In a landmark but surprising development, the US Casino operator Caesars Entertainment has announced the sale of its iconic WSOP brand to NSUS Group Inc, the leading iGaming investor and parent company of GGPoker – the world’s biggest online poker room. This comes just weeks after the conclusion of the record-breaking WSOP series in Las Vegas and just a few months before the return of WSOP Paradise to the Bahamas..
Deal Details & Its Implications For WSOP and Poker Community
According to the press release, the deal includes the sale of all intellectual property rights for the WSOP brand. It is valued at a huge $500 million and comes with an even split, meaning that $250 million will be paid in cash upfront, while the remaining $250 million will be paid in next five years after the deal’s closing date.
Despite the sale or change in ownership, Caesars will continue to host the annual WSOP live tournament series at its Las Vegas casinos for the next 20 years, ensuring that the iconic live poker series remains at its traditional home. Additionally, Caesars properties will continue to host WSOP Circuit events. Beyond live events, the company will retain the right to use the WSOP brand for WSOP online offerings in Nevada, Michigan, New Jersey and Pennsylvania.
The deal marks a new era for the iconic brand under NSUS’s ownership. With GGPoker’s expertise, advanced technology, innovative approach, and their influence in the global market the WSOP could expect enhanced player experiences and broader reach with possible new online offerings and events.
The poker community is looking at this acquisition as a positive development that could rejuvenate the WSOP brand as well as enhance the global prominence of poker.
GGPoker and WSOP: A New Era
GGPoker is currently the world’s largest online poker site and the brand has worked closely with the WSOP over the last few years, hosting online satellites and sending qualifiers to the Las Vegas and the WSOP Paradise events. The online poker giant had even hosted an international online WSOP tournament series during COVID.
With the acquisition, NSUS Group CEO Michael Kim expressed excitement about leading the WSOP into a new era, enhancing player experience and expanding the brand globally.
“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,” Kim stated. “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.”
Eric Hession, President of Caesars Digital, expressed his optimism about the WSOP’s future under new ownership. “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.”
Community Reactions
The poker community has reacted positively to the news. GGPoker Ambassador and seven-time WSOP bracelet winner Daniel Negreanu was among the first to acknowledge the development, highlighting the potential positive impact of the acquisition.
Kevin Mathers, Poker Information Manager for GPI/The Hendon Mob, predicted the future, suggesting that GGPoker could get more involved in the US market.
Jesse Lonis shared his optimism about the future of the WSOP under GGPoker ownership, stating that “poker is in great hands”.
Patrick Leonard expressed his positive outlook, calling the acquisition “one of the best pieces of news I’ve seen in poker for a long time.”
The Road Ahead
While the deal is still subject to the customary regulatory approvals and closing conditions, it is expected to be finalized before the end of this year. With GGPoker’s expertise, advanced technology and innovative approach, many believe that the WSOP is set for an exciting and prosperous future ahead. The acquisition promises to be a defining moment in the game’s history, redefining the game and potentially shaping its future for years to come.
Keep following PokerProNews for the latest uppates and news from the world of poker!
Source: Media Release
