Caesars sells WSOP brands for $500 million to NSUS Group
Caesars Entertainment Sells World Series of Poker (WSOP) Brand for $500 Million (€456.33 Million) to NSUS Group (Operator of Poker Platform GGPoker). We Report on the Sale with All the Background.
Caesars Entertainment Retains Rights to WSOP Live Tournament in Las Vegas
Caesars Entertainment and NSUS Group have agreed to a sale of the WSOP brand for a total of $500 million (€456.33 million), according to an ESPN article [Link in English].
Initially, NSUS Group will pay $250 million (€228.17 million) to Caesars Entertainment. An additional $250 million (€228.17 million) will be due after five years.
Despite the sale, Caesars Entertainment will retain the rights to host the annual WSOP Live Tournament in Las Vegas for the next 20 years. Caesars Digital will also initially receive a license from NSUS Group to continue its WSOP online poker offering, although this is subject to certain restrictions. Details of these conditions have not yet been disclosed.
Caesars Entertainment's stationary poker rooms will also be allowed to use the WSOP brand for live poker events. Eric Hession, President of Caesars Digital, commented on the sale of the WSOP brand rights to NSUS Group:
We have had a long and successful partnership with GGPoker that has helped drive the growth of the WSOP brand. [...] This transaction is an exciting step for Caesars as a company and the WSOP brand, which continues to evolve. [...] We are eager to see what NSUS has in store to further build the legacy of WSOP in poker, and we look forward to continuing to provide poker players with an unparalleled and familiar experience.– Eric Hession, President of Caesars Digital, YOGONET**
WSOP: From Poker Event to Global Tournament Series
The WSOP was acquired by Caesars Entertainment under the leadership of the Binion Family [Link in English] in 2004. At that time, Caesars was still operating under the corporate name Harrah’s Entertainment. The Binion Family founded the WSOP in 1970 and developed the brand from a single poker event to the world's largest poker tournament series.
The WSOP offered tournaments in poker variants such as Omaha, Five Card Draw, and Seven-Card Stud. The WSOP first gained significant media attention in 1973 when the CBS Sports network broadcast the results of the Main Event from the Horseshoe Casino Resort.
Poker professionals like Stu Ungar helped shape the WSOP in the 1980s and brought worldwide recognition to poker tournaments in Las Vegas.
Phil Hellmuth is also among the most successful players in WSOP history. Hellmuth has won 17 WSOP bracelets in his career. Phil Ivey [Link in English] has also won 11 bracelets and high prize money in numerous live events at the WSOP.
Caesars Entertainment Aims to Reduce Debt of $12.4 Billion with WSOP Sale
Caesars Entertainment announced the sale of the WSOP brand rights two days after an investor conference led by Tom Reeg (CEO of Caesars) to reduce the company's debt of $12.4 billion (€11.31 billion).
NSUS Group plans to use its modern technologies to globally expand the online presence of the WSOP. Michael Kim, Chief Executive Officer of NSUS Group, issued the following statement:
Following years of collaboration with Caesars Entertainment, GGPoker operator NSUS Group is thrilled to announce its new role as leader of the World Series of Poker, the world's most prestigious poker brand. [...] We will leverage GGPoker's cutting-edge technology and industry expertise to create an exciting future for WSOP and ensure players enjoy an increasingly enhanced, secure, and seamless poker experience. – Michael Kim, CEO of NSUS Group, YOGONET***
NSUS Group has already hosted major online tournament series for poker players on its GGPoker platform, including the World Festival Tournament Series 2024 with a guaranteed prize pool of $250 million (€228.17 million) and the WSOP Super Circuit Online Series with a prize pool of $100 million (€91.27 million).
It remains to be seen how WSOP will evolve following its sale to NSUS Group.
After the sale, Caesars Entertainment's online poker offering, powered by WSOP, will continue in Germany under certain restrictions.
The online casinos in Germany may potentially host WSOP-branded live poker events in the future, depending on the details of the restrictions.
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