, the group’s CEO, said in a statement.
Kim added the plan is to expand the World Series of Poker footprint globally and “position it at the forefront of poker's growth.”