Caesars Offloads WSOP Brand for $500 Million to NSUS Group in Giant Poker Agreement
World Series of Poker (WSOP) Changes Hands to NSUS Group
In a significant move, Caesars Entertainment has sold the World Series of Poker (WSOP) brand to the NSUS Group, the parent company of GGPoker, for a total of $500 million. The transaction, which is expected to close by the end of 2024, will see Caesars retain long-term hosting rights for the live WSOP tournament series in Las Vegas and ongoing branded events at its casinos.
The deal, announced in August 2024, consists of an initial payment of $250 million, with the remaining $250 million due in five years. This move is part of Caesars' strategy to reduce its total debt of $12.4 billion.
The NSUS Group, known for hosting large online tournament series on its GGPoker platform, including the World Festival Tournament Series 2024 with a guaranteed prize pool of $250 million and the WSOP Super Circuit Online Series with a prize pool of $100 million, plans to leverage its modern technologies to globally expand the online presence of the WSOP.
Michael Kim, CEO of the NSUS Group, expressed excitement about leading the World Series of Poker and creating an exciting future for the brand. Cross-promotion with the GGPoker brand is expected, with WSOP Online remaining a standalone brand in most markets, with potential GGPoker integration in certain markets like Ontario and others worldwide.
Caesars will continue to host WSOP Circuit events at its properties under the WSOP branding. Stationary poker rooms at Caesars properties will also be allowed to continue using the WSOP brand for live poker events.
The WSOP, founded by the Binion family in 1970, gained significant media attention in 1973 when the CBS Sports television 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, bringing worldwide recognition to poker tournaments in Las Vegas. Phil Ivey and Phil Hellmuth, with 11 and 17 WSOP bracelets respectively, have also made significant contributions to the brand's history.
It remains to be seen how the WSOP will develop following its sale to the NSUS Group. Details of the conditions for Caesars Digital's WSOP online poker offering have not yet been disclosed.
[1] Source: Caesars Entertainment and NSUS Group press releases.
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